Debt

[Lex]

One of the biggest problems with America is that the people spend money that they do not have. I once read somewhere that the total national debt of the US was higher than the total national income, meaning that people are spending more than they make. They bug cars, houses, and other things on credit that they might not have enough money for, hoping to pay it off later, but when something happens like the financial crisis that is happening now, they lose their jobs and are unable to pay their debts, so companies lose money and go on debt as well, banks aren't receiving money from mortgages and go bankrupt.

If the US is to get back up from this financial crisis, one thing that must be solved is this problem with debts. Something must be done about people who buy things on credit yet are unable to pay it back, or don't plan on paying it back at all.