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April 13, 2011

US Debt Woes, Whoas and Wows

POLITICS - America's National Debt is $14.3 trillion USD, ironic when you consider it was about to be paid off completely when Bill Clinton left office. Blame George W. Bush's poor fiscal sense, two wars and a deep recession (the biggest recession since the Great Depression).

The problem is that this huge debt will be a drain on the US economy for decades to come, unless it is fixed.

The problem is that the US Fiscal Budget is currently in a deficit, due to the economic recovery currently going on in the USA. But there are ways for the USA to fix their problem.

#1. Cut discretionary spending. For example the US military has $660 billion in discretionary overseas spending. A chunk of that is maintaining troops and equipment currently serving in Iraq and Afghanistan, a pair of countries bogged down in what is effectively civil wars.

#2. Raise taxes on the rich. Fastest, most effective way to get more money to pay off the debt. (Besides, the rich usually just store their cash in banks doing diddly squat.)

#3. Sell off government assets (ie. old military equipment).

#4. Cut government salaries to the highest paid workers. (There are quite a few who are OVERPAID.)

#5. Put a cap on government pension payouts. Far too many former government employees are receiving unnecessarily huge pensions.

#6. Increase educational spending while simultaneously cracking down on crime. An educated crime-free society is more likely to result in a strong economy.

#7. Increase physical education programs. (Fat, lazy people are a drain on the US economy and the US health care system.)

#8. Print more money. (Already being done.)

The problem however is that due to partisan bickering between the Republicans and Democrats, Barack Obama will have a difficult time balancing the US budget and paying off the $14.3 trillion national debt.

It won't be solved now either, too many Republicans are in the Senate and pootahing plans to cut back.

Which means this will be a major topic during the 2012 U.S. presidential election... Americans will be faced with two choices:

Barack Obama, fiscal prudence and economic prosperity.

Sarah Palin or Whomever Wins the Republican Nomination, more unnecessary wars and economic disaster.

What is mindboggling is the number of Americans who would willing vote for war and disaster.

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