Monday, November 28, 2011

Only 3 Options Exist to End America's Fiscal Crisis – the Likely Answer Will Affect YOU!

Only 3 options exist to end America's fiscal crisis – the likely answer will affect YOU!

Remember a couple Mondays ago when I shared my thoughts on the Congressional Super Committee? Well, Thanksgiving has now passed, and official news of the outcome of several weeks of super-special negotiations is, in one word, nothing – as in they failed to cut even a dollar of their $1.5 trillion target. Yep, zero!
From day one, I expected nothing other than what is referred to in legislative terminology as a stalemate for the outcome, and boy do I feel like a genius now. But if you really looked at the dots, it was pretty easy to draw the connections: You have a Congress that is fully responsible for this country’s fiscal mess to begin with. Some of the esteemed statesmen and women have been in Congress for as long as I have been alive, or just a little less.
My point is that this current situation, which is completely unsustainable, didn’t just happen. It’s been a long time coming. Even though this same Congress had something of a change of heart, the entire 535-member body couldn’t come up with a solution to fix a “serious” problem, yet they believed a 12-member committee would be able to nail it? Really?

Meanwhile, the debt/deficit problem is growing much, much worse by the day. And it will have to be fixed, one way or the other, or else… As I have said all along, this is not as big an issue as it is being made out to be, in the sense that we have three options:
Option #1: Cut spending, only.
Option #2: Raise more revenue, only.
Option #3: Make some spending cuts and some revenue increases.
That’s pretty much it for our options!

Politics aside, I call on our dear Congressional leaders to muster the courage to find us all a real solution, because day in and day out of pandering is only making things worse for us the folks, the very same folks they are charged with looking out for.
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2 comments:

  1. Nana S. AchampongNovember 28, 2011 at 9:06 PM

    I get somewhat disturbed when an obviously learned analyst such as your good self gives credence to the talking points of simple-minded politicians. Granted the world economy is in a bit of a shambles, but the problem with the American fiscal health has nothing to do with debt. Conservative talking heads have successfully managed to redirect public debate to an issue that has been dogging this country since the beginning of the last conservative regime. After all, isn’t the “crisis” primarily caused by unfunded wars, unpaid mandates and ridiculous tax policies? How can we allow these same people to set agenda for fiscal recovery? Obviously it is politically motivated and one would hope that financial experts would look beyond the smoke screen and tell the problem like it is: lack of access to capital. Only a fundamental address of the allocation of capital can revitalize the economy. Cutting programs and taxing producers cannot stimulate an economy. As a Ghanaian, I lived through IMF conditionalities. And what do we have to show for that? Below is a blog I posted last April regarding this issue. http://ancientgriot.blogspot.com/2011/04/of-deficits-and-debt-ceiliings-another.html

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  2. Samuel N. Asare, MBA, ChFC, CLU, CRPC, CMFC, CASL, CTP, CBMNovember 29, 2011 at 10:07 AM

    Nana,

    Thank you for your comments.

    My column addresses the specific issue of how to eliminate America's deficit/debt vis-a-vis, the Super-Committee.

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