Ausgust 2, 2011
Christchurch, New Zealand
"QUESTION: What does the deal do?
ANSWER: It allows the Obama administration to issue at least $900 billion more in government securities -- and raise enough money to pay the nation's obligations for six or seven more months. It also creates a process in which an additional $1.2 trillion, if not more, can be raised down the road."
Studying abroad in breath taking New Zealand has been a really unique experience so far. I have met people from all around the world, all sharing very different views. I have finally found something that myself, and all the other international students at Lincoln University can agree upon. The fact of the matter is, that the U.S. is digging itself deeper and deeper into an endless pit. Some say it's going to give us a boost, but I say we've had plenty of boosts, it's now time to cut down on spending.
Now I understand that according to Obama's plan, we are going to cut costs into the billions (if not into the trillions) over the next couple years. As well, the debt ceiling will eventually rise to $1.2 trillion... luckily, not all at once. My question is, "we have bailed out companies which appear to be thriving... we were there for them, why can't they be here for us? I understand the money is coming from somewhere, and most likely, elsewhere, out of the United States... specifically thinking it will be coming from China perhaps? Why can't it come locally. Wouldn't we rather have a risk of defaulting in the United States, rather than with another country!?"
What are your thoughts? As a young adult, or an adult, how do you feel this will afect our futures? Will we ever escape this habit of endless spending?