When It Comes To Reducing the Debt, U.S. Isn’t Even Trying

When It Comes To Reducing the Debt, U.S. Isn’t Even Trying

The United States is in no hurry to reduce its national debt, writes Hamid Beladi for the San Antonio Express-News.  The U.S. has a huge national debt.  Of course, most of the world has a lot of debt too, especially in Europe.  Some countries, like Portugal, Italy, Ireland, Greece, and Spain, have debts that are larger than their gross domestic product.

The difference?  These European countries are actively trying to reduce their debt, while the United States is not.

Most of the United States’ lax attitude can be traced to economist John Maynard Keynes, who wrote that deficit spending really wasn’t so bad.  Keynesianism has enjoyed a comeback with the advent of the Great Recession, and the Obama stimulus package was based on the idea that more government spending will help grow the economy and reduce unemployment.

It is clear that we need a balanced budget amendment in this country, because the fiscal discipline of our Washington politicians is nonexistent.  It is time we get real.  Otherwise, we may go the way of Europe – a dire economic situation coupled with massive unemployment rates.

For more, read the San Antonio News-Express.

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