2012 Election Issue #2–DebtPosted: 30 October 2012
I cannot wait to see the crap that will spread about the people effected by Sandy….I recall some of the bullsh*t that was put out by the whackadoodle fringe in 2005……but until then……….
We have had lots of lip service by the players in this drama that we call our political process……but all the time in front of the cameras and the audiences….very little has been said but either candidate…..about the best we can say is that both think the other guy’s ideas….SUCK!
But what about the national debt?
The budget deficit — the shortfall created when the government spends more in a given year than it collects in taxes and fees— is on track to top $1 trillion for the fourth straight year. When there’s not enough to pay current bills, the government borrows, mostly by selling interest-bearing Treasury bonds, bills and notes to investors and governments worldwide. It now borrows about 40 cents of every dollar it spends.
The national debt refers to the total amount the federal government owes; the deficit is just a one-year slice.
The U.S. has been borrowing since the 1700s, when it needed money to finance the American Revolution. The outstanding debt has since risen to a shade over $16 trillion. While there’s plenty of finger-pointing by politicians over who’s to blame, deficits historically surge during wars and deep recessions, and the U.S. has had both in the past decade.
What do our candidates think?
President Barack Obama has proposed bringing deficits down by slowing spending gradually, to avoid suddenly tipping the economy back into recession. To help, he would raise taxes on households earning more than $250,000 annually and impose a surcharge of 30 percent on those making more than $1 million.
He acknowledges his spending on recession-fighting stimulus, tax relief and bailout programs — much of it started under President George W. Bush — has contributed to the deficit. But so have bipartisan agreements to extend Bush-era tax cuts, and paying for the wars in Iraq and Afghanistan.
Also raising deficits: a drop in tax revenues as more people found themselves out of work and personal and corporate incomes that sagged in the deepest downturn since the Great Depression.
Republican candidate Mitt Romney would lower deficits mostly through deep spending cuts, including some of the reductions proposed by his conservative running mate Rep. Paul Ryan of Wisconsin, chairman of the House Budget Committee. But many of the cuts they’re pushing would be partially negated by their proposals to lower top tax rates on both corporations and individuals.
Our cracker jack politicos need to man up and stop being cowards and face the music….the debt will be one of the first situations that they will have to handle in the 2013 Congress. They can play their games with non-issues but eventually someone will have to be a man/woman and take a stand and find a solution that all can agree on.
Personally, I do not see any of the boobs in DC as that person….and that means ALL of them.