Take a deeper and broader look at the current financial crisis. Forget the hype, put aside the politics and ideology, and think, read and research. Try to find out the real causes of this crisis. In this way you will be in a better position to figure out the real solutions. You will be able to find out which candidate for U.S. president in 2012 is right on target? Who really understands the crisis? Who is offering real and practical solutions? Who has a real and proven capability to implement and enforce the tough solutions? Who has the experience to deal with these issues?
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If you look at the timeline, following factors, apparently and obviously, played a huge role in shaping the crisis and current failures in solving this crisis, and it’s perpetual existence.
1) Continuously growing spending, resulting into huge deficits and debts. Deficits and debts causing lots and lots of borrowing and printing of currency, resulting into it’s devaluation and inflation. Inflation and devalued currency, in turn increases the cost of living and cost of doing business. Increased cost of doing business, hurting the profits of, specially, small and medium sized businesses. Decreased profits result into lowered hiring. Lowered hiring results into unemployment. Increased cost of living results into the decreased buying power of consumers, which means less sales. Less sales means less business and less profits, which means less hiring. This means high unemployment, which means less sales, which means less business and profits, means less hiring. What I mean to say, here, as you can see clearly, we are trapped in a perpetual cycle of economic and financial downfall. Now, question is, how to break this killer cycle, which is killing our economy, businesses, jobs, consumers and buying power? Regardless of your ideological and political take on it, I am sure, you will agree that we must balance the budget, first, because, if you try to find the beginning of this extremely complicated spiral, it, obviously turns out to be the budget deficit, resulting from uncontrolled spending. Question arises, how and why the budget of world’s largest economy which holds about a quarter of world’s wealth cannot be balanced? If you are really looking for serious and honest answers, they are very simple. But, if you are ideologically and politically super charged and have already concluded that it cannot be the fault of Democratic party governments or Republican party governments, then, the strong chances are that you will never find the right and satisfying answers. After all, it is one or the other party that has been ruling our country for a very long time. With both party governments alternating, at intervals, it cannot be the fault of only one party. This is because, if the other party was right on real issues, then these trends could have been stopped and reversed during that party’s governments, which is not the case in recent history. Both party governments have been increasing debt and deficits, so far. So, the first answer to this question is, because, none of the major parties is serious about cutting debt and deficits. Even if we assume that they are, then the other logical conclusion is that they don’t know, how to cut the debt and deficits and hence both of them have been a failure. We continuously hear the rhetoric from both major parties, which is about blame game and which is why the current presidential campaigns from both major political parties and their candidates are mostly negative, that this is because other party did this and because, other party did not let us do this or that. This is just a crepe, because, both parties have been in a position where they controlled executive branch of federal government, as well as the both houses of congress. Still, they failed to solve this debt and deficit issue. Now, question arises, why? First of all to solve this debt and deficit situation one or more of the executive branch or Senate or House, must come up with a balanced budget. But, all three of these have failed to do so, regardless of the fact which party controls that specific branch of our government.
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2) Whether you are Republican or Democrat or independent, you must realize, by now, that our government has been doing excessive spending for a while; bailouts, as expected have failed, because, they just put back the same too big to fail, corrupt, inefficient and incompetent banks, corporations, financial institutions, insurance companies and Wall Street lobbies into power and control, which were the cause of crisis, at first place; Farms owned by big, rich and powerful corporations are still getting lots of unnecessary subsidies, off the tax payer’s money; members of the Congress are still getting large number of expensive and useless earmarks. Government is doing lots of stuff, inefficiently and expensively, that should have been done by private companies, more efficiently and profitably, generating taxes. We have extended ourselves too much abroad. Baseless, useless, expensive and unending wars, huge number of military bases around the world, financial assistance to other countries to control their governments and policies, too many expanses in building and maintaining very large military and financing ineffective, failed and globally hated organizations like U.N. IMF and World Bank.
3) A very large chunk of our money is going into Medicare, Medicaid and Social security, with people and businesses spending a very significant proportion of their incomes in related taxes, reducing the cash in hand for both businesses and consumers. Medicare urgently needs some common sense reforms to resolve it’s long term solvency issues. Medicare and Medicaid are way too much centralized. Giving Medicare and Medicaid block grants to states can improve efficiency and decrease losses.
4) Affordable Care Act is already failing to cut the cost of healthcare. Insurance premiums and other healthcare cost is still on rise, at a very alarming rate, in spite of the gradual enactment of act. Rather then this government must ensure that there is an open and fair competition between health insurance companies, across the state lines, throughout the United States.
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