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Thursday, July 28, 2011

How To Solve The U.S. Debt Crisis

Citizens registered as an Independent, Democra...Image via WikipediaThe United States debt crisis continues along a path that could lead to not only financial ruin for the U.S.  But also create a world wide financial crisis. Already the PIIGS (Portugal, Ireland, Italy Greece and Spain) are in financial distress. The addition of the United States to this group could have severe consequences.
So what is the problem? The Republican Party and the Democratic Party are engaged in  a classic partisan gamemanship. The Republicans want to reduce the deficit by reducing spending and no tax increases. The Democrats prefer tax increases but are willing to reduce spending on many social issues in order to make a deal. The Republicans however, as previously stated in one of The Hoss’  earlier blogs, are the party of no. They, at least to this point in time, are not willing to compromise, no tax increase period. In other words the rich get richer and the poor get poorer.
The Hoss, during his research as come across a very interesting paper by Stephen R. Richardson which details the causes that led up to this crisis and provides a logical well thought out course of action that could ease the United States out of its current dilemma and eventual financial stability. Here is the link to this great paper How To Solve The U.S. Debt Crisis.


Stay on Track,Money Magazine Hoss

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