Letter: The real debt problem

Last modified: Monday, August 31, 2015
As a college student, I have learned that life can be expensive. Student loans, auto insurance, rent and other bills quickly add up.

Although I have acquired debt throughout my education, I am not terribly worried about it because numerous calculations demonstrate the value of a college degree through increased lifetime earning capacity. Many believe that the current structure for financing education should be reformed, but students continue to accept the debt associated with higher education and face the fact that they will slowly pay it off after entering the workforce. Perhaps that “acceptance” will change with time.

However, what I am worried about most is our national debt. Regardless of the scholarships I earn to attend school or student loans I acquire, I am already carrying a $60,000 share in the national debt, according to the U.S. National Debt Clock.

Just last year, Washington developed a staggering $483 billion deficit, and, over time, an $18 trillion national debt. The fact of the matter is that student loans will be the beginning, not the end, of debt to be paid back during my adult life.

The biggest question in my mind is, when will we start to do something about it? So, I am curious, what will our next president’s first budget look like? Many worry about their immediate, personal debt. Although this is important, we must also consider the $60,000 each American owes as a stake in the national debt.