No, you should not come the government to pay the national debt. Here are better uses for your money
The division of the bill of national debts with Uncle Sam is not realistic – and a waste of your harshly won money.
Do you know this boring friend who is always attached to money when the bill arrives? Yeah, Uncle Sam is this friend. And he wants to know if you could himself money.
In a bizarre touch to the US government hot airline deficit crisis, the Treasury Ministry now accepts “donations” via the VenMo digital payment application to “reduce public debt”, which is currently exceeding more than 36 billions of dollars. Needless to say, if all the Americans (including the children) participated, we each had to pay more than $ 100,000 each to obtain this balance – then the debt would immediately start to grow.
Since the news has become viral after Jack Corbett of NPR published on this subject on X, the public’s response was far from positive.
“What is in the country of dystopian hell is it?” said tiktok user @ millennial.mia.
Many criticisms have stressed that the government is already taking a sharp reduction in your income through taxes, and now the administration in demand.
However, VenMo is only the last voluntary payment option offered by donations to reduce the public debt program, which has existed since 1996. Previously, you could not send money to uncle SAM via a transfer of bank account (ACH), a debit or credit or paypal card.
In an economy besieged by high prices, layoffs and other factors independent of your desire, improving the financial security of your household is a much more intelligent way to pay your hardened money. Here are four other ways to put your money to use better.
💰 Build your emergency fund
An emergency fund is your life buoy if you are struck by a sudden medical bill, loss of job or other important expenses. Experts recommend that three to six months of expenses be canceled, but at least 2 out of 5 Americans do not have emergency funds at all.
Everything you can store help – especially if you put the money in a high -efficiency savings account where it can grow more quickly.
💸 Make a donation to your own debt
High interest debt, such as credit card and personal loan debt, can paralyze your finances for years. Throw everything you can to your exceptional sales. You will barely make a drop in the bucket if you help repay the national debt, but you can considerably improve your financial situation if you focus on yourself.
💵 Contribute to an HSA or an FSA
Millions of Americans could lose Medicaid under “One Big Beau Bill” by President Donald Trump, who is expected to increase the national debt by $ 3.4 billions by 2034, according to the Congressional Budget Office. Medical debt is the main cause of bankruptcy in the United States.
By putting money in a health savings account or a flexible expenditure account, you can facilitate paying your medical expenses while taking advantage of certain tax advantages – something that you will not get if you simply return your money to the government.
🎁 Make a donation to a charity
If you feel comfortable with your current financial situation and want to help others with your additional money, plan to donate to a charity where your money can really make a difference. Charity Navigator and Charitywatch can help you find renowned organizations that match the causes that you are passionate about.
