The new administration has stated its intention to reduce the size of our Government to reduce expenditures by its many agencies. My fervent hope is that the new leaders will also turn their attention to our economy by reducing our $35 trillion debt. While the stock market may continue to remain strong, absent moves to eliminate our debt and place the nation on a budget, even the market will eventually fall. Focusing on the economy is even more crucial in light of China’s growth and expansion plans and its dark intentions towards the U.S. If America’s debt continues to rise and we keep printing new money, the value of the dollar world-wide will diminish.
There are ways to attack the debt, none of them easy. All of them require only common sense . First,put our nation on a budget. A real budget. This is long overdue.The nation has needs and every administration has wants, such as an increased military budgetbut until we regain control of our budget eliminating all hidden budget item costs our future will remain at risk.
Once we have a real budget, we will likely need to increase corporate taxes, as was done by Franklin Franklin Roosevet, the nation’s most popular President of all time. Corporations making record profits can afford to pay more taxes and should want to in order to preserve America’s strength and preserve her future. They thrive as long as our economy thrives. The corporate leaders should be supporting increases as they will ensure long term strength of those very corporations.
It is unlikely that any of these measures will be taken until the Americans convey to Washington leaders that the country must be placed on a budget, just like most all of its families are living on a budget. This is critical. Once this happens we can begin paying off the debt and our reliance on China which holds $749 Billion of our debt. For our children and grandchildren, please call of our new President and the Congress to begin to deal with out debt and budget issues.
Jeff Newman JD MBA, represents whistleblowers nationwide relating to Medicare and Medicaid fraud, under the state and federal False Claims Act (Qui Tam) and corporate whistleblowers in major claims under the SEC, CFTC and FINCEN whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
