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How the National Debt Crisis Affects My Life Today the debate over the national debt crisis has many U. S. citizens concern about their financial future. With our national debt ceiling set at 14. 3 trillion dollars, and with debt rapidly accruing, the decision to raise the debt ceiling must be made soon. Although both the Democratic and Republican parties have their own opinions on how to fix the issue, a decision must be made before August 2, 2011. Without a solution, the Treasury would not have the authority to borrow any more money.
This means that the nation will be unable to make the necessary payments on debt, and also will result in defaulting on prior obligations. While both Democrats and Republicans debate on what’s best, my worries of financial security and my future goals seem to be in jeopardy. As I watch the debates on whether to raise taxes, lower taxes, cut social security, or decrease funding, the more my stress levels seem to rise. As an enlisted member of the U. S. Air Force, my financial stability comes from the decisions of the government. The ability to provide food, shelter and clothing for my family is very important to me.
Although I’ve managed to save money, it’s not enough to cover the effects of missing a full month’s pay. According to Dr. Alan Manevitz “As Americans continue to face rising gas and food costs, some individuals are actually becoming physically sick from financial worries” (Manevitz, 2008). When there’s no money to fill the piggy banks, I often ask myself “how will we survive”? The thought of not knowing where our next meal will come from sickens me to my core. The stress involved continues to rise as I wait. No one knows at this point what decision will be implemented.
Either way, the need for tighter budgets within my internal and external family will need to transpire. Because of the current events involving the national debt crisis, we’ve been forced to cut back on the things that provide comfort to my family as a whole. Tighter budgets in my household means a lack of leisure activities, smaller meals, and cutting back on just about anything we can think of. All of the things that heighten moral will be replaced with more creative money saving aspects. Although this plan may improve our financial status overall, no one likes to live significantly below their means.
If Congress doesn’t raise the debt limit, all active duty members of the military would stop getting paid next month (O’Mara, 2011). Where the military was once the saving grace for financial stability amongst the middle class, the outlook is looking dim as we wait for a decision. This ultimately puts my plans of future endeavors at a standstill. Having goals and not being able to reach them makes me feel inferior. It is the glue-less fabric of my slow demise. My dreams of being financially stable are in the hands of lawmakers. Based on the odds, both ends of the spectrum are not pleasing to my heart.
Like many of my fellow Americans, I would love the opportunity to live the dream. Finding funding to support my entrepreneurial endeavors seem slim to none or very vague. Without bootstrapping cash, my startup ideas cease to exist until further notice. Banks are now limited on the amount they can lend due to constraints. They also would like to know that I contributed a good percentage of the necessary startup capital into the business (Dun & Bradstreet, 2011). This seems impossible when making sure every penny is put into the best place.
I can’t forget about my dreams of getting engaged to my beautiful girlfriend. Numerous studies have shown that money is the No. 1 reason why couples argue and many of the recently divorced say those battles were the main reason why they untied the knot (Todorova, 200,). That’s a scary thought when thinking about getting married. It’s an even scarier thought when thinking about having children. Knowing that we would be raising them to eventually incur our debts as a society is devastating. In conclusion, a decision on what to do next as a nation has to be made.
The overall outcome of this decision will affect every person in the United States. From business owners to employees, we will all need to find our means to survive. Whether it’s through controlled spending or working multiple jobs, more money has to be put away in a secure place. It’s up to the Democratic and Republican parties to decide on a solution at this point, and hopefully the worries of financial stability will diminish in the eyes of many. It’s time for the government to take a stand and make the impossible possible. ? References Dun & Bradstreet. (2011, March). Bank Loans For Small Businesses.
Retrieved from http://smallbusiness. dnb. com/business-finance/business-loans/2542-1. html Manevitz, A. (2008, June). Debt Stress Making People Sick. Retrieved from http://http://www. cbsnews. com/video/watch/? id=4181440n O’Mara, M. (2011, July 14). Debt Crisis Could Delay Military Pay. Retrieved from http://www. ktvb. com/community/blogs/maggie-omara/Debt-crisis-could-delay-military-pay–125566258. html Todorova, A. (200, June 11). The Six Financial Mistakes Couples Make. Retrieved from http://www. smartmoney. com/spend/family-money/the-six-financial-mistakes-couples-make-15414/