According to Ilya Nikonov @ Pravda, there are two possible solutions to our fiscal problems:
Everyone, of course, would be happy if America could manage to survive all this well. However, there are only two ways to curb the budget deficit that has reached 8.5% and the public debt that has reached $16 trillion and nearly took the U.S. to default in the summer of 2011. The first one stipulates that citizens have to help their country by paying higher taxes (the wealthier the citizens – the more he/she has to give to the state.) However, the Republican Party vehemently protests against this option, being a long-time guardian of the interests of successful Americans.
The second option is to refuse from the maximum possible amount of social spending, leaving citizens to survive on their own. However, this option goes against both Barack Obama’s campaign promises and the political platform of the Democratic Party in general. America did not think much about the “fiscal cliff” during the pre-election campaign. It would seem that Obama’s decisive victory could put an end to the debate of how to avoid it, but the final solution is not possible without the approval from the Congress, where the Republicans enjoy the majority. They do not want to hear anything about raising taxes.
At least our comrade at Pravda points out that spend cuts are a way to curb our deficit. Although it is a bit melodramatic to say that cutting spending in Washington will leave “citizens to survive on their own.”
Back in the day, it was expected that as an American you took care of yourself.
However, Pravda looks almost right wing compared to the White House web site. Here’s an excerpt aimed at Obama’s low information voters:
Obama is calling on Congress to pass a bill that would prevent a tax hike on the first $250,000 of everybody’s income. That means that 98 percent of Americans and 97 percent of small businesses wouldn’t see their income taxes go up at all. And even the wealthiest Americans would get a tax cut on the first $250,000 of their incomes.
If Congress doesn’t take action soon, typical middle class family of four will see their income taxes rise by about $2,000 in 2013. We can’t let that happen. Our families can’t afford it, and neither can our economy.
“Lets not raise taxes on ourselves but stick it to the man” is the plan Obama is pitching to his minions. Unfortunately, at the rate Washington is spending, even if 100% of the Forbes top 10 wealthiest Americans assets were confiscated, it would only cover the federal government’s DEFICIT SPENDING for 72.31 days. Then what, go after numbers 11-20 on the Forbes list?
An economic growth plan coupled with real spending cuts that leave more money in our economy rather than being redistributed by Obama and his Washington cronies is the way out of this mess.
Economic growth is the key, and no one is talking about it.