University:
University of Scranton
Course:
ECO 410 | Economic Concepts And Applications
Academic year:

2023
Views:

468

Pages:

1
Author:

Zion Foley

National Debt EdPuzzle: 1. In July 2017, the total number of dollars the U.S. government has borrowed and not repaid over the years is nearly $20 trillion. This number is our Annual deficit  National debt 2. The video states that the three largest areas of spending growth are Social Security, Medicare/Medicaid, and interest on the debt. What type of budget items do these areas represent? Discretionary spending categories, so cutting spending to reduce the debt will be within  Congress's control year to year. Mandatory spending categories, so cutting spending to reduce the debt will be within  Congress's control year to year. Discretionary spending categories, so cutting spending to reduce the debt will be difficult.  Mandatory spending categories, so cutting spending to reduce the debt will be difficult. 3. The video describes several of the problems with having a high national debt. These include (select all that apply) Higher taxes in the future Having to forego spending on popular government programs Lower taxes for the rich  Possible increased interest payments 4. Which of the following is an example of government spending "crowding out" spending by households or businesses? Select all that apply. Government initiates a mission to fly to Mars, hiring scientists and astronauts and making it more expensive for private firms to hire these employees.  Government pays for Social Security income for the elderly. Government borrows money to support increased spending, leaving less (and more expensive) money for households and investment firms to borrow and spend.

National Debt Ed Puzzle Answers

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