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7
What Cause United States to Have Such a Tremendous Debt?” Stracy Nixon ENG 1105 TECHNICAL COMMUNICATION S

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“What Cause United States to Have Such a Tremendous Debt?”

Stracy NixonENG 1105

TECHNICAL COMMUNICATIONS

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What is a Debt?• Debt is an obligation to pay someone back,

either in money or other goods.• The national debt is a point of topic in

politics today because, of the damage high debt has on the dollar and the government.

• The Untied States has had nation debt since the Revolution War.

• “By the end of the President Reagan resign the federal debt was $2.6 trillion dollars”(Bonner and Wiggin).

• Since 2000, it has increase and as of 2010, the nation debt has soared to $14 trillion dollars.

• Some causes for the large debt are war, social and bail out programs.

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The effects recent Wars have on the National Debt?

• We know that wars is not cheap.

• “Congress has approved a total of $1.21 trillion

dollars to fund both Iraq and Afghanistan wars

including military operation, and base security.

• It is estimates that Iraq will receive about $751

billion dollars , $366 billion dollars for

Afghanistan, and $29 billion dollars for

enhanced security.

• Military personal costs was $300 million

dollars include not only number of personnel

receiving special war related pay and

benefits(e.g.) hostile fire or imminent danger

pay, separation pay, survivors benefits), but

also addition cot activating reservists”(CRS

report for Congress).

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Homeland security• September 11, 2006 terrorist attack was a awake

up call for United States to increase national

security.

• “In this view point taken from remarks on his

2006 budget, President Bush stresses the need

to maintain spending on the military

and homeland security” (Greenhaven Press).

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How does Social Programs effect the Nation Debt

• The United States many social programs such as

Social Security, Medicaid and Medicare to their

citizen and they are very important programs.

• On the other hand, the spending for these

programs is growing faster than inflation, faster

than the economy, and faster than out ability to

pay for them.

• “More than $2.47 trillion is pent each year for

these programs. More that $7 billion use for

Social Security and just under $13.2 billion has

gone to pay for Medicaid services.

• Medicare is expected to cost the federal

government about $480 billion” (Przybyla).

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How much money was spend on Bail out Programs.

• Over $700 billion dollars has been used to bail

out banks and car companies.

• The government has intervened to rescues major

financial firms and prevents an imminent collapse

of the America and global banking system by bail

out of the mortgage giants Fannie Mae and

Freddie Mac.

• “The U.S. House of Representatives has passed

$25 billion package for the auto and auto parts

industries, both of which would be able to

access low-interest loans to modernize their

industries and get through the recent credit

crunch”(Hopwood).

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Sources

Primary Sources• Bonner, Bill and Wiggin, Addison. EMPIRE OF DEBT The Rise of an Epic Financial Crisis.

• CRS Report for Congress (2010, September 2). The cost of Iraq, Afghanistan, and other Global War on

Terror Operations Since 9/11. Retrieved February 15, 2011, from

http://www.fs.org/sgp/crs/ntec/RL3310.pdf

• Developed by Greenhaven Press (2005). Opposing View Points Government spending.

• Przbyla, Heidi. (2011, January 31). Social Security Get A Reprieve-for Now. Bloomberg business

Week/421428(2)/ISSN:00077135.

Secondary Sources • Hopwood, Jon C. (2008, September 26). House Passes $25 Billion Bailout of Automobile Industry. Retrieve

March 2, 2011, from

http://www.associatedcontent.com/article/1063177house_passes_25_billion_of.html