IntroductionThe study of economics is important for everyone. Financial decisions affect everyone in their daily routine. Economics is the study of how society manages its scarce resources (Mankiw, 2012). Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment, gross domestic product, and economic growth (Mankiw, 2012). Macroeconomics is important because it is how we all relate to markets and economies. Many news articles today focus on the economy and current events. One of these articles lends itself to many economic principles and ideas. Although there are many important topics not covered in the article, the article entitled "You Are What You Owe" in Time, included many general economic principles as well as the numerous macroeconomic indices illustrated in the article. Are What You Owe,” focuses on the recent stalemate in Washington over the debt ceiling (Mallaby, 2011). The article explores what would have happened if the US government had not come to an agreement on the American debt ceiling. The article also relates the US crisis to countries that have faced this crisis in the past (Mallaby, 2011). The article reports the financial and economic conditions in 2011 in the United States during the debt crisis (Mallaby, 2011). The article also discusses America's credit and bond strength and government bonds, as well as the US federal debt (Mallaby, 2011). The gross domestic product or GDP of different countries is also discussed in this recent article (Mallaby, 2011). The foreign economic relations of the United States are also explored in the article entitled "Yo...... middle of paper......tuations.Works CitedCentral Intelligence agency (CIA). (2011, February 4). The book facts about the world. Retrieved September 2011, 2011, from United States: https://www.cia.gov/library/publications/the-world-factbook/geos/us.htmlMallaby, S. (2011, May 9). You are what you owe. Time, 177 (18), pp. 34-37. Mankiw, G. (2012). Principles of Macroeconomics (6th ed.). Mason, OH: South-Western Cengage Learning. (2009, November 13). NAR survey shows first-time homebuyers set record in past year. Retrieved September 1, 2011, from National Association Of Realtors: http://www.realtor.org /press_room/news_releases/2009/11/survey_recordNorris, F. (2011, August 11). Sometimes, Inflation Isn't Bad. Retrieved September 1, 2011, from NY Times Online: http://www.nytimes. com/2011/08/12/business/sometimes- inflation-is-not-evil.html?pagewanted=all