It’s always hard, personally and nationally, to face serious financial problems. But it’s better to confront them and seek solutions than to invite worse consequences.
So with the United States having a national debt of $14.3 trillion and an expected deficit of $1.6 trillion in the fiscal year that ends on Sept. 30, isn’t it past time for President Barack Obama, Congress – and the rest of us – to quit digging a deeper financial hole?
The Committee for Economic Development, a nonpartisan group representing scores of current and former chief executives who have extensive financial experience, is urging federal officials to “put everything on the table” to alleviate the problems before they get worse.
“As leaders in the business community, we expect to share the effects of reductions in public programs or increases in taxes – or more likely both,” the organization stated in a news release.
Since “too-high” spending rather than “too-low” taxes created the huge national debt, we do not believe higher taxes are a solution.