The Impact of Personal Debt on Macroeconomic Stability

America has always had a culture accustomed to large personal spending and based consumer behavior around the “bigger is better” mentality. As a result, we have a long history of buying on credit, accumulating personal debt that tends to make up a large percentage of gross domestic product. While debt spending is known as a good simulator of economic growth, danger arises when it goes beyond manageable levels. Throughout history, many of the worst economic collapses were partially fueled by retractions occurring during times where personal debt levels were quite large, resulting in many defaulting on their loans and going into bankruptcy, furthering the economic turmoil.

Society is often blind to these long-term issues that tend to surface as real problems years into the future, and this results in the economy often being in dire straits when economic contractions occur. Now that COVID-19 is posing a great challenge to the world both medically and financially, an event like this could occur very soon. The country has racked up large amounts of personal debt, especially in the form of inflating mortgage and student loan debt, and the slowdown occurring globally threatens to create a new economic meltdown.

This issue is not flashy, hotly discussed, or even cared about by many. But that is not how we should judge the problems that we face, or how we deem their importance. Rising personal debt is a concern that can prove disastrous in the future, and it is an issue that anyone reading this can directly impact.

Advocacy Project

Expanding Democratic Participation

One of the most crucial aspects of a democratic state is the obligation of civic duty. In return for the government providing liberties and services, citizens are asked to serve the state in various ways as a part of a social contract, first theorized by Rousseau. There are obvious services like paying taxes and following the law, yet services in regards to political activism are usually ignored by citizens, specifically voting. In the 2016 election, less than sixty percent of eligible voters went to the polls, continuing a downward trend of the voting rate in the United States. The absence of participatory politics may not seem threatening, but a recurring shift away from the freedom to choose our governance may result in the loss of other freedoms, as well as a movement away from the idea of holding leaders accountable. For America to continue its long trend of democracy, voter participation rates must rise, or else we risk taking steps further away from freedom and fairness.

One of the main reasons that many Americans are unable to vote is due to little time in the day. From going to work to taking care of families, many cannot justify heading to the polls in their schedule. It certainly does not help that Election Day is held on a Tuesday, when many have to work. A simple yet effective way to increase voter turnout is to require employers to allow employees a mandatory two hour break in order to go to the polls. While a simpler plan would be to make Election Day a federal holiday, this would not work due to the many stores, restaurants, and small businesses that remain open even on federal holidays. Requiring a two hour break will allow businesses to remain open, give citizens time to vote, and keep schools open so taking care of one’s children will not be an issue. This is not a perfect solution, as it will require employers to plan out how they allow breaks for employees, as well as requiring teachers to stay in school for part of the day. However, states such as Hawaii are already implementing laws like this, and it seems to be increasing voter turnout. Giving the populace more time on Election Day to vote is essential for ensuring a larger participation in politics.

Another approach to this issue would be to give felons the right to vote at the end of their sentence. Due to various state laws, there are currently over six million citizens in America that are disfranchised due to a prior prison sentence. While many believe that former convicts should not be allowed to vote due to past crimes, one can argue that allowing an former convict to vote will set them on the path back to being a full citizen. These individuals have paid their dues to society, and should be treated as normal citizens following their sentence. Enacting a federal law that guarantees the restoration of voting rights for former convicts will allow a large group of disenfranchised voters to participate in the electoral process and strengthen our democratic base.

However, while this would increase the population of eligible voters, it would not motivate already eligible voters. A more controversial way to motivate already eligible voters would be to automatically register citizens to vote once they turn eighteen. One of the larger reasons that many do not vote is that they do not want to register, or that they do not realize how quick the process is. An automatic register nationwide similar to the system that Oregon has would be the solution to this issue. The Center for American Progress research found that, if every state implemented Oregon’s model of automatic registration, over 22 million registered voters could be added to state voter rolls in just the first year. This could add more than 7.9 million new voters nationwide within just the first year of implementation. Not only will this remove a common barrier to voting, it will incentivize more people to go out and vote. While this option may increase bureaucracy by giving the government another function in the election process, it will dramatically increase the amount of participants in our democracy.

There are other ways to increase voter turnout, mainly related to peaking the public’s interest in politics, but the policy plans laid out above are administrative changes that can be met with little resistance and involve small amounts of change in governmental procedure. These changes will provide support for our democratic institutions, and create a more engaged and participatory nation. Our democracy is strong, but we must prevent any hindrance of the American belief of liberty and the accountability of our leaders.

