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Everyone should sacrifice to fix debt problem

Published: Wednesday, January 9, 2013

Updated: Wednesday, January 9, 2013 00:01

 

When Speaker of the House John Boehner and President Barack Obama reached an agreement to avoid the dreaded fiscal cliff last week, the threat of economic turmoil was not eliminated.

The nation’s financial crisis is not over and we are still burdened with a massive debt. While the legislature has come to an agreement that has stunted our plummet into financial turmoil, the arrangement has only pushed the prospect of sequestration off until March. 

Over the next two months Congress needs to forget about the partisan squabbling that led to pushing the debt problem off for so long. 

The problem is not a Democrat or Republican issue, but an American one. 

Regardless of who or what is to blame for it, the debt is a burden that everyone should sacrifice to recover from.   

The problem has many facets that revolve around the national government’s increasing debt of about $16.4 trillion. The $16.4 trillion is the current limit that the federal government is allowed to borrow to pay its expenditures.

That limit, known as the debt ceiling, has increased by around $1 trillion every year since 1990 — causing the same battle every time when both
parties either refuse to, or neglect to, agree on how to balance the budget. 

Republican representatives will not raise tax rates on anyone until Democrats agree to cut spending for government programs — notably so-called “entitlement programs” like welfare — or to cut corporate regulations. Democrats will not agree on government spending cuts unless they can raise taxes on the wealthiest 2 percent of Americans — a plan they believe will strengthen the middle class. 

This type of back and forth arguing will not work and has only hindered America from overcoming the debt. We will continue to run into the same “fiscal cliffs,” procrastinating with partisan banter unavoidably pushing the obligation on to future generations. 

The only way to avoid this snowball effect is if everyone sacrifices for the cause. Tax rates of the wealthiest Americans should be raised and government spending should be cut. The battle should not exist between choosing the option that will re-elect politicians back into office.

Having everyone sacrifice is definitely not going to be the most popular route. It is even possible that it will not be
effective. 

But when the alternative is letting the government argue over which part of the population should be burdened more than the other hoping that it fixes the problem, it is no better at predicting the future then what has been done for the past twenty years.

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