US debt ceiling

Lily Pruitt, Asst. News Editor

For years, the government has relied on borrowed money. This is the result of raising, spending and cutting taxes. This leaves many Americans in perpetual debt because they continuously have to get loans for things such as health insurance, for those who do not have it, childcare, college and retirement. 

Overall, there are many issues within our government at the time, but the biggest is our country’s debt. The government relentlessly covers up their debt by borrowing money, but there is a downside to this rather than just having to pay it back. Borrowing money costs just as much money. 

“From 1972 to 2021, the government, on average, spent about 20.8 percent of gross domestic product while collecting about 17.3 percent of G.D.P in revenue,” said Binyamin Appelbaum, “New York Times” editor. 

A more pressing issue under this subject is the debt ceiling that Congress imposes. This is a statutory limit on federal borrowing so that borrowing can be reduced, potentially saving our country from being in complete debt. Unfortunately, the government hit that limit last month. This means that the overall amount of spending that is approved by Congress will now require that the government borrow, in excess, the exact amount of money. 

Some argue that we are in this position not because our country spends too much money, but because the government does not collect an adequate amount of taxes. The real problem here is that we are simply giving money away. Government authorities could have different and cheaper options for fuel, coal and other natural resources. Some argue that our country has given too much money to Ukraine in their war. All of these excuses are not far from the truth. They all contribute to why our country is at our debt ceiling.

This fight over money is simply one that can be contained. The far-left side is attacking the far-right side and vice versa.

The Biden administration argued that they will not be paying Congress to do their job, just as the Obama administration did, but in 2011, that left our economy in recession, so the controversy is if this will happen again because of the administration’s failed efforts. 

The Republicans want to cut the amount of cents of every dollar that go to mandatory programs, or cut the programs completely, which is causing much controversy with the Democrats.

There should not be arguments about what to cut or how to spend government money when our country is in peril. 

Democrats and Republicans alike all can agree that we do not want large spending cuts, so it leaves open the possibility that both sides come together to find a spending and cutting plan  that benefits the majority of Americans in the country, whether or not they like it, and stick to that plan. It is imperative to find a solution that benefits the majority of America before our country goes back into a recession. 

Democrats and Republicans can hash out their spending and cutting issues at a later date when we are no longer at the debt ceiling. 

The more likely possibility that will eventually be the solution is that citizens’ taxes are raised. While this is not ideal, especially now, with prices of major things such as gas, food and electricity, this will most likely be the best solution that benefits everyone and fixes our economy. 

The U.S. needs to stop borrowing money and find a real solution to our money problems. Otherwise, these next few years will be very appalling and difficult for many Americans to live the way they do now.