The current Federal Debt is above 18 Trillion dollars (over $55,000 per person in the United States). This represents over $12+ Trillion in new Debt in the previous 10 years. It is estimated that last year's deficit (Fiscal 2015) added another $1 Trillion to this total debt partially caused by all of the following: a stagnant economy, government stimulation, unemployment, our many war efforts, and our many entitlement programs. The implementation of the fiscal 2016 Buget, which began on October 1, 2015, will add another 1 Trillion. Future spending resulting from healthcare reform will add more trillions. During your time in this course the politcal posturing concerning deficits and debt will heat-up...this year is an election year.
Identify some of your economic concerns related to this massive debt. Who do we borrow from? How will we ever pay back this debt?
What will have to happen to stop the annual deficits and eventually move to a surplus that could be used to pay back the some of the accumulated debt.