It's official. The United States government and its elected officials are not going to do anything about the long-term debt. It's going to continue to grow, and it doesn't seem to be a large concern for anyone anymore. If it ever was.
The so-called super committee was supposed to be a bipartisan approach to the nations deficit and debt problem. I was equally weighted with Democrats and Republicans. The appointments to the committee were chosen based on the most ideological people that each party could find. They went to the committee under the guise that they would compromise but everybody held their ground. And nothing got accomplished.
On the finger-pointing begins. The president will undoubtedly blame the Republicans. However, there were an equal amount of Democrats on this committee with the assignment to get things done. 12 people were supposed to accomplish but 535 could not. But the premise of the debt reduction was a sham anyway. The Democrats wanted little more than tax increases. It were selling it to us as tax increases on the rich. The rich only. It's a fine ideology because somebody else is paying the money and everybody else is getting the benefit. The Republicans did not want to raise taxes in any form or fashion. They did not want to get rid of itemized deductions or certain tax credits. Was this a result of the pledge they signed with Grover Norquist? One has to wonder. But if something would've happened, we would've gotten the tax increases right away and the spending cuts would not have occurred for a few years. Well, we know how that would've worked out. The cuts would have not come. So we would've gotten higher taxes and more government with a broken promise.
So once again as an election-year approaches, we have to ask ourselves this question: do we want taxes to go up or do we want taxes to go way up? That seems to be our only choice. And what becomes of this 2% tax cut that we got this year as a reduction in Social Security taxes? Chances are that we'll get a big tax increase come January 1. Little mention was the fact that the 2% decrease in the Social Security taxes would have been borrowed from the general fund. So even without this reduction in tax revenue for the Social Security fund, it is still going to go broke. Nobody wants to reduce the benefits. And as long as the people who will soon be receiving the benefits don't want them reduced.. They won't be reduced. It's a simple as that.
Although it's not a good idea to shove things through Congress quickly, but the 2009 stimulus bill, there has to be a systematic approach to these long-term problems. People have been going to Congress for decades with the sole intention of reducing spending and getting the budget under control. But apparently failure is an option. Yet they'll be looking for our vote.