The federal budget has not been in surplus since the first years of this decade. With a recession and governmental stimulus packages and other entitlements, the deficit (and with it the debt) are rising. What should be done to bring the budget into balance? Or should we worry about a deficit during bad economic times?
If you were the budget "czar' what you do? Cut spending? If so, what spending would you cut? Raise taxes? What taxes would you raise? Or would you introduce new revenue streams?
What should be the role of government? What should it provide to its citizens?
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I dont think we should worry about the deficit during these bad times. We need to worry about forming new job opportunities, and building this country back up before we worry about paying any type of debt we may owe.
ReplyDeleteI think we should raise taxes sky high on alcohol and tobacco products. That way, more money would go to the government and less people would be able to afford alcohol and tobacco products. It would also decrease the amount of money needed, over a period of time, to take care of people in hospitals if they're there for problems linked to the products being taxed. There will most likely be less people hospitalized from the effects of those drugs.
ReplyDeleteNow more than ever we are in a time of crisis. People are losing their jobs left and right and people straight out of college can't even find a job. We, as a nation, have lost our industrial revolution. More jobs are now over seas, and therefore we import more than ever. In order to bring jobs back to America, we must do the one thing that has never been done. Legalize Marijuana. Now I know what most of you are thinking already, he's just a pot head, but it goes beyond that. By decriminalizing marijuana, you cut spending with the war on drugs, people in prison and jails, and police manpower. Law enforcement can take less time worrying about weed, and more time focusing on all the murder's, child molester's, illegal immigrants, tax evader's, con artist's etc. It goes beyond just being able to smoke a plant. You could tax it and control it like alcohol and tobacco. We could demolish the black market. Did you know that during World War 1 we had to import a ridiculous amount of marijuana seeds. Why you ask? Becuase hemp is a stronger material than nylon, and help up for a better rope, uniform, fuel, etc. We could lift our dependency of fuel off foriegn nations. We could level out the clothing industry. We could bring jobs back to America!!!!!
ReplyDeleteWe definitly need to worry. We are going to be in for a rude awakening if we don't get this under control for our future. We need to cut spending instead of trying to pay for all of these new things, like healthcare now coming. This is not the right time to be taking on more new projects when we are in a mess. I would raise taxes on alchol, luxury items and I would get people off of Social Secuirty that shouldnt be on it. Social Securty was set up for retirement, but now we have people on it because they are overweight and therefore in some cases can be considered disabled. The list goes on with this issue. Then I would look at the Welfare system and give it an overhaul. How many times have you seen people on assistance but they drive a nicer car than the single mother working two jobs just to make it? We make it too easy for people to stay on assistance instead of finding ways off of assistance. I would look at this unemployment situation and stop extending it, people are not accepting jobs because they choose not to in some cases and then the system will pay to send them to school while they are out as well. How many of these people don't really want jobs but want a break with a free education? Must be nice, I work full time and attend school full time. Our system rewards wrong behavior and at the rate we are going with decisions coming out of Washington we will end up Socialist with poor healthcare and waiting forever to be seen by a specialist. In the localties, I would put personal property taxes back up to the full amount to help out.
ReplyDeleteI absolutely agree with Brian. I have been saying the same thing for years. I never understood why the government wouldn't legalize marijuana and tax it. Marijuana seems harmless to me when you consider the effects of alcohol and tobacco. You can't overdose on Marijuana like you can alcohol. I also agree with Brandi, raise the taxes on alcohol and tobacco, it would give the government a lot more money and possibly deter some from starting at a young age due to price, or could force people to quit.
ReplyDeleteHere are the Top-5 money time bombs now faithfully ticking away:
ReplyDelete2. US Foreign Trade Bomb. The US imports more than $400 billion than it exports. We've shipped our industrial manufacturing overseas and won't allow our natural energy companies to tap into our own mainland fuel sources.
3. Destruction of the US Dollar as the World's Foreign Reserve. Once the US dollar is no longer kept as reserve by foreign nations, GDP will fall by 1%. This will cost us over $150 billion a year.
4. Cheap Money Bomb. By pushing down the interest rates to near-zero to "stimulate" the economy, the FED lowered the cost of government borrowing to 1%. As interest rates rise, this cost shoots up. When rates reach the normal range of 4-6%, 25% of the federal budget will be sucked up. Washington will have to borrow even more just to keep even. Meanwhile the treadmill is speeding up.
5. Global Real Estate Bomb. US commercial real estate is in trouble. It makes problems in the housing market look tiny. $1.7 trillion in IOU's are held by the banks, and defaults are now beginning. As real estate prices fall, people sink "under water" in equity. They can hold their breath for only so long. Then the banks take back unwanted property which they can't easily sell. Over 30% of houses in default are not even being put up for sale by the bank. They are being left empty to decay.
7. State & Local Government Budget Bomb. In 2010 the states are running budget deficits of over $110 billion. By law, state budgets must be balanced. The national government has a monopoly on the dollar. States don't have the "luxury" of printing money to pay their bills. State budget deficits could hit $200 billion next year. Then add their unfunded pension funds of $500 billion. Where does this money come from? Either raise taxes, which is political suicide, or borrow more. But bond rating agencies have already slashed many states' credit ratings, raising the interest rates they have to pay. The alternative, cutting the bloated state union payrolls and entitlements, appears unthinkable.
10. Government Political Bomb(s). We have a Dysfunctional 2-Party System which has been infiltrated by progressives on both sides. There hasn't been a socialist born who understands real-world economics. They continue to believe that money grows on trees in their fantasyland utopias. Then add the insatiable Washington Lobbyist Machine of special interests/unions/big banks, the Homeland Insecurity Bomb including military spending (Iraq & Afghanistan at $3 trillion), and the Coming Populist Tax Revolt Bomb.
STOP SPENDING MY MONEY, or if you spend my money at least make good decisions on where the money goes. It may be to late.
The government needs to stay of our lives.
I also agree with legalizing Marijuana. If the government could figure out how to tax marijuana it could prove very beneficial. Marijuana is an industry wanting to be exploited. If marijuana were legalized we would save money on court cost as well. Also, we would no longer have to pay government workers who find and destroy marijuana fields. No more paying for fuel to run helicopters in search of marijuana. I would also impose a sin tax on things like cigarettes and tanning beds. In addition to this, I would strongly consider cutting our funding to the wars over seas. You mow the grass in your own backyard first, and as long as there are people suffering in this country, i believe that is our primary concern. I would also do away with old legislation such as the no child left behind act, that has proved to be nothing but a waste of money.
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