Table of Contents
Introduction
A Country's economy is the cornerstone of any nation. Decisions regarding this, therefore, have to be thoughtfully made. This is because any implementations concerning a nation's economy, which are not, carefully executed might drive the country's economy into drainage. America's economy is extremely crucial to its citizens. The citizens have been careful in electing their leaders. This is because they do not want there economy, which, they have worked hard to achieve to be jeopardized.
Therefore, what are the implications of the bid to raise the nation's debt limit which stands at $14.3 trillion? This proposal by the white house has been challenged by the republicans. Why should the government raise its debt limit? This means that if the government raises this debt limit, it will guarantee more spending by the government on trivial matters. This is because the government thinks that America cannot default in paying its debts, and for this reason can continue borrowing without restrictions (Morris & McGann 65). Is this reason enough to raise debt limit, and borrow recklessly to finance wars, breeding of butterflies in Florida instead of focusing on paying teachers and also improving the education system.
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The bid to raise the debt limit will mean that the citizens will forced to pay high taxes that will be enough to pay these debts back. This also will mean high standards of living for the common American citizen, while the government borrows recklessly and spends on wars, where American Civilians are continually killed.
What does this borrowing mean for the future? It means that the government will continue borrowing and raising debt limits. If this proposal passes through, what will bar the others from being successful? It will mean gradual rising of debt limits. This jeopardizes the future of the citizens, especially the future generation. Debts will burden them, and this will result in struggling for survival. It will be a case of earning from hand to mouth.
Conclusion
As much as the government has its own reasons for increasing the debt limit, it better not, because the effect might not be felt now but in the future.