THE NATIONAL DEBT & THEN SOME.
Let's get it right.
Nothing should hold back President Barack Obama from introducing adequate measures to pull America out of the deep financial pit it found itself.
He is about to reveal a new plan that will reduce the national debt by about "$3 trillion over the next decade."; which seems to be getting out of hand, year by year.
To many, it will be a miracle, and then some, if the nation's debt will go down, instead of rising, due to the enormous expenditures, with respect to the numerous obligations and their costs that the United States Government is likely to undertake around the world on a yearly basis.
They run into billions of dollars, but the culture of any administration must be one of a strong determination to handle the nation's fiscal problems with clarity, as well as with much alacrity. In other words, it must be able to "bite the bullet" and shoulder those problems without complaint
The president's plan will include the cutting of even the so called entitlement programs; namely, Social Security, Medicare, Medicaid and others that service the poor and the needy. Other important ones, such as military and border protection expenditures will be affected.
He will also request the more affluent Americans to pay more in taxes to help close the deficit gap; and he will make use of the "Buffett Rule", which requires them to pay their fair share to increase government revenues.
That "rule" has come about on the advise of investor Warren Buffett, as he paid less in taxes than his own secretary. His tax on a yearly average income of $45 million dollars was 17%, while his secretary's yearly earnings of $60,000 was taxed at 29%. The unevenness in tax code was unfair, and therefore, it needed to be reformed.
The Democratic Party members in the U.S. Congress would not want the payout of any of the entitlement programs to be reduced; while the Republican Party side was insisting that revenue that was targeting the wealthy in hard economic times, as the one the country presently found itself, did not make "cents".
However, the administration has to do what was in the best interest of the country; hence, the president's decision to cut social services, and at the same time ask the wealthy to help in the way of paying more taxes.
The Republicans were calling the government's proposals, in their words, "class warfare"; as they contained the seeds of divisiveness. Yet, the Democrats were saying that millionaires were being protected by the Republicans, as they did not want any tax increase on them. They also did not want the government to close the tax loopholes, which only the wealthy and corporations could take advantage of.
However, to many, the president would be doing the right thing, if he presented a balanced plan that would help to effectively fight the country's economic and fiscal woes.
He has bent over backwards to borrow some of the best ideas from the people, who knew how the nation's financial problems could be resolved. They were experts in the financial world (Buffett and others).
He was appealing to others to put politics aside and to assist in his efforts to get the country's economy back on track; as a matter of course.