A compromise should be made between Republicans and Democrats regarding the nation’s debt. President Obama is taking the hard line and threatening to veto the proposed Republican bill of federal spending reductions and a congressional approval of a balanced budget amendment. The Republicans agree to raise the debt limit, but will not agree to raising taxes on the wealthy and corporations.
Reducing the federal spending by discovering and ending federal waste is what’s needed, not taking money from the elderly by reducing money given for Social Security or Medicare, or letting the educational system suffer by cutting funding to higher education programs for those in need. Raising taxes is also needed. Republicans and big corporations need to stop being greedy and take the tax hike. With the millions, or even billions in their pockets, they will hardly notice a reasonable tax hike. If the middle class is willing to take it on the chin, then the wealthy should also.
Stonewalling between the two parties is purely political, nonproductive, and dangerous. Federal Reserve Chairman Ben Bernanke states the default of government debt could “inflict serious harm on the economy”. Keeping taxes will not create more jobs, it will just padd the pockets of business owners. Senator Tom Coburn has a valid plan recommending $9 trillion in cuts over a decade instead of immediate cuts that are unreasonable, and raising $1 trillion in taxes.
Mark Mardell, a correspondent for the BBC, agrees the debate is political more than it is economical. According to Mardell, Obama is trying to make the Republicans look bad by agreeing to increased cuts of $4 trillion in exchange for increased tax of the wealthy, which he knows they will never agree to. Playing political hardball with our economy is just wrong. The middle class, which is a majority of Americans, will be the ones to feel the economic downfall the most, not the politicians whose net worth is around $1 million each, or the 1% who make up the most of the American wealth.
Enough with the bully politics and listen to the people. We want our economy back. We want our right to pursue prosperity. Stop government wastefulness, get your acts together and balance your budget like all of us citizens have to. I'll bail you out a little with a reasonable tax increase, but I'd better see something for it or I will rally all my fellow constituents to stop paying taxes until you do. Sounds a little like the bank bailout you did already, doesn't it?
Enough with the bully politics and listen to the people. We want our economy back. We want our right to pursue prosperity. Stop government wastefulness, get your acts together and balance your budget like all of us citizens have to. I'll bail you out a little with a reasonable tax increase, but I'd better see something for it or I will rally all my fellow constituents to stop paying taxes until you do. Sounds a little like the bank bailout you did already, doesn't it?
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