General Information and Rules

  • Look under Labels in the right column to find posts related to a particular topic.

  • Blog editors do not guarantee the accuracy of information offered in this blog. Investment guidelines may be offered but no specific investments will be recommended. Therefore, readers are encouraged to seek financial information and advice from a variety of sources.

  • Comments are encouraged but will appear only after review by blog editors. Inappropriate comments will be rejected. To add or read comments, click on Comments below a post. You may have to click 'Preview' before you can submit your comment.
Want to contact us or ask a question? Just add a 'Comment' to any post. We'll be notified.

Friday, November 12, 2010

Express Your Opinion Regarding the National Debt

This week, the two co-chairmen of the President's deficit commission proposed some drastic measures aimed at reducing our national debt. They involved both reducing spending by the Federal Government as well as restructuring the income tax laws, resulting in more tax revenue.

I feel strongly that something significant has to be done. And there will be plenty of pain to go around. We'll all suffer in one way or the other. I don't know what the best answer is but I have expressed my opinions on this issue to my congressperson and senators - several times! You should do the same.

Since I know the pain will be there, I told my elected representatives my preferred way of sharing the pain. I want them to know that I expect them to stop be political hacks and start being patriotic Americans with backbone to do what has to be done. It's got to happen.

If you feel greater effort should be placed on spending reductions, explain exactly what you mean. Where should the cuts be? On the other hand, if you feel taxes should be increased, be as specific as possible. For example, how should the home mortgage interest deduction be handled? Or, how should we pay for the growth in entitlement programs like Social Security.

Here's your chance to affect the future. I've heard that a letter to elected officials is treated by them as representing the opinions of 100 like-minded individuals among the population. If you want the address, telephone number, FAX number and email address of your elected officials, try here: Contacting the Congress.

It's your money they will be spending or saving so let them know your preferences - NOW!

Here are the key recommendations put forth by the deficit commission co-chairmen:
  • Reduce future cost of living adjustments for social security and gradually raise the retirement age to 69 by 2075
  • Rein in health care spending and make Medicare recipients pay more.
  • Cut $200 billion from a broad array of government programs, half from defense.
  • Eliminate or scale back the home mortgage deduction and most other popular tax write offs.
  • Reduce and simplify overall tax rates.
  • Increase gasoline tax by 15 cents per gallon to fund highway spending.
We encourage comments from readers. Click on the word, 'Comments' below.
Each comment will be reviewed by blog editors before it will appear.

No comments:

Post a Comment