It is now 2025 and I am 30 years old. Over the past 12 years there have been many budget cuts in order to reduce the massive debt we had. There were cuts to the national defense and many other public programs. Sadly, this is includes social security, schools, national parks, etc. Although, to go along with these cuts, we've had an increase of taxes. We're on the same tax system but each rate has increased by 3%, this means that everyone is paying more taxes than they have had to in the past. It's been difficult to adjust to these hardships, although the economy seems to be doing better and hopefully funding will be able to flow back into most of the programs that had to reduce their spending.
The past 12 years have been a mixture of hope and resentment. Many citizens don't want to/can't pay higher tax rates even though it helps bring the economy back up. Neither party is content because of the tax hikes and budget cuts, although it should level out soon because by working together, we are able to envision the goal we want to reach. The debt has been reduced from $16 trillion to $5 trillion. Although we still have a long ways to go, this improvement has been beneficial. We are able to still provide the usual services, but also bringing in more revenue than debt. Some years have been more difficult than others, we haven't always been able to reduce spending consistently each year. Some years have had unexpected events occur that involved having to spend more money, but hopefully within the next five years we will have reached some sort of balanced state.
The past 12 years have been a mixture of hope and resentment. Many citizens don't want to/can't pay higher tax rates even though it helps bring the economy back up. Neither party is content because of the tax hikes and budget cuts, although it should level out soon because by working together, we are able to envision the goal we want to reach. The debt has been reduced from $16 trillion to $5 trillion. Although we still have a long ways to go, this improvement has been beneficial. We are able to still provide the usual services, but also bringing in more revenue than debt. Some years have been more difficult than others, we haven't always been able to reduce spending consistently each year. Some years have had unexpected events occur that involved having to spend more money, but hopefully within the next five years we will have reached some sort of balanced state.
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