On Tuesday, February 1st 2022, the U.S. Treasury Department published the total public debt outstanding hitting $30 trillion dollars! This includes the increased in spending by the U.S. government in addressing the nation’s economic plight from the global COVID-19 pandemic. Examples of recent government policies include sending out direct checks to the unemployed, granting a childcare tax credit, and creating a paycheck protection program. However, reaching this monumental moment is not a surprise. View the PBS Frontline video Ten Trillion and Counting to get an idea of how the public or national debt increased from the Bush Administration (2001-2009) to the Obama Administration (2009-2017).
Discussion Questions:
- Check the current public debt level using the US Debt Clock.
Indicate in your submission the number you saw. What do YOU think about the current public debt? - Were the three government policies necessary to address the pandemic at the expense of the public debt?
- What are your top TWO economic thoughts about the national debt from the PBS Frontline video (do minimize any political leanings)?
- Self-reflection: Now that you are aware of the National Debt, are YOU willing to pay more personal income tax to the government or willing to pay more in sales tax of goods and services or both to help increase the government revenue and reduce the public debt? Do explain.
Sources:
FiscalData.treasury.gov: Debt to the Penny, TheBalance: The U.S. National Debt and how it affects you, Quartz: The economic rationale for whether you deserve a stimulus check, Quartz: The US child tax credit is making a dent in hunger, Quartz: Most of the US’ $800 billion in paycheck protection funds went to the richest 20%, PBS Frontline: Ten Trillion and Counting, USDebtClock.org, Unsplash: U.S. Capitol Building, Washington D.C.