Although the world economy is now showing scattered signs of recovery after years of struggling from the waves of economic catastrophes, the Americans are still facing a complex multitude of challenges to restoring the country’s economic health and attaining a more solid global economic growth. The US national debt has climbed skyward over the past couple of years, posing a significant threat on the economy and the financial future of millions of Americans.
The sheer size of America’s debt has sparked a debate among various groups. Although it has generated a somewhat long and heated discussion as to which politicians and parties have been significantly responsible for the unrelenting growth of the debt crisis in the country, the debate has finally paid off. It has actually created a solution to curb the country’s swelling debt burden.
Individual Americans who are greatly concerned about the prevalence of the issue and its impact on the economy have contributed nearly $8 million of their own funds to help reduce the size of the nation’s debt to manageable levels. Although the amount is only a small portion of the overall debt, it is more than two times the total sum collected the previous year.
According to the Bureau of the Public Debt, the amount is particularly impressive when compared to the $3.3 million raised in 2011. The ongoing conversations about how the country can pull itself out of the current debt crisis have certainly urged a few individuals to express their concerns on the issue.
A Drop in the Bucket
However, while this year’s total donation of $7.7 million may seem like a huge amount, it is merely a drop in the bucket compared to the sum of all the outstanding debt owed by the US Federal Government. The country’s debt numbers can be hugely overwhelming and the challenge that the crisis poses is apparently more severe than what the Americans have seen up to this point. In fact, the country is getting extremely close to hitting the debt ceiling of $16, 394. Today, America has an outstanding debt of more than $16 trillion, and the U.S. Treasury Department anticipates to reach the official borrowing limit before the year is over.
There are several reasons why Americans are not willing to make huge contributions to resolving the crisis. Chronic unemployment and stagnant wages, which have also contributed to the sharp surge in bad loans, are some of the main reasons the vast majority of the American population refuse to generously participate in the debt reduction campaign.