How can United States address make better national debt?

Expert Solution

Increase the age of retirement - In the last 50 years , life expectancy has risen from 70 to 78 years. However, the mean retirement age has declined from 65 years to 62 years. Increasing the age of retirement for Social Security would not just lessen the program's onuses, but would also motivate persons to remain in employment longer. And a bigger labour force implies more taxable earnings & stronger total economic growth.
Control discretionary expenditure- In the last decade , discretionary expenses have grown more rapidly than the economy itself, even without taking into account defence expenses. To make sure that statesmen undertake tough decisions in this domain of the budget, there should be strong enforceable expenditure limits in place. Even merely restricting rates of growth to inflationary levels would save $ one trillion comparative to what would otherwise occur
Legislate an energy taxation- US is unlikely to stabilize its debt thru spending cutbacks alone, & the prevailing taxation system is too inept to raise all the required revenue. An energy taxation can offset a bit of the difference. By charging carbon emissions / gas, as opposed to employment & investment, US can lessen deficits & tackle climate change without damaging the economy much.

Rahul Sunny answered 2 years ago

Why is it difficult for Congress to address the National Debt?

Does trade between the United States and Vietnam make the countries better off or worse off?...

Does trade between the United States and Vietnam make the countries better off or worse off? Imagine the USA can make 4,000,000 cars, 1,000,000 textiles, or some combination of the two, while Vietnam can make 150,000 cars, 950,000 textiles, or some combination of the two. Draw and label PPFs, calculate opportunity costs and label specialization as points A, and state and label an efficient, mutually beneficial trade as points B.

Try the following exercises to better understand how the national debt is related to the government...

Try the following exercises to better understand how the national debt is related to the government budget deficit. 1. Assume that the gross national debt initially is equal to $3 trillion and the federal government then runs a deficit of $300 billion: a. What is the new level of gross national debt? b. If 100 percent of the deficit is financed by the sale of securities to federal agencies, what happens to the amount of debt held by the public?...

Can you think of a better way that the law can address the problem of global warming, which is clearly not just a national issue? Explain.

Compare and contrast the economies of China and the United States. Be sure to address such...

Compare and contrast the economies of China and the United States. Be sure to address such issues as balance of trade between China and US and other factors that might impact the economy

Describe why the nursing shortage is a major national issue in the United States. How could...

Describe why the nursing shortage is a major national issue in the United States. How could a nursing shortage in other countries around the world affect the nursing shortage in the United States.

how and why did the Marshall court establish the national supremacy of the united states over...

how and why did the Marshall court establish the national supremacy of the united states over the government of the states

What should be done now to address the U.S. national debt, if anything?

Explain how trade with low-wage countries affects jobs in the United States. How can the United...

Explain how trade with low-wage countries affects jobs in the United States. How can the United States pay its workers higher wages than foreign nations and still be competitive in foreign markets? 80words Although people may grow grapefruit in Idaho, why do they purchase most if their grapefruit from California and Florida?

Consider the debt ceiling of the United States and the consequences of a default by the...

Consider the debt ceiling of the United States and the consequences of a default by the United States on its national debt. Some commentators and politicians during the 2013 negotiations over raising the debt ceiling commented that failure to raise the debt ceiling would not have that dramatic an impact on world financial markets. Comment on the consequences of a default by the US on its debt.

Question