US Debt

Recent studies on economic perspectives have Barack Obama’s administration concerned. In particular, a report by the Heritage Foundation, a Washington political research center that formulates and promotes conservative public policies based on the principles of free enterprise, limited government, individual freedoms, traditional American values and a strong national defense.

The presidential election next November is swiftly approaching, and there is an urgency in the government to solve an old problem that is growing and threatening a fiscal implosion in the United States. The foundation has published graphics along with federal budget reports highlighting the seriousness of the spending problem that afflicts the country and the amount of debt it has accumulated. Republicans and Democrats are aware that it is time to act, considering the estimation that in 20 years, the proportion of the national debt per citizen will triple if the nation’s finances do not stabilize. According to Heritage, without spending cuts or real reform, the debt per capita will reach $103,827 (as compared to the current value of $31,000) by 2032. Accustomed to evaluating their future, they fear the next generation will have to bear this load. Alison Acosta Fraser, director of the Heritage Foundation’s Roe Institute, states that by 2044, the share of the national debt per capita will double again, reaching $206,771. This reveals in tables and graphics that the White House has a spending problem that needs to be solved urgently. Facing November, concern is making Obama frown, though the numbers favor him.