Tag Archives: national debt
The Elephant in the Room
There is no doubt in my mind that both as Senator and as President, Barack Obama did the right this regarding TARP and the Stimulus Bill. These measures were required, in my view, to keep our economy, and conversely the global economy, from sliding in another Great Depression.
Understanding the complexities of the world’s economies is far from being my strong suit. Quite frankly, I am just too intellectually lazy to pursue a complete knowledge of Wall Street v. Main Street and all that lies in between.
I am capable, in my defense, to place my trust in those that know far more about the subject than I do. And, I trust Barack Obama. Republicans, not so much. They drove the bus into the ditch in the first place.
Regardless of the need for spending bills to prevent the crash of the economy, the National Debt is rising to levels heretofore unimaginable. Of course, much of that debt was incurred under Republican administrations, but you’ll never get a Tea Bagger to admit that.
It’s easy to say “cut spending!” Okay, where? Now the equation becomes a bit more tricky. It’s kind of like earmarks – everyone hates them, everyone wants to see money going to their home district.
Here’s a few ideas of mine to cut spending:
Eliminate two third’s of our 700 foreign military bases.
Enact Secretary Robert Gates’ proposed cuts to the military.
Eliminate the Depart of Redundancy Department.
Freeze all new Federal hiring without specific Congressional approval.
End off-shore tax havens for American corporations.
Repeal and replace the Bush prescription drug bill.
Simplify the tax code to reduce loopholes.
Reduce salaries of all elected and appointed Federal employees by 10%.
Review and cut where necessary all tax subsidies and credits for business.
Those are my ideas, Pop Bloggers. What are yours?
William Stephenson Clark
Bipartisan Deficit Commission
Republicans who attack President Obama over the national debt were unwilling to create a bipartisan deficit commission with him. So the president has decided to go around them: He will issue an executive order on Thursday creating an 18-member deficit commission. The National Commission on Fiscal Responsibility and Reform will be chaired by Alan K. Simpson, a former Republican senator from Wyoming, and Erksine Bowles, the former chief of staff to President Clinton who brokered a 1997 balanced-budget agreement with Congress. “There isn’t a single sitting member of Congress—not one—that doesn’t know exactly where we’re headed,” Simpson tells The New York Times. “And to use the politics of fear and division and hate on each other—we are at a point right now where it doesn’t make a damn whether you’re a Democrat or a Republican if you’ve forgotten you’re an American.”
Filed under Diplomacy, Economics, President Barack Obama, The Economy