Debt Talks

Posted by admin on July 18, 2011

The rest of the world is watching what goes on with America’s debt talks with utter amazement. It appears that two sides are unable to come together for the good of their nation’s economy.

The House of Representative speaker John Boehner has gone on the record saying Obama is “sorely mistaken” if he believes that he (Obama) has enough votes to raise the debt ceiling and taxes. The events are so bad that the politicians were even working through Independence Day to come up with a solution. These are the politicians who are able to ban asbestos because they say it is harmful but can’t come up with compromise to save their economy from disaster.

All the posturing from both sides could have disastrous consequences. There are those who are saying that the US could slide into a second recession if they don’t come up with a solution. But as the deadline for a debt ceiling deal to be reached is approaching, it appears both sides are taken tough stances.

This means the Republicans will not go for higher taxes and will push for the spending cuts. They for some reasons believe that the democrats will cave and take the blame on cutting Medicare, Medicaid and Social Security. It appears that the first people to be hit by default would be the US military who would miss their checks and then senior citizens who would not get their Social Security benefits anymore.

This all seems very crazy. The idea that they will protect the wealthy from higher taxes but allow grandma to miss her Social Security check seems absurd. Could it happen that the sick, aged, disabled and the vulnerable will lose income to meet their needs?

It appears that there is nothing that can be done unless the leaders in Washington can come up with some sort of agreement soon.

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