Friday, July 8, 2011

America's Debt Crisis

Obama, in order to get Republicans to agree to some tax increases on America’s wealthy elite, has proposed that there be cuts to Social Security and Medicare.

Currently, there is a serious debate going on in Congress about what to do about the national debt which is now over $14 trillion. In order to try and keep the nation economically afloat (while still looking after their super rich campaign donors), the Republican party is pushing for serious cuts into social service programs, such as Social Security and Medicare. President Obama seems to be going along with the program as he proposed “significant reductions in Medicare spending and for the first time is offering to tackle the rising cost of Social Security, according to people in both parties with knowledge of the proposal.” He also moved from wanting $2 trillion cut from the budget, Obama is now seeking a $4 trillion cut over the next decade in order to “stabilize borrowing, and defuse the biggest budgetary time bombs that are set to explode as the cost of health care rises and the nation’s population ages.

While it seems that the President is making moves to try to amend the national debt problem, the Republicans aren’t. Citing a weak jobs report, the Republicans are now arguing that “Washington can't afford to increase taxes on Americans or businesses.” In doing this the Republicans are showing that they do not truly care about the future of America, America’s economic security, and that they are just playing politics with the debt. The fact of the matter is that America will have to do a mixture of budget cuts and tax increases to get our fiscal house back in order. There is much we can do to close the budget gap and balance our finances.

Thankfully, amidst all of this, a number  of liberal Congressional representatives are “pressing President Obama to take all cuts to Medicare, Medicaid and Social Security off the table as the White House grapples with Republicans for a debt-limit deal.” Leaders “of the House Progressive Caucus warned that cutting the big three entitlements not only threatens the vulnerable folks who depend on those programs, but also ignores equally effective deficit-reduction strategies – like the elimination of tax cuts to the wealthy.

If the nation’s finances are to be in order, Obama needs to stop giving in to Republican demands and the Republicans need to stop playing politics with the debt. If the GOP gets its way, the entire nation will be in for a world of hurt for quite some time.

1 comment:

kerwin said...

I want to make a statement here. I'm a conservative but I'm gonna tell you all, I believe that we should have been out of all of the middle east years ago. I have disagreed with Bush and now I disagree with Obama on all military invlovement in...well all other countries. Why in hell are we having a presence, AT OUR EXPENSE, in other countries defending them and going broke at the same time. Please, please someone tell me how that makes sense. And before you slam me for this, please understand that as a conservative I believe that bottomless pit endless wars that cost trillions are not a conservative thing to do. Please someone enlighten me!