Primarily it is because we elect politicians who "deliver" social programs and/or enjoin conflicts without understanding (or caring about) the fiscal consequences.
because the money we use as currency is printed and loaned to us at intrest by the federal reserve bank, it is a privately owned centeral banking system. if we were to shut down the federal reserve and start backing out money with gold and silver we wouldn't have the debt that we do. because it would be our own currency.
I actually do not know. I have read that when Clinton left the Whitehouse the budget was balanced. If that is true, then Bush tried to ruin us.
One reason is that most of our large corporations do not pay taxes and in fact get a bonus for a lot of bogus things, so actually get minus-taxes. These are the same corporations that have taken US jobs overseas. Another reason is that we do not reinstate the tax rates that we had during Clinton or even the higher rate that Reagan had for the wealthy in this country. It is estimated to be a little over 750billion that would come in from that alone. One other reason is that no one is looking at how much goes to the military expenditures. I don't mean the pay for military men, ba
we have also lend soooo much money out to help the poor nation get on their feet and the rich people their are still rich while the poor arepoor and the country still has no money to pay us back. not to mention the other contries that could pay us but choose not to but insist we pay them.
And don't forget the future promised payments, government bailouts and the printing press solution to everything
Because we think we have to have all these material things, expensive cars, homes, clothes, toys, electronics, and they aren't needs, they are wants. We need to put needs first, save money for later, and survive on the essentials. Or if you HAVE to have those things (you don't by the way), save up the money and pay cash. Credit cards puts so many people in debt and into bankruptcy it's unbelieveable. I pay cash for anything i buy.
Most countrys are living way beyound there means.
Leaving massive debts for future generations not only in debt to other countrys, central banks ect.
But also the enviromental costs..........basicly we screwed up big time.
Once the connection between real national output and government spending was broken in the early 60s, it was only a matter of time before the Sugardaddies of DC started doing what the crazier economists told them they could -- spend as if there was a war going on, even if there is no war going on. And so they have. They even couch what they do in terms of war, actually they just call their programs wars -- the war on poverty, the war on drugs, fight suburban sprawl, fight global warming, etc.
generally, it is because we live in a global economy and over many, many decades (particularly since WWII when USA became a world power) USA actually extended loans to countries such as Japan and the United Kingdom even (which was once a world power but very little any longer). The standard of the economy (money) became not a gold standard, but a standard according to the exchange rate of the economies of other countries --how much each country's money is worth compared to the US Dollar. Because other countries are rising in productivity such as Japan, China, Central and South America, and the USA supports these developing countries by being the market for these countries to sell to USA, our balance of power actually makes it seem as if the USA is failing. If USA fails, it will be because other countries have forgotten how the USA has helped them, or other countries will prove they are incapable of being as global a world power as the USA. Civilization helps each other when down.
Both of your thoughts sound pretty close on the mark.