America’s debt –Who Will Pay?
America’s debt –Who Will Pay?
America is in debt. We are not broke. We have borrowed too much money. Someone has to pay it off. The real question that our Congressmen and Senators are struggling with is who will pay off America’s debt?
Let’s make this simple. If you found yourself in debt, how would handle it? You would look at your income and your expenses and you would do what you had to do to pay off your debt. If you could increase your income by working overtime or holidays you would do it. If you could cut expenses by reducing your cable bill or eating at home or driving less you would do it. You would use the extra money to pay down your debt. This is not complicated. It is hard and requires some changes but you know how to do this.
Now let’s say that you decide that you are not going to increase your income. You don’t want to work the extra hours. The only choices are on the expense side. Now you have to do something more drastic like sell your car and bike to work or taking your child out of baseball. You have to give up more. You have to make harder choices. No matter what you decide you and your family pay the price.
Now move back to Washington. Because of how Washington works something simple is made difficult. Washington will decide who will pay off the debt. The Republicans say they will not agree to anything that increases income like increasing taxes on the richest Americans. By not taxing those who have most of the money the burden falls on the rest of us. We did not receive the benefit of the expenses like bailing out the rich bankers and brokers on Wall Street but we will pay America’s debt.
Let’s put this in perspective, the richest 20% of Americans own about 84% of the wealth/assets while the remaining 80% of us own only 16%. The rest of us received less of the benefit from the excessive spending and we will pay more of the debt caused by the excessive spending.
This is not a fair solution for the majority of us but it is good for the politicians who will get re-elected because of their efforts to protect the wealthy. And the wealthy can afford a new fence around their horse farm. Maybe you will be lucky enough to dig the fence post holes for them. And the Republicans can tell you how the wealthy create jobs with your money.
It makes no sense to exclude those who have benefited the most from government spending from paying their fair share of America’s debt. It makes no sense at all, but if common sense were common, we would all be better off.
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