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Resolved: The United States federal government should prioritize reducing the federal debt over promoting economic growth.
This is a pretty annoying topic. It lends itself to a lot of speculative analysis that it will be difficult to find evidence to support. It also poses a false dichotomy. More often than not, reducing the federal debt and promoting economic growth are not mutually exclusive. Let’s get into it and see what we can come up with.
Definitions – We don’t really need to define anything for this topic. It’s all pretty straightforward. The important thing to note, though, is that the resolution is only concerned with situations in which promoting economic growth and reducing the federal debt are in conflict, meaning that you must pick one over the other. What should the government do when it has to pick?
1. Must prioritize debt to prioritize economic growth – In order to promote the greatest economic growth, the U.S. must prioritize reducing the federal debt. Interest payments continue to rise, drastically reducing the capital the U.S. government has available to spend on economic growth initiatives. In a strange twist, ignoring the national debt will prevent the U.S. from being able to promote economic growth moving forward.
2. National Security – A government’s first priority is to protect its citizens. That’s why government is created in the first place. A high federal debt is a national security risk, particularly since other competing world powers hold the majority of the debt. It threatens the ability of the U.S. to protect itself from threats should the debt be called.
3. Impending Economic Collapse – A growing U.S. debt balance threatens the stability of the global economy, and the U.S. is in no position to withstand a global collapse since it is not longer primarily a producer. A country like China, because of its continued industrial production infrastructure, can certainly withstand such a collapse. Global markets rely on trust and solvency of the U.S., and a growing national debt threatens both of those.
1. National Debt is Meaningless – There is no such thing as “too much federal debt,” since the debt is essentially meaningless. No global power would call on the U.S. debt, and the U.S. would not fail to make interest payments. The debt can continue to grow or remain steady, and it won’t be an issue. The notion that other countries will stop buying U.S. debt anywhere in the near future is spurious.
2. Economic Growth Allows Debt Reduction – The U.S. needs to focus on economic in order to eventually reduce the national debt. A growing economy allows for a surplus and allows the U.S. to make more payments toward reducing the federal debt. When the two come into conflict, the U.S. should prioritize growing the economy because it’s the only way to reduce the national debt in the long term.
Hope that helps get you started, good luck!