Monday, August 01, 2011

The Debt Crisis: Why We Are Not Done Yet

Who blinked? Was it President Obama, the Senate, or the Republicans? I think they all did. The bottom line is that we are still in debt up to our eyeballs. The American people are still in denial about the seriousness of it all.

The Daily Mail said it best:
At the root of all this is sheer hubris. From the Eighties onwards, the American people have refused to accept that to keep their status as the world’s most powerful economy, they need to make tough choices over the size of the government budget and levels of taxes.

Instead of working hard and consuming less, they have allowed themselves to grow fat and lazy. They’ve racked up debts as if there were no tomorrow, forgetting that one day those dues must be paid.

Those are harsh words to be sure. But wait, there's more....(at the same link)
It is no exaggeration to say that the American economy is at a crossroads.

If Washington somehow managed to conquer its addiction to debt, then the great productive capacities and inventiveness of the American continent would once again be unleashed.

Just like always there is hope. In order to make it happen you and I need to talk to our neighbors. We need to contact our elected mouthpieces. We need to demand financial reform in government.

Here is a short list of what has to happen:
  • Reform the tax collection system. The income tax no longer works. Switch to the Fairtax.
  • Reduce spending and government to only those items that absolutely need to be funded. That means that Defense is on the table and so is Government Charity such as welfare.
  • Create a line item in the budget specifically to pay down the debt.
It can be done. It must be done. If it isn't done then you will likely die in poverty and your last view of this world will be your children and grandchildren wallowing in it as well.

Technorati Tags:

No comments:

Post a Comment