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A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz
Debt: Congress is Incompetent
America’s horrendous debt was caused by many, many Congresses and Presidents. The federal government has spent more than it has taxed for years and years and, because of the incompetence of America’s elected elites, we are now in a devastating financial crisis. What do Congress and the President do in this situation? They “punted” the solutions to a Super Committee. The Super Committee has a deadline of November 23rd to submit a plan to reduce the deficit by $1.2 trillion... or else automatic reductions will occur.
Last Friday was the last day Congress could submit proposals to the Super Committee. Sadly, these proposals are a continuing indictment of Congress. There were no major changes or restraints on the deficit or debt. Horrifically, Congress wants to continue “as is,” prolonging the dysfunction in DC, which exacerbates America’s financial crisis. Worse, the only consistent proposal was “give Congress” more money.
No one is thinking outside the box.
How does Congress raise more money? First, they must find sources without substantial political support - tax internet-gambling, pharmaceutical companies, oil producers, broadcasters as well as increase fees on financial firms and the list goes on. Of course, let the Bush/Obama tax cuts for wealthy earners expire and implement the 5.6 percent millionaire’s surtax are just a start on how Congress can and will raise money.
Just as politically predictable, are the calls for efficiencies; as if an inefficient government is a new concept! Please. Some Members sought better efficiencies in our governmental payment-programs, most notably our medical programs. The House Energy and Commerce Committee Democrats wanted:
… the supercommittee to focus on savings that can be wrung from Medicare by rooting out misdirected payments and from pharmaceutical rebates, with those savings going toward a permanent fix of the Medicare physician payment…
Pray tell us, why this is a request to the Super Committee? Why hasn’t this already occurred? The answer is simple. Congress is incompetent. Congresses and Presidents - past and present - have expanded their authority and power so far beyond the intent of the Constitution that they cannot intelligently and wisely govern.
Juxtaposed to political incompetence is the report by Tea Party Debt Committee, sponsored by FreedomWorks. Reviewing preliminary findings, The New York Times reports the Tea Party Committee is advocating major cuts – totalling $6 trillion – by eliminating entire programs.
Elimination of debt plagued programs - such as Obamacare, Fannie Mae and Freddie Mac, the Department of Education - is essential. Adam Brandon of FreedomWorks states the public appreciates the need for prudent reform:
What we’re trying to prove… is that No. 1, there’s popular support for cuts, and that No. 2, it is possible to make the cuts that we’re talking about without raising new revenue.
Big cuts to government spending comports with the research of two Harvard economists. Successful nations’ debt reduction is achieved by major reductions of government expenditures. [Read: http://www.freedomworks.org/blog/teda/the-right-way-to-balance-the-budget]
As usual, We the People must force the politicians to be morally responsible. Reducing the debt by cutting government spending is the issue of our time.
Get yourself more involved in creating change:
We the People must prevail.