Thursday, November 8, 2012
Getting back to work
Obama is already getting to work and meeting with leaders to talk about the fiscal cliff that is fast approaching and also starting to talk about our deficit and how to start recovering from that. With the Bush-era tax cuts ending soon and government spending being cut, they are predicting $800 billion if no opposing actions are taken. That is thought to push us back into a recession though. Here is an article that talks about both topics and the plan plan to bring us out of the deficit we currently have. Is there more that needs to be done than simply higher taxes and cutting spending? There are many ideas that should come to mind that based on discussions we have had in class throughout the quarter. What can reasonably be added to list that could help us tackle this crisis and not end up in riots and other outbreaks?
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I think that in terms of our nation's budget balancing--Those are the only two options to fix it. Spending cuts, and raising taxes are the only two methods in which we can see increases in revenue. It will be a careful balance, that demands sacrifice on both sides of the political spectrum to be achieved. I agree with excluding those that earn 250,000 or under, because this will eliminate the most extreme effects of the fiscal cliff. However spending cuts must be done that will affect these groups particularly as well. It would be purely inequitable to tax the rich more, and leave the middle/lower classes completely unscathed.
ReplyDeleteWith the fiscal cliff coming fast it is scary to think what could happen if no action takes place. With drastic cuts in place, the economy is almost sure to return to a recession like environment if what is projected to happen actually occurs. It seems as if increasing taxes and cutting spending are the only options to save our economy, but this must be done with careful planning. I think a compromise must occur before this fiscal cliff hits in order to potentially save our economy. I would expect some sort of action to take place very soon as no one wants this crisis to occur.
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