The United States is considered the greatest country on Earth. Rich in tourist attractions and popular culture, its citizens are secure in the safest place on Earth from external terrorist attacks.
It is the dream of everyone.
Economically, the U.S. economy is unmatched as compared with the world. For instance, according to Pew research, the largest state in the United States by gross domestic product is California, which has a $2.97 trillion economy. This makes California not only comparable to Britain — whose GDP came in at $2.81 trillion — but would also make California the fifth largest economy in the world.
Last year, The Wall Street Journal reported that the size of the U.S. economy in 2018 was $20.49 trillion in nominal terms, and is expected to reach $21.35 trillion in 2019. Investopedia shares that the United States is often dubbed as an economic superpower, and that’s because the economy constitutes almost a quarter of the global economy, backed by advanced infrastructure, technology and an abundance of natural resources.
Compare the U.S. economy with its competitors like China, which was measured at $25.27 trillion GDP.
Even more to the U.S. dominance, on the exchange rate measure, the United States accounts for more than a fifth of the world’s GDP. Growth per GDP account that the United States produced $20.5 trillion in goods and services over 2018, compared to the entire world of $80 trillion in 2017.
Despite the outstanding economical dominance, the United States has faced challenges resolving its current growing debt. According to the U.S. Treasury Department, the federal government’s outstanding public debt has surpassed $23 trillion for the first time in history.
This is a troubling time because the projection of the Congressional Budget Office estimates that rising federal debt could reduce the average four-person family income by $16,000 by 2048. Also, the CBO further approximates that by 2049, debt held by the public will reach an unprecedented 144 percent of GDP.
This growing debt reduces our ability to invest in the future, gives us less flexibility to respond to unexpected challenges, and increases the risk of a fiscal crisis.
Since 2012, Up to Us has engaged the next generation of leaders on the importance of addressing the country’s fiscal challenges. At the College of Mount Saint Vincent, we have been intensively working to create awareness on the current fiscal challenges and encouraging students to act by signing our pledge.
Our campaign has set up an open symposium, classroom awareness, a joint petition with 19 non-profits at City Hall. On Nov. 15, for example, we met with our college president, Charles Flynn. The objective was to have discourse with him on the drive behind our campaign.
President Flynn was very animated and inspired by our campaign and pledged his support. He is passionate about students being aware of the impact of policies on their future, and having an independent ambition to develop, adopt, enforce and implement needed solutions.
Being a team leader of the Up to Us campaign, the competition also acts as a leadership development about how to make an impact on civic issues.
I have always cared about policies, civic structures and advocacies. Perceptibly, I care about this campaign because its dogma and creed, to a greater extent, resonate with my values and personal beliefs.
I believe in the impact of climate change on our generation, and have volunteered consistently to end homelessness and other social issues.
With a better fiscal solution, the United States will have a better economy that would resolve existing issues and secure a more structured economy for the next generation.
If you would like to join the tens of thousands of my peers who have supported Up to Us to communicate that securing our fiscal future is an important priority for America’s next generation, please sign our pledge at ItsUpToUs.org. You can find the pledge in the “get involved” tab, and include the College of Mount Saint Vincent in the current college/university tab.
The author is president of his student class at the College of Mount Saint Vincent.