Our country is so deep in debt that it threatens to turn our economy upside down. After hitting the U.S. debt ceiling of $14.3 trillion in May, the country now faces the very real danger of defaulting on that debt.
President Obama has warned that the debt ceiling needs to be raised by August 2 or default will be imminent, in which case government benefits like Social Security, military salaries and unemployment checks will likely not be paid next month. However, lawmakers can’t seem to agree on a budget package that would accompany raising the debt ceiling and continue to argue while the deadline draws near.
According to today’s L.A. Times, Obama was reported as stating, ”This process is confirming what the American people think is the worst about Washington: that everyone is more interested in posturing, political position and protecting their base than solving real problems.”
So if you were in charge, what would you do to solve this problem and prevent the U.S. from defaulting? You have until August 2 to vote:
Lets stop paying all officials in congress and senate until they have earned it. Give them a base salary and only more if the actively work for us the American people.
Stop fighting everybody else’s wars and cut military spending by 10%. That’s all it would take. No need to raise taxes, no need to raise the debt ceiling.
I agree ladies, however we need to also limit banking, and stop sending so many jobs to other countries! oh and thank Bill/Hilary Clinton for that during bills term in office!
We need to cut military and medical spending which devour the most resources. We don’t need military bases in every part of the world. We do not need to be in Iraq and Afghanistan. We do not need to bomb Libia. All this does not benefit american people in any way. The next most useless spending is “health care” which is corrupt and ineffective. Doctors push patients to take much more drugs, to have more visits, tests and surgeries than necessary because this nonsense is sponsored by the government. The big pharma is protected from foreign competition and from competition with alternative medicine that’s why their prices are unreasonably exaggerated and government pays these ridiculous prices and protects the status qua for the pharma industry.
Cut defense spending and foreign aid especially to Israel(do you know anyone that is against that? cause I sure don’t) pull out of Iraq at the end of the deadline (NO EXTENSIONS! heck start draw downs now) close military bases around the world (especially in Europe) repeal Obamacare (hate to say it but it needs to be done), if that doesn’t do it start selling stuff off (mortgage back securities, equitize AMTRAK and sell it on the market hell do it with the post office too). Cut entitlement and raise taxes on everyone, we’re all in this together.
Raising the debt ceiling and increasing taxation on the rich is just a temporary solution.
The wealthy can migrate out of the countries and jobs can be lost when businesses are not profitable. America needs jobs and to create revenue to stop incurring more debt. The more debt we incur, the less power and influence we will have.
America needs to stop spending money in foreign aids and engaging in wars because we are not in a financial position to do so as much as we want to fight for what is right. American people are suffering.
I think the govt should adjust social security and pension payout to a max limit.
We can sell agricultural resources to other countries by increasing production and having the govt reallocate the budget that can truly stimulate the economy by bringing jobs and revenues.
Taxing the wealthy can only lead to exodus of this group.
Honestly speaking, we are already taxed a lot already.
Reducing aids to other nations, can help reduce our burdens. We are already paying a lot of taxes and we still have to pay for our own healthcare, interests from student loans, mortgage, car payment, insurances, federal, state income taxes, property taxes.
In places like Australia, you get free healthcare and education with the kind of taxes we are paying. Not saying that their healthcare system is flawlesss, a lot of endless waiting.
We are at this state because we do not have the loyalty of American companies. They are driven by greed and profit.
We have made too many “enemies” in the pursuit of freedom, human rights and maintaining justice. Thus, we accidentally sabotage ourselves. We want to do what is right but not everyone else are doing likewise.
Other nations come out with policies to preserve their own financial health but we are not.
Keep the cost of living down in the US. Make education affordable because not every capable individuals are willing to be ridden with an enormous student loan debt especially when jobs are scarce.
Everybody wants to sell in the US market and we keep buying but it is time to start selling in other people’s market.
It doesn’t help when the nation is also ridden with natural disasters during these past years.
I wonder what it will be like to default. It is a scary thought. We have a huge population in the US and no matter what, people will still try to get a share from us.
Pull in our troops and improve our internal defense and security system.
It is time for United Nations to step up and maintain peace and order unless they are going to pay us for our efforts if no nations are willing.
Then, we should get other nations to pitch in and pay up.
They should pay us for all the resources and energy we put in to keep this world safer from the terrorist.
Lobbyist are bad for the government, as they encourage money to manipulate and own the congress who are supposed to work for the American people.
relink the dollar to gold an silver index
When America’s ballooning federal debt becomes unmanageable, we might simply refuse to honor our obligations, triggering a worldwide financial collapse and an economic downturn that would make the recent unpleasantness seem like a walk in the park. Or we might create enough money to pay back our creditors, domestic and foreign, triggering a hyperinflation reminiscent of failed states like the Weimar Republic in the 1930s (or, more recently, Zimbabwe) that would wipe out the savings of anyone caught holding wealth in dollars. The bottom line here (and I do mean bottom): while nobody knows exactly how or when catastrophic budget failure will play out, disaster is assured unless the federal government reins in its profligate ways.The only to stop the current trajectory is to cut spending not raise taxes or raise the limit.
What nobody wants to admit is this: even if the federal government has only $1.5 trillion remaining to spend in 2011 after interest payments, this is PLENTY to fund the constitutional functions of government. After all, the entire federal budget in 1990 was about $1 trillion. Does anyone seriously believe the federal government was too small or too frugal just 20 years ago? Hardly.
It is time for Congress and the President to stop the current trajectory of massive spending and borrowing and be honest with the American people about the hidden deficit taxes that they are asking them to pay in the future. As millions of American taxpayers are finding out on Tax Day, taxes are already too high. Rather than pass on these hidden deficit taxes, it is time for Washington to get to work and cut spending.
I know it’s going to be hard to recover from our current economy but in the words of Dave Ramsey,
“For your own good, for the good of you family and your future, grow a backbone. When something is wrong, stand up and say it’s wrong, and don’t back down.”
Washington should leave its credit line in place, stop borrowing, and spend only the revenue it generates — just as do some 310 million Americans who neither borrow from Beijing nor print their own cash.
In closing I would like to encourage you with the following quote:
“Be courageous. I have seen many depressions in business. Always America has emerged from these stronger and more prosperous. Be brave as your fathers before you. Have faith! Go forward!”
Thomas A. Edison