As predicted, the not so “Super Committee” has failed. It’s no big surprise to me really. It was doomed before it even started. The 12 political members of this committee are mostly to blame for this whole money problem anyway. They all have been part of the system and continue to play the game. They will continue as normal after the Holidays with their careers with no real decisions. By not making any real or hard stands (decisions) they will keep their heads off the chopping block, lay low, and continue on getting elected and playing he game every year. Collecting their big fat checks every month, richy rich health care, and pension programs that the average Joe will never end come close to achieving. It’s a shame really because they all should be fire. Every single one of them. Republicans want some cuts and the Democrats want to tax the rich.
The cuts Republican want are not enough and taxing the rich is not a viable solution. Right now 3% has been cut. That is extremely pathetic honestly. The other side, taxing the rich is just a nice way of asking for more money from the public. Burning more money in a failed system. Doesn’t fix the problem and with the currently spend that will be used up really quick. It doesn’t solve the problem at all.
So what is the solution. Personally I like Warren Buffets suggestion – here is what he said, “I could end the deficit in five minutes. You just pass a law that says that any time there’s a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election.”
Now that sounds like a good plan to me. Unfortunately, we will never see any laws like this because the people who would pass the law are the same people who would lose their jobs. That is not going to happen.
I like numbers so lets look at these simple U.S financial figures and recent spending cuts. This is the actual 2011 federal budget and their “BIG” spending cuts.
U.S Income: 2,170,000,000,000
Federal Budget: 3,820,000,000,000
New Debt: 1,650,000,000,000
National Debt: 14,271,000,000,000
Recent Budget Cuts: 38,500,000,000 (about 1% of budget)
To help put these numbers into perspective, lets look at a simplified real World example using the same data. I removed the zeros to make the finacial numbers and comparison easier.
Annual income for the Smith family: $21,700
Amount of money the Smith family spent: $38,200
Amount of new credit card debt: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
This is the lame cuts I am talking about. We need serious cuts to fix the system. It’s not about asking for more money which will only put a temporary bandaid on the bigger problem. Cut the programs, Cut the spending, and Cut the politicians not fixing or making suggestions. Put laws in place to control spending and a forcing a balance budget (with limits). Hold politicians and slacker politicians accountable.
Time to clean house and remove anyone and everyone not correcting these issues.