Economics of Macro Issues 7th Edition by Roger LeRoy Miller,Daniel Benjamin

Exercise 1

Barack Obama campaigned for the presidency on the theme that he would bring "change" to the United States. One of the major changes occurring in President Obama's first term in office was in the size of the federal debt. Largely because of higher federal spending over those years, federal debt rose 60 percent (an increase of about $19,000 for each person living in the United States). What does this higher debt imply must happen to the taxes you will pay over your lifetime?