The bipartisan Congressional “supercommittee” has been trying to reach agreement by next Wednesday, November 23, on steps to reduce the federal deficit. They need to increase government revenue, reduce spending, or a combination of the two, in order to reduce the deficit. But, so far, no agreement has been reached by the members of the supercommittee.
There are fundamental differences between the Democrats and Republicans regarding what needs to be done to save our declining economy. The Democrats want to increase government spending as a way to stimulate our economy, while the Republicans think that slashing spending and cutting taxes will get our economy going again.
But, they are both wrong. We enacted the “Bush tax cuts” and ended up with a severe recession. But, we have been running trillion dollar annual deficits for the last three years, and our economy is still unable to provide jobs for millions of American workers.
Neither the Democrats or Republicans seem to realize that by deregulating trade, and passing various free trade agreements with low-wage foreign countries, they are destroying the once-great American economy.
Did you notice how fast the Democrats and Republicans worked together to pass the recent free trade agreement with South Korea? They may not agree about other things, but both parties think that it is good for American workers to be forced to compete with low-wage foreign workers in third world countries.
The big corporations have made the decision to replace as many expensive American workers as possible with low-wage foreign workers. This allows corporate profits to increase, as the cost of labor plunges. And politicians of both parties do the bidding of their corporate masters.
Our political leaders in both parties have abandoned the American workers, and they are allowing the big corporations to destroy our economy in the name of greater quarterly profits.
The best way to reduce our deficit spending is to grow our economy by bringing thousands of our factories back from China and other low-wage countries, and putting millions of American workers back to work. These factories and workers would pay taxes to federal, state, and local governments. But, our political leaders refuse to do this.
We need real leaders who are willing to stand up to the big corporations and big banks, and force them to stop pillaging our economy. Strong action is needed. Sadly, there are no such leaders on the horizon.
Thank you for your inspiring article. Yes, we need to build this country and put millions of us back to work. I like the idea of not buying anything from china, japan india, mexico, but do you really think this is possible, Obama has really lax on immigration laws and we are a “global” society now. Anything else in the colleges today is politically incorrect. I think, we need a new form of government get rid of them all. Republicans and democrats. Once elected, they have lifetime of medical insurance, lifetime dental insurance and a full pension what a freaken joke. Where is my pension. I know, this sounds awful, but I was broke before the recession and I am lucky to have a part time job now to buy food. The city of Roseville takes all the rest of the money for the electric and water bills. Anyways. Thank you for listening. I remember when this country was the greatest not another third world country with hungry people.