TAKE A STAND ON THE BUDGET DEFICIT

 

 

It looks like the sequester is our formal introduction to an extended period of austerity.  Unfortunately, this is but the tip of the iceberg when it comes to dealing with the overall budget deficit. 

There is an intractable battle being played out in Washington, over how to move the economy forward. Does the average American have any idea what the dispute is about?  One gets the feeling that supporting the political “team”, democrat or republican, is easier for the man on the street than sitting down and working through the issues.  Unfortunately, this is not a sporting event where we can be idle couch potatoes. There is a scarcity of road to kick the can down before disaster strikes.  What looms at the end is a fiscal cliff that can leave economic scars for generations to come.  We need to understand the dilemma, get involved in the debate and take ownership for the solutions.

It is not enough for an independent voter to say: “I do not support one political party over the other, just do something!”  This is like inviting the surgeon to cut off an arm or a leg with a blindfoldand dull scalpel.  Better for Independents to closely study their individual x-rays and
get the cuts in the right place and in the right amount.

No one likes to complete their tax return, review the family budget, or study their retirement statements.  In this respect most of us are like Washington, waiting until the last minute to confront financial matters, when sometimes it is too late to salvage an acceptable result.  With the present federal budget impasse, we all have the opportunity to take on the deficit, right alongside our disgruntled congressional representatives.  It is time for each of us to study the options with vigor and to take a position on a problem that will profoundly affect our economic future.

Upon first reflection it will become apparent that not raising taxes, keeping all of our benefits and cutting no services is not an option.  If this position is what you were voting for in November, you were fooled by the negative campaign adds telling you only what abominations the other candidate had in store for the Country.  In fact, both political parties had bad news they were keeping under wraps until January.  Republicans knew that taxes would need to increase and Democrats were aware that uncomfortable cuts were necessary.  All around, the campaign incense was covering up the odor of a rotting mountain of debt.

What we need to do now is make some decisions and let our opinions be known.  A good place to start is to make a list of benefits each of us receive or expect to receive later in life.  This would include Social Security, Medicare, SSI and the like.  Remember that these items make up most of the budget deficit and must be addressed without delay. The question becomes, how much are we willing to pay (or have our children pay) to keep a certain level of benefit.

 Next make a list of public services that you believe must be maintained or expanded and those that can be curtailed or eliminated.  These discretionary expenses include supporting the post office, reliable bridges and roads, funding for education, day-care and preschool programs, mental health facilities, school loans, efficient airports, efficient court systems, an efficient power grid, disaster relief, national public television and radio, legal services for the indigent, museums and libraries.  Each individual’s list will provide a different set of priorities. 

Lastly, make a list, from personal experience, of where federal dollars could be saved through more efficient government.  Once each of us completes this exercise, we are competent to enter the debate on deficit reduction.  A few of us will weigh the options and conclude there should be no tax increases despite drastic cuts in benefits and services.  A few more will insist on cradle to grave benefits with exorbitant taxes.  Most of us will be willing to pay moderately higher taxes with moderate cuts to social entitlements and discretionary spending. 

Take a position and write to your representatives in Congress.  Invite your friends and family to do the same.  Do not expect your political “team” to make the correct decision.  After all, your political party’s priorities are unlikely to mesh with yours and while the House and Senate benefits are mandated by Congress, yours are not.