What would be the correct way to format this paper with proper in-text citations? Reference's are at the bottom.

National Debt

The national debt is more than the country produces in a year. Even if everything the U.S. produced in one year went toward paying off the debt, it still wouldn't be able to afford it. When compared with the gross domestic product (GDP), the U.S. debt is more than 100% of GDP, which is known as an unhealthy level. It has been at this level for years, but the government continues to spend on mandatory programs like Social Security, Medicare, and Medicaid (Amadeo, K. (n.d). When the debt exceeds the tipping point, your standard of living could be impacted. Interest rates may increase and that could slow the economy. The stock market could react to a lack of investor confidence, which could mean lower returns on your investments. And a recession may even be possible. (Amadeo, K. (n.d). As long as the debt is below the tipping point, creditors have confidence that the government will repay them. The tipping point is when the amount of public debt hinders a country's ability to grow economically.5 When debt is moderate, government interest rates can remain low and that allows governments to keep running deficits for years. (Amadeo, K. (n.d).

Long Run Costs

If our long-term fiscal challenges remain unaddressed, our economic environment weakens as confidence suffers, access to capital is reduced, interest costs crowd out key investments in our future, the conditions for growth deteriorate, and our nation is put at greater risk of economic crisis. If our long-term fiscal imbalance is not addressed, our future economy will be diminished, with fewer economic opportunities for individuals and families and less fiscal flexibility to respond to future crises (Peter G. Peterson Foundation. (n.d.). As the federal debt mounts, the government will spend more of its budget on interest costs, increasingly crowding out public investments. (Peter G. Peterson Foundation. (n.d.). Growing debt also has a direct effect on the economic opportunities available to every American. If high levels of debt crowd out private investments in capital goods, workers would have less to use in their jobs, which would translate to lower productivity and, therefore, lower wages (Peter Foundation. (n.d.). If investors lose confidence in the nation's fiscal position, interest rates on federal borrowing could rise as higher yields would be demanded to purchase such securities. A rapid increase in Treasury rates could also lead to higher rates of inflation, which would reduce the value of outstanding government securities and result in losses by holders of those securities including mutual funds, pension funds, insurance companies, and banks which could further destabilize the U.S. economy and erode confidence in U.S. currency on an international scale (Peter Foundation. (n.d).

Eliminating Costs

In light of multitrillion-dollar deficits and dwindling future growth prospects, some policymakers are proposing to increase taxes to drive up revenues in the coming decade in an attempt to reduce the deficitcurrently more than $20 trillion and growing (Mercatus Center. (2020, July 22). Using regression data from a 2007 study by Christina and David Romer, Miron demonstrates the cumulative impact of a tax increase totaling 1 percent of GDP on total expenditure and finds that this tax increase is associated with a 5 percent increase in government spending. In the long term, the increase in spending is about twice the initial increase in taxes; the author hypothesizes that this may result from the government underestimating the costs of its new programs. These tax and deficit studies indicate that plans to raise taxes in the coming months will not have the desired effect of reducing deficits but will more likely inflate government spending levels. (Mercatus Center. (2020, July 22). Another reason tax increases don't reduce deficits is that they are harmful to economic growth, employment levels, and wage growth. This growth slowdown ultimately means the actual revenue yield from tax increases is significantly lower than the expected revenue yield. (Mercatus Center. (2020, July 22).

References

Amadeo, K. (n.d.). The U.S. National Debt and how it affects you. The Balance. Retrieved April 29, 2022, from https://www.thebalance.com/what-is-the-national-debt-4031393

The Fiscal & Economic Impact of the national debt. Peter G. Peterson Foundation. (n.d.). Retrieved April 29, 2022, from https://www.pgpf.org/the-fiscal-and-economic-challenge/fiscal-and-economic-impact

Proposed tax increases will not reduce the deficit. Mercatus Center. (2020, July 22). Retrieved April 29, 2022, from https://www.mercatus.org/bridge/commentary/proposed-tax-increases-will-not-reduce-deficit