Complete questions 1 & 2 (a-l) based on information retrieved from the provided websites.
This is not a paper, they are short answer questions. Provide the answer to each question below it.
Federal Debt and Deficit
The federal deficit and debt are the focus of ongoing political debate that contributes to ongoing gridlock in Congress. What is really going on?
a) Define the deficit and the debt. How are they different? How do they relate?
Visit the website http://www.usdebtclock.org/index.html and answer the below questions:
b) What is the debt per citizen? Will we ever have to pay this ourselves?
c) What are the largest budget items that are contributing to our expenses?
d) How much of our debt is composed of interest payments on the debt?
Examine the cumulative impact of deficit-spending by studying the debt.
At the same website, look at the National Debt.
e) As of today, what is today’s national debt?
Next, to learn about the deficit, visit the http://www.usgovernmentdebt.us/federal_deficit.
f) What was the annual federal deficit over the past 5 years? What is it this year?
Review the website, including the history of the deficit over the past century.
g) What contributes to the deficit?
h) What is the risk of running deficits?
