Public finance

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Responsiblity & "Sharing The Burden" of The Budget Crisis

Whenever someone looks at a budget crisis at any given moment, it’s easy to point to “cut spending, raise revenue” and say it's the best and most fair solution. While, on the surface, this is a great way to compromise and “move forward”, and it usually is... just not this time.

I have always had a problem with the idiocy of some people who forget or ignore the past. If you remind these people whom was responsible for “spilling the milk”, their reply is usually something like: “We need to focus on the current issue at hand.” or “You are just trying to point the finger.” Then they quickly want to move to a “fair” compromise. What I think is “fair” is: whomever “makes the mess, cleans it up”. How many times does your child have to spill the milk, before you take direct control of the milk-carton away? Same thing with the budget.

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Ballooning Government Debts

A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz "All democracies institute programs for current voters and shift the debt to future workers, even the unborn. Social Security, Medicare, prescriptions drug benefits for seniors are prime examples in America." Many U.S. States are battling public debt. Steve Forbes believes that the Obama's stimulus money to these States has only delayed their 'moment of truth'. Governor Chris Christie of New Jersey is praised by Forbes for reeling the spending back to 2006 levels and trying to negotiate with the public employee unions. "Under-funded public employee retirement and health care contracts are a major portion of the debt."

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5781 users have voted.