To raise or not to raise, that is the question. At least that seems to be the question that everyone in Washington is asking. On August 2nd, if the politicians in Washington don’t vote to raise the debt ceiling, America for the first time in its nations history, will default on its financial obligations. Many seniors are worrying they won’t be getting their Social Security benefits, the same goes for the disabled. In addition to the benefits that will not be paid out, the United States will have their Triple A credit rating downgraded. Our country has been in a downward spiral for over thirty years since Ronald Reagan instilled his “Reaganomics” financial plan, which in turn means in plain English, give the rich more money because they will create jobs. However, the creation of jobs didn’t exactly work out. Jobs were shipped overseas, factories closed in the United States, and the medium wage for the middle class remained stagnant. At the same time this happened, the rich continued to get richer.
Today, taxes are lower than they have been in decades, the wealthiest members of our society, the ones who continue to ask for a tax cut, take most of their money and put it in stocks, and real estate. While doing this they pay a capital gains tax of only 15 percent. They pay the same percent of taxes as a greeter in Wal-Mart! The issue of the debt ceiling really is a silly one. The raising of the debt ceiling has been a formality in the past. It was raised 7 times under George W. Bush and 18 times under the pride and joy of the Republican party, B movie sensation Ronald Reagan. Even the destructive Reagan had strong words about the country defaulting.
“The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”
Each side has put out multiple plans to figure out the debt ceiling issue. The Tea Party members have put such a strangle hold on the Republican Party that they are putting the elder states man in the GOP between a rock and a hard place. The idea of getting the debt under control should be a mix of cutting wasteful spending, closing loopholes on big corporations and making the wealthiest members of the country pay their fair share of taxes to create more revenue. However, our politicians, the people we voted for, have been bought of by big oil, wall street, the banking and health insurance industry, that they are trying to direct our attention away from the real problem. Though some Democrats, it seems as if the entire Republican Party has been bought by these big wigs. The power in the Tea Party has gotten out of hand, even the Harry Reid and President Obama endorsed plans have been forced to be modified so much that they look conservative. No revenue is on the table, but cuts that effect low income workers and the elderly are clear as day. The GOP wants the debt ceiling raised only for a short time so they can use this argument again before the election in an attempt at damaging President Obamas re-election campaign, which in turn hurts the American people.
In the end they will raise the debt ceiling, whether it is a short or long term deal is yet to be seen. We need to raise the debt ceiling fast, so we can talk about what is really the issue, jobs.