Saturday, December 1, 2012
Time to start putting our own house in order
Although nobody including the Tea Party people and the ultra conservative are talking about it , but the fact it putting your head in the sand and wishing it way won't solve our problem of unfunded and funded liabilities that we have promised and accumulated already. Unless we tackle this thing head on, our fate would be not that much similar with Greece. We need to start putting our house in financial order and then think about spending our money overseas. We have to look at your resources and our debt first and then spend because we cannot assume that we have the money (which we don’t have) and spend it like we would not pay it back. Although as in the previous posts, I have said that we have to drastically reduce the entitlement curse (which was fine at a certain point in time) or we would just be borrowing and then spending it on something which does not generate additional revenue. Although my idea seems and is radical, I only propose that Medicaid should be continued with strict criteria about who should get and Medicare should be given to everybody with full insurance and market premium. Social Security should be continued but the age should be increased one year every two years to reflect improved medical conditions for increased age and the percentage should be increased to be deducted from the people. Defense expenditure should be reduced to reflect new priorities of war. Tax should be increased for everybody not just the wealthy. All the above proposals will be changed in a few years as we realize how close to we are the actual fiscal cliff which will be more disastrous than the current temporary one.