We are a nation of winners............remember that throughout this blog. Today's financial news was disturbing at best. Most of us are looking at our 401k or even our bank accounts and wondering how to proceed. The last thing that we need to do is panic, but it should be an eye opener at the very least.
We need to be more responsible as a country and we need to hold our leaders more accountable as well. The way the financials are currently going, our Country is going broke. We can no longer afford to continue spending without consideration of balancing a budget. Plainly speaking, at some point even your credit card debt is used up and you have no where else to go. You go bankrupt.
What does this mean this political season? It means that your vote needs to be used carefully. I know there are many people who blame George Bush, I am one of them. However, we as a Country cannot continue to look back. We must begin to look forward. At the beginning of the campaign, Barack Obama's economic policy called for an increase in taxes on the "rich". However, he has now said that he would not raise taxes if the Country was in a recession. Why? Doesn't that prove the point that tax increases do not help the economy? There is no way to jump start this country's economy by raising taxes and he realizes that. Would you raise taxes if the country just got out of a recession? It just doesn't make sense.
Our Country was not built to become a socialist nation. Government programs such as Social Security and Medicare were not meant to carry the nation. We are struggling to pay for them and at some point we may not be able to pay for them if things don't change. At this point in our history, we cannot afford additional programs. Both parties want all Americans to have health care, but we cannot make this a government program. The additional strain on our economy could and most likely would collapse it. We would no longer have the ability to pay for basic military protection. (Historical reference: Soviet Union).
We must cut irresponsible earmarks. However, at this point, it is not enough. We must look to shrink this government in order to save this government. Barack Obama wants to add billions of dollars in additional spending. He says that he will tax the "rich" to pay for it. It's not possible. Even if he raised the tax rate to 50% or more, he could not pay for the programs he is advocating without sending us into further debt and further weakening our dollar.
Bottom line: We cannot afford to keep bailing out big corporations even if it stings all of us for awhile. We must cut expenses. We must make our financial institutions stronger. If we become the tax and spend nation that Obama wants, we will become the next Lehman Brothers.............BANKRUPT!!