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Tuesday, Aug. 30, 2016

It's time to address our financial crisis

Wednesday, November 9, 2011

While the American public is focused on the "Dancing With The Stars" outcome or the Kardashian drama or the NFL schedule, there's a small matter of the failing economy that should put the target on the Congressional Super Committee.

The bipartisan group is supposed to be working feverishly toward proposals to save our sagging economy. And their critical deadline is just a week away.

Despite the calls from 100 of their colleagues to arrive at a solution, there's lingering doubt that the Super Committee will actually tackle the politically unpopular decisions that must eventually be made.

You know the routine.

The Democrats want to increase taxes on the rich - though the math clearly shows this will only postpone the tough decision on spending cuts.

The Republicans want to sharply cut entitlement spending - though that math is a problem because we find far too many Americans solely dependent on the federal government for their daily bread, etc.

So what's likely to happen is that nothing is resolved in the Super Committee and the default plan is a smaller reduction in entitlement and defense spending.

That will buy us a little time - perhaps through the 2012 elections (what a coincidence) - and we'll revisit the subject down the road.

But here's the real problem.

Down the road is not so far away. These petty solutions will not address in any meaningful manner the scope of the financial crisis that faces our great nation. We've been spending foolishly for far too long. And this is a bipartisan disease.

The Bush years were marked by runaway spending. Obama compounded the problem by spending at an even greater pace. And when the finger-pointing stops - though it never will - there's ample blame to pass around.

Yes, we can raise taxes on the rich and on the greedy corporations but the additional revenues will not come close to closing the budget deficits or address the national debt. But if that makes you feel good, then raise away.

As the feds collect that additional revenue, rest assured there will be no thought of reducing entitlement spending. And the systemic problem that will now address will only grow by leaps and bounds.

The Occupy loonies are completely clueless on how government functions. Or more importantly, how capitalism functions. They direct their anger at those who have taken the risks and the sacrifices to succeed. They conveniently ignore the population that seeks to take from the achievers without making those very same sacrifices.

Enjoy today. We may well live in the best economic times for the foreseeable future.

And when history is written, future generations will wonder just why we spent money we did not have on programs we did not need for those who couldn't care less.

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