I believe the biggest issue facing America's future today is the ballooning budget deficit crisis caused by Washington's irresponsible spending. What makes this particular issue a real bear, pardon the pun, is that many people turn a blind eye, ignore, don't care, or don't even want to admit this issue exists. It's about their bottom dollar and many seasoned politicians support this approach. That's not American, and that is not what America has prided itself on or made it great. Our economic strength and value came from hard working women and men, not looking for a quick fix or easy access. We still have a chance to remedy this crippling problem, but this election may be the last do so before we fall off the edge.
Many people are outright unaware of the repercussions they will soon face by neglecting this problem. I always thought standard economics should have been much more of a priority in education. Remember those 401k accounts that magically disappeared a while back? Well, this time it will be much worse. There may not be someone to bail 'some people' out. The debt bomb as former U.S. Senator and House of Representative member, Dr. Tom Coburn, coined in his book, 'The Debt Bomb, A Bold Plan to Stop Washington from Bankrupting America', is locked and loaded and we have a very short time to disable it.
I believe it is our duty as citizens and voters to educate ourselves on this problem and act responsibly toward our government's spending, just as we would with our own finances. We, the people, are responsible with our votes and voices to determine the fiscal policy of Congress and our elected officials. Consuming ourselves with debt and poisoning our future generations should not be our economic philosophy and end game. Spending needs to be evaluated, significantly controlled, reduced and become more efficient. No sane person owning eight maxed-out credit cards would apply for another one just to pay interest on the first eight ones, but our government is doing exactly so. We need to elect more responsible and patriotic representatives, consolidate or eliminate duplicate and overlapping programs and departments, renegotiate our tax structure, simplify the tax system and ensure that corporations pay their fair share, stop borrowing money from foreign governments just to be able to pay our own current bills. We need to impose the term limits on Congress so there will be less perpetual and unmitigated 'feeding at the trough' as you would say.
The debt problem is also tied to wars (trillions of dollars for bombing and rebuilding the nations), illegal immigration (at least $60 billon/year) and our flouted trade policy, resulting in the devaluation of our currency and selling our nation’s land and capital assets, as many aspects of our government and issues are intertwined. Allowing unmitigated and huge influxes of immigrants who are provided, cared for, and bestowed with billions of dollars’ worth of aid, benefits, and services takes a huge toll. I am well aware the United States is a nation of immigrants, but we need to come to a compromise to limit immigration to some degree until we have a set and workable plan in place to improve the budget deficit and our economic future. If you are going broke at a rapid pace, changes need to be made and buckles need to be tightened.
The U.S. needs to negotiate stronger trade agreements with our foreign partners. Domestic products and their value need to be highlighted and their production advanced. The weaker our dollar becomes on the world market, the worse our bargaining position will be at the table. This is not a weekend job; this problem can only be addressed by focused and disciplined long-term planning from both sides. It is hard to improve working in absolutes. We have basically doubled our National Debt ($21.2 trillion, $174,200/taxpayer) over the past eight years, and have not much to show for it, and we are going to add additional ten trillion dollars on the top of it over the next decade, if we continue the status quo.
We are at the verge of bankruptcy right now and it will be almost physically impossible, especially with the looming higher interest rates, to repay the money that we already own to the foreign countries and to ourselves, but we are still piling up (and printing) more and more on it. If nothing we be done soon, we are facing inflation, default and financial ruin. Our retirement plans could be worth half of it in the next ten years, or so. The time to act is now, or it was already five years ago when the both sides were trying to agree to a deal, but, at the end, they just gave up and kicked the can down the road. Shame on them.