STUDENTSRATINGS.ORG: Can we pull out of this crisis unscarred?

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Can we pull out of this crisis unscarred?

Blog 64

1 - The economy is not an interesting subject that the majorities understand, nor is it something many folk like to talk about. It is an area of commerce that upsets the general public for several reasons such as lack of expendable funds, debts, and not being able to purchase a fraction of what they might like in this materialistic epoch.

2 - It ought to woe us all, so after watching some videos from my local library, and to put it bluntly it is unbelievable while factual and damn right pathetic that the government has borrowed so much money to pull out of the crisis. As a non political enthusiast it bewildered me when contrary to what I thought about President Bush, he liberated Medicare and Medicaid that span the motors for more borrowing to help the elderly. If that wasn’t enough the new President Obama has increased borrowing from China, the leading lender, and has created the highest budget in history. Over six hundred billion dollars has been made available for the healthcare reform, and although he promised in Congress that it would be sorted out within a year, it looks as though that statement is not going to occur. Managing debt is the key to learn.

3 - The bottom line according to experts is the American people need to hear the truth that there has to be tax increases to get out of this mess, while leaders shun away for upsetting citizens who apparently would get upset if they were told the truth. I’m not religious, but, “For God’s sake,” when are the country's leaders going to face reality and be honest to the public. It is all very well trying to find a solution without upsetting people, but in this case there has to be an answer because the debt is spiraling out of control. When Obama’s team took office they were under no illusion that the debt was growing. It is still increasing at an alarming rate. Actually, economists have predicted that if drastic measures aren’t taken now the debt will grow to around twenty trillion by 2019. That amount of money is huge for the US economy. It's going to take over GDP Gross Domestic Product if it isn't dealt with immediately. For those who don't know GDP is the standard measure of the size of the economy. It is the total production of goods and services within the United States

4 - Healthcare reform is obviously one principal problem area, however, talking about it and not acting will not resolve the issues at heart. Tackling unemployment and encouraging commerce is fundamental to increase productivity and encourage spending, which creates more tax collected, but is it the only solution? I personally believe the distribution between where the taxes are coming from could be the answer. Apparently forty five percent in Federal or state tax is charged from siblings when receiving inheritance from parents who die. To me that is morally wrong. I mean the parents purchased their estate with unpaid taxes on income? That’s stupid; of course they had to pay when they were working! Why should their children be penalized when they die? Isn’t it hard enough to be without one’s loved one?

5 - In England consumers pay seventeen and a half percent VAT value added tax on goods purchased in stores, while in Brazil citizens pay eighteen percent ICMS a similar form of tax on purchases. I’m not saying it should be raised to these levels, but come on, if increased income taxes are not going to rise then a uniformed tax rate of ten percent on all the volume of sales would make a massive yearly bundle of cash to help get the country back on track.
Tax increases are the only sensible way to improve the economy. They may hurt, but if the country is serious about taking action then something must be done!

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