Spending Cuts Essential

While leaders in Washington are debating whether or not to agree to measures to avert the fiscal cliff, the discussion of our nations damaged entitlement system has not been discussed as much as it should. The President has proposed a plan that includes tax increases for the wealthy that would bring in $1.6 Trillion in revenue but does absolutely nothing to cut spending and deal with an aging entitlement system that no longer operates in an efficient way to provide for millions of baby boomers. Republicans are refusing to raise taxes on the wealthy because raising actual rates would affect small businesses who pay the individual rate. Instead they have proposed a plan that would bring in $1.4 Trillion in revenue by closing tax loopholes that allow for the wealthy to pay much less than their required to and to cut spending to unnecessary federal programs. The media prefers to stick to the story that republicans are stalemating the entire process because they want to protect the rick even through they have already proposed increasing the amount the wealthy pay in taxes as well as spending cuts. The President believes that the best answer and the most politically expedient way to deal with the nations debt is to simply ask for more from the wealthy while ignoring the concept of spending cuts which are the only way that we can actually begin to reduce the national debt. More revenue does absolutely nothing if the spending pattern of the past decade are allowed to continue. What needs to be done is a balanced approach that asks for more from the wealthy but not raising rates and to make realistic reforms to entitlements that will preserve them for future generations and reduce the national debt. It is the fault of both Democrats and Republicans for creating an environment where we have to approach a $16 Trillion deficit, but the republicans have the best plan for bringing us out of the recession. Tax increases alone will not bring us back to a balanced budget, we need spending cuts and the presidents refusal to accept any will cripple to financial stability of our nations for generations to come.



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