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Our unsustainable future: Can we handle the truth?
Fed Chairman Ben Bernanke
Following recent testimony from Fed Chairman Ben Bernanke, NMPolitics.net blogger Nick Voges writes that we must radically optimize government and still will likely need to raise taxes and cut or modify services to stay solvent.
But can we handle that truth? Read the whole article on Voges’ blog, Zeitgeist, by clicking here.
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Well said bobwolfe, and I would agree about health care reform and handling of the economy. The side of the Democratic Party I associate with, however, is not the progressive wing headed by Obama/Pelosi/Reid. There are many Democrats I would agree would be much better than many Republicans at those items, just not Obama/Pelosi/Reid and their ilk. I also vote for people not parties, and I will vote for ones who reflect my views and what is best for all America, as I usually do.
“Change is coming… change is coming…” Yeah. yeah. It doesn’t take a gifted curandera to get that one right. What I’m getting at Dr. J, is that it may not be the kind of blowout change a “registered democrat,” like yourself, is anticipating. I don’t care to get into a polling urinating match with you. I was merely trying to answer your question, now what? I suggested you ought to vote republican this fall (you sure sound like one) even though there are “some” polls that indicate that people, who aren’t private corporation board directors, still trust dems to do a better job in regards to health care reform and the economy. That is all.
Oh, I found a very relevant poll here:
http://www.npr.org/templates/story/story.php?storyId=127845693
And of course no one could ever argue with NPR. It seems in the 70 most competitive Congressional districts, the Dems are looking at big losses in 2010. Reps are ahead 49-41. It also notes Obama’s low approval ratings in these districts are the key to the changes coming.
bobwolfe, as you may know polls are like statistics, both can justify any position you want if you choose the right parameters.or questions to ask. I suspect you may not have seen the June 15 Rasmussen poll that shows Rep. lead Dem. 46-36 in preference for voters, and Gallup has it 49-44 for Rep. Or maybe you would argue with the AP poll that shows a 69% disapproval rating for Congress and a McClatchy poll that shows 61% of people think the country is on the wrong track. Or maybe you might think the Rep. are to blame for those Congress and Wrong Track numbers. If so I think you are stretching logic that people disapprove of the party that is not in charge in DC and not running the country, but somehow approve of the Dems who really are running the country and have been for 18 months. Sorry, the majority of people are not pleased or approve of what is going on in America today, and change is coming.
“Now what?” the “registered democrat” asks??? Well the answer is pretty clear Dr. J, it actually sounds like you’ve already made up your mind. When you head to the ballot boxes this fall, it looks like you’ll be forced to vote republican. However, most average Americans, you know, ones who probably don’t “sit on a few private corporation boards of directors,” seem to have a completely different take on the Obama/Pelosi/Reid environment you speak of. A new AP-GfK poll released yesterday shows more Americans trust democrats over republicans to handle health care issues and the economy – two key issues facing our nation.
From the poll:
* By a 13-point margin, more Americans trust democrats over republicans to handle health care issues – 51 percent to 38 percent.
* By a 5-point margin, more Americans trust democrats than republicans to handle the economy – 47 percent to 42 percent.
* By a 7-point margin, more Americans want democrats to retain control of Congress in November – 46 percent to 39 percent.
Enjoyed Voge’s blog. He is right. We all need to make changes in order to sustain the American dream. The American dream may have to change also. I believe that if the tax loopholes for the wealthy and large corporations were closed we could get back on track. Remember, it took a number of years for us to get in the mess we are now in and the solution will take a long time also. All of those who are against all tax increases need to move somewhere else as far as I’m concerned. Most of the other industrialized countries pay much higher taxes than we do here.
Unless we elect fiscally responsible reps in DC and Santa Fe, the answer is “no”. The current Congress and their majority leadership are the opposite of fiscally responsible. Case in point: They passed PayGo with much celebration and promises, then have refused to use it as everything coming up qualifies as an “emergency” the Dems say. So no fiscal disipline at all. The only taxes they have passed have been stealth taxes like the $500 billion plus associated with ObamaCare. They are now working on carbon taxes, yet another VAT type tax they hope we will all not see. These taxes are really political pork payoffs to their left wing supporters and campaign funding sources, thus are not taxes that will help the economy in general. These taxes will only help pay for new entitlements and special interest projects.
As for the economy in general, businesses are currently hoarding cash at unprecidented rates. There is $1.84 trillion sitting in cash reserves of business, and that is up 26% in the last year, the largest increase since 1952. As I sit on a few private corporation boards of directors, I also know that we are not hiring or investing for expansion, but husbanding cash flow to prepare for the worst, which DC shows and threatens daily. What are these things? ObamaCare has created a large cash drain potential over the next several years. Many employers know that the new mandates forced onto corporate health plans will raise our costs by 2 to 3 fold in the next 5 years. Many companies will have to make the decision to drop coverage and pay fines (lower costs) or to hold cash reserves necessary to pay for this. Carbon taxes are similar, the Waxman-Markey carbon tax bill will raise the costs of doing business by 10-20%, thus cash reserves must be there. Then add all the other threats and looney-tune ideas coming out of DC, like maybe intervening in your business to question paying dividends, and you have what companies hate, uncertainty. And for good measure, perhaps all should read Obama’s Carnegie Mellon University speech recently.
http://www.whitehouse.gov/the-press-office/remarks-president-economy-carnegie-mellon-university
His speech makes it abundantly clear he sees business as the problem and government as the solution. He sees a benevolent government in a constant struggle with evil businesses. He said things like: “”As November approaches, leaders in the other party will campaign furiously on the same economic arguments they’ve been making for decades.” They gave “tax cuts . . . to millionaires who didn’t need them. They gutted regulations and put industry insiders in charge of oversight.” “..if you’re a Wall Street bank or an insurance company or an oil company, you pretty much get to play by your own rules, regardless of the consequences for everybody else.” “…if the irresponsibility of a few folks on Wall Street can bring our entire economy to its knees.” So his view is that the economic crisis was solely brought about by “a few folks on Wall Street”. And obviously he has a very low regard for business in general. How should American business view how the most powerful man in the world sees them? Does this make you eager to invest and grow in an environment like what Obama/Pelosi/Reid are creating for you and what they see as your role in it? To many of us in business, this just creates more uncertainty and risk.
So all that uncertainty leads to hoarding cash, not hiring, and not investing. A similar thing happened during the 1930s and led to a much prolonged depression. Will we have common sense elected officials who understand business and their role, ones who are fiscally responsible and get us out of debt and waste? It is all up to us as we head to the ballot boxes. The status quo as currently defined by Obama/Pelosi/Reid is unsustainable, we need change and hope, as a registered Democrat who thought I was voting for that two years ago, now what?