Vanessa Frank

Vanessa Frank is a sophomore at the Ohio State University. She is from Geneva in northeastern Ohio and is majoring in biology on a pre-law track with a political science minor. Vanessa came to Ohio State for the excellent biology program, the sheer size of the school, and its academic ranking. She plans on going to law school to become a patent lawyer, though biology will always remain a passion for her. She always wanted to become a lawyer, even working at a courthouse prior to college.

Vanessa became a peer mentor due to the strong positive influence that her peer mentor Brenn had on her, especially due to the fact that they were both biology majors and pre-law. Outside of her academics, Vanessa is a part of Alpha Xi Delta, a sorority she rushed the spring of her freshman year in order to meet new people.

Vanessa is definitely an extrovert. She is a caring, smart, and intelligent individual. While she may be a born leader capable of making tough decisions, she sometimes comes off as cocky, overconfident, and occasionally emotional. She is politically a conservative, with one of her favorite politicians being the late John McCain. Her role model is her mother, who she would describe as encouraging, resilient, and the coolest.

Vanessa has a superb music taste, with her favorite artists being Billy Joel and the divine and awe-inspiring band known as The Electric Light Orchestra. Some of her favorite movies are The Shawshank Redemption and Miracle on Ice. She also enjoys the television show This Is Us, a show that continuously tugs at the audience’s heartstrings week after week. Her passions are biology and conservation, and she has a strong affinity for skiing. If she could give any piece of advice to her past freshman self, she would encourage her to study harder. If she could be any celebrity, she would be Ellen.

All in all, Vanessa Frank is a strong student, an outgoing person, and a capable leader.

About Me

My name is Kyle Madura, and I am currently a student at The Ohio State University. I am a Finance and Political Science major with a minor in economics. I am in the Politics, Society, and Law Scholars program, as well as the Buckeye Capital Investors.

I am from Chicago, IL and went to Amos Alonzo Stagg High School, where I graduated in the top ten percent of the class. I was the founder and president of the school’s UNICEF Club, served as both the Executive Director of Lobbyists and the Speaker of the House for Illinois Youth and Government, and was on cross country, track, and in the marching band for four years.

Outside of school, I worked at the restaurant Buona as a server for two years, where I operated a cash register, order preparation counter, and drive-thru in a high-traffic restaurant, as well as supervised training for new employees and evaluated their performance. I was also a part of the Boy Scouts of America for twelve years, earning the rank of Eagle Scout in January, 2018.

I am an avid fan of history, with a focus on American and European History. I enjoy studying economics and politics, as well as writing on the online site Quora. At Ohio State, I hope to expand my knowledge of business and politics, while broadening my academic outlook with other subjects, specifically Astronomy. I also hope to study abroad in Hong Kong, gain an internship at the Ohio State Capital, and join a business fraternity.

After four years undergraduate, I wish to attend business school and receive an M.B.A.. I intend to start out my financial career as an Investment Banker, with the intent to later move into a career in financial consulting or politics.

My largest goal in life is to understand the world around me as much as possible, and to attain as much wisdom as I can. I believe that I must maintain a humble mindset to allow myself to learn about the world. This will by no means be an easy feat, but I have strong feelings of hope.

Year in Review

[ “Year in Review”  is where you should reflect on the past year and show how you have evolved as a person and as a student.  You may want to focus on your growth in a particular area (as a leader, scholar, researcher, etc.) or you may want to talk about your overall experience over the past year.  For more guidance on using your ePortfolio, including questions and prompts that will help you get started, please visit the Honors & Scholars ePortfolio course in Carmen. To get answers to specific questions, please email eportfolio@osu.edu. Delete these instructions and add your own post.]

G.O.A.L.S.

 

  • Global Awareness: For my first year, I wish to take a comparative world politics class, and by the end of my undergraduate, I want to study abroad in Hong Kong.
  • Original Inquiry: This year, I want to start researching political topics, and by the end of my undergraduate, I will finish an extensive research project about healthcare.
  • Academic Enrichment: I want to finish this year with all A’s, and graduate summa cum laude.
  • Leadership Development: I want to become a PSL mentor this year, and eventually be a leader in every organization I am in.
  • Service Engagement: I want to join a community service club this year, and later get an internship at the capital in public service.

Career

[“Career” is where you can collect information about your experiences and skills that will apply to your future career.  Like your resume, this is information that will evolve over time and should be continually updated.  For more guidance on using your ePortfolio, including questions and prompts that will help you get started, please visit the Honors & Scholars ePortfolio course in Carmen. To get answers to specific questions, please email eportfolio@osu.edu. Delete these instructions and add your own post.]