What is Debt???As per Websters (http://www.merriam-webster.com/dictionary/debt) Something owed such as; Money goods Services An “obligation” or liability to pay someone Is this honestly what we think of when thinking about debt? (individuals, US, Globally?) You Tube Video
How long has debt beenaround? Not a clear timeline for individuals or government entities Use debt to describe cost in War Natural Disasters Rampages of individuals Flagrant spending by political individualsSource # 9
Political Consequences? War Political infighting Effects of the people who are governed ○ Medicaid ○ Social Security ○ Health Reform ○ Small Businesses ○ Military PaySource #9
San Antonio Debt Democratic party pays off debt Working on debt relief Working to lessen the debt burden of the poeple of SanAntonio Getting donations in order to do soSource #6
Texas Debt Issues State of Texas Debt Clock 37.71 Billion in outstanding debt!!! (2010) Texas budget cuts more than $4 billion from our schools and students not our ballooning state debt Texas Transportation needs Money spent on Parks and State Facilities
United States Debt Issues U.S. National Debt Clock : Real Time Debt is more than 16 trillion Congress Demanding cuts!! Spending > Money taken in Social Security problem since 1970s Debt CeilingSource: #7 & 8
United States Debt Issues Current Administration VS Prior US Government borrows 40 Cents of every $1 you spend Emergency spendingSource #7 & 10
Global Debt Issues World Debt Clocks Credit reporting is downgraded China Europe Even the United States Developed Countries VS Underdeveloped Countries Panic Blaming GameSource # 6 & 9
Who Suffers? EVERYONE!!! Globally Individuals Underdeveloped countries Families Poor Small Business United States Social Program Mental Health related to Middle Class debt Poor Economy
Who benefits? Banks Big Corporations Government
Promoting the Problem? Living Beyond our Retirement of “Baby means Boomers” Aging populations Voting Social Security Less than 30% in 2010 More healthcare debt elections in the US Decline in education Blaming Game quality Americans don’t know alot about debtSource #7 & 8 &10
Solutions Budget Control Act 2011 VOTE!! Education on debt and avoidance of debt Sacrifice spending Living within our means Programs set in place through Government to limit spending Sticking to a budget!!! Individuals Government
Discussion Questions Within the next 10 years, will the US still have it’s current amount of debt or will the plans and Budget Acts fix the problems we face today? Or wll it get worse? How does personal debt effect you? U.S. debt?
References1. http://www.youtube.com/watch?v=Kz6xG2YtyyE2. http://www.usdebtclock.org/state-debt-clocks/state-of-texas-debt-clock.html3. http://www.usdebtclock.org/4. http://www.usdebtclock.org/world-debt-clock.html5. http://www.merriam-webster.com/dictionary/debt6. Chasnoff, B. Democrats pay off local party. [Print Photo]. Retrieved from http://www.mysanantonio.com/news/local_news/article/Democratspay-off-local- party-s-debt-2219791.php7. Dell, S. (2005). Crisis management and the international debt problem. JSTOR, 40(4), 655-688. doi: 402023178. Everything you wanted to know about the debt ceiling and its impact. (2011). Hudson Valley Business Journal, 22(30), 6. Retrieved from EBSCOhost.9. Ryan, F. (2011). United States needs serious solutions to solve our big problems. Central Penn Business Journal, 27(10), 15. Retrieved from EBSCOhost.10. Hersh, J. (2011). China: U.s. debt crisis is giving democracy a bad name. Retrieved from http://www.huffingtonpost.com/2011/07/27/china-debt-crisis- democracy_n_911301.html11. Highlights of Budget Control Act. (2011). CQ Weekly, 69(32), 1761-1762.12. State bond finance. (2010). Retrieved from http://www.brb.state.tx.us/bfo/bfo.aspx
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