Take the opposing view of the original post regarding national debt
Guided Response: In your response, take the opposing view of the original post regarding national debt. Respond to at least two of your fellow students’ and to your instructor’s posts in a substantive manner and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words. Support your opposing view by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and respond with robust dialogue to anyone who replies to your initial post.
This debate is a difficult one because I’m not entirely knowledgeable on the subject. My first thought, before doing any research or anything else, was that we should absolutely be concerned about the national debt and it is incredibly important. To me, the word ‘debt’ itself is terrifying. I cannot wait until the day I have my student loans paid off. So, to see the U.S. Debt clock at $28 trillion is extremely alarming and concerning.
However, John Tamny has a different viewpoint. When Brenda Forde asked John what the bigger concern is: government spending of the national debt, he responds that the actual government spending is more of a concern. John believes that we should limit the amount of federal spending overall (Tamny, 2015). He believes that the government is consuming so much of our capital and that their control over the economy should be limited along with moving the resources to the private sector (Tamny, 2015). The problem in his eyes is the spending. Which makes sense to me, but again, I am no financial expert nor a subject matter expert.
According to Wessel (2020), “No one really knows at what level a government’s debt begins to hurt an economy; there’s a heated debate among economists on that questions. If interest rates remain low, as currently anticipated, the government can handle a much heavier debt load than was once thought possible.” Overall, if we’re strictly looking at debt and no other factors such as government spending and private sectors, my opinion would be to decrease the debt.
Resources
Resources
Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018). Macroeconomics: Private and public choice (16th ed.). Retrieved from https://www.cengage.com
Tamny, J. (2015). Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James can teach you about economics. Retrieved from https://www.redshelf.com
Wessel, D. (2020, October 1). How worried should you be about the federal deficit and debt? Brookings. https://www.brookings.edu/policy2020/votervital/how-worried-should-you-be-about-the-federal-deficit-and-debt/.
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