I love the U.S. …

July 28, 2011 at 9:03 am (News, Politics)

… really I do. Some of my favourite people are Americans. But lately, I’m glad I’m not one of them.

Today the House of Representatives votes on a fiscal plan that will raise the borrowing cap, otherwise known as debt ceiling. Negotiations and political postering have been going on for weeks as Republicans and Democrats go back and forth on deficit reduction, spending cuts and the horrors of defaulting.

It’s a lose-lose in my view.

Obviously, the U.S. has to raise the cap or risk throwing the global economy into a tailspin. But the increase allows the country to sink deeper into an already enormous debt. At least both parties seem serious about cuts and balance, though they vary on how much to raise the ceiling and how to possibly increase revenues. Republicans are adamantly against the option of tax increases … but I’m thinking, shouldn’t everyone be pitching in to help claw the nation out of this hole? Democrats want to see the limit raised enough that this whole process doesn’t have to be repeated again next year.

I’m sure they all know what they’re doing, but from where I’m standing Capitol Hill looks a lot like chaos these days.

Advertisements

5 Comments

  1. ashley goodfellow said,

    EEEk! I like being ignorant to all of this!

  2. jonolan said,

    I just variations of the “shouldn’t everyone be pitching in to help” meme. It’s sort of funny as well as being dangerously wrong-headed.

    Those people that so many think should “pay their fair share” are already the ones paying the vast majority of the federal taxes, whereas the lower 32% – 40% (varies by year) pay absolutely none of them.

    Top %1 pays 37% of federal personal income tax revenues
    Top 2% – 49% pays 60% of federal personal income tax revenues
    next 10% – 18% pays 3% of federal personal income tax revenues
    Bottom 32% – 40% pay NONE of federal personal income tax revenues

    So, shouldn’t everyone else be pitching in to help the top earners support the programs the bottom earners demand?

  3. andrewbpaterson said,

    This is just silly.
    Not sure the US politicians realize how big the repercussions would be if they default. Stocks markets all over the world are down just because of *fears* this might happen!

    It could be a gong show!!!

  4. CLincoln said,

    Personally, I think the democrats are afraid of mucking up the election – that’s why they want a bigger deal. They’re thinking about re-election when they should be thinking about the American people. I say, PASS the short-term deal and go back to the table. Don’t let the entire world watch you bicker and wine like a bunch of 3-year olds in a sandbox. Make the easy fix and go to work on the bigger one.

    Holding mostly conservative political views and being a Christian, most folks assume I’m a republican by association. Truth is, I’m not a republican by association or default, and I’m not a democrat. Politics exist to serve the people, not the other way around. I think both major party’s are acting foolishly, stubbornly, and not in the best interest of the American people: they’re turning it into a personal showdown.

    I also understand the quandry regarding removing the tax breaks for the rich and the big companies. The fear is that they will take their production and labor needs overseas where they get a bigger bang for the buck. One thing US politicians need to do to help us get out of this mess is pass harsh taxes on overseas and out-of-country production by US companies. Force them into staying local by making it cheaper to stay here. More jobs, more revenue, more smiles.

    See, I just solved all the problems of the world in two minutes. :-)

    • jonolan said,

      It doesn’t work that way. Those overseas companies are foreign companies incorporated in those foreign companies – when they don’t just outsource manufacturing or materials to foreign companies. Only the parent company is in the US.

      What you’d actually be calling for in import tariffs which would start a trade war to everyone’s detriment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: