21
jul

Will the US Congress react in time?

Escrito el 21 julio 2011 por Gayle Allard en Economía de EEUU

As the deadline approaches for the US Congress to either raise the debt ceiling or enter into technical default on the huge US public debt, what appears to characterize the debate is a lack of concern for what will happen if the deadline is missed.

Republicans, determined not to raise taxes, refuse to approve any compromise that would violate that objective. Democrats, reluctant to make deep reforms to social programs, want most adjustments to happen on the revenues side. The deadlock has held firm even under the time pressure of looming nonpayment on the debt.

House chamber in session

What can be done?

There are several obvious reforms that could make major inroads into the deficit problem, if only bipartisan agreement could be reached. All have come up in the debate at one time or another, and a good compromise should include all of them.

1. Reach agreement to end the tax breaks for the super-rich, which are repugnant at a time of high unemployment and falling real incomes. Setting a date some time in the future –next year– could make it more palatable.

2. Subsidies to oil companies need to be radically ended.

3. Additional revenues must be collected, preferably on consumption, and especially on polluting activities or others with large negative externalities.

4. The tax code needs to be reformed, simplified and streamlined to eliminate deductions and actually restore progressivity.

5. Social programs such as Medicare and pensions need major reform to reduce spending in the future.

Republicans are certain to oppose 1)-3) and maybe 4), but all but the radical Tea Party elements could probably be coaxed into a compromise if 5) were offered. In fact, the bipartisan committe for deficit reduction has offered most of these elements in its proposals.

US politics is in an emotionally charged, polarized moment due at least in part to the depth and intensity of the crisis. The “debt clock” ticking in the background will hopefully provide the pressure they need to put party politicking on a back burner and address the urgent issue at hand. If they do not, the consequences for the US economy will range from higher borrowing costs and an even slower economy to an all-out dollar panic. Any of these would be disastrous for the US economy.

Congress ois likely to recognize the very high stakes and pull a reasona le compromise out of the bag at the last minute.

Hopefully the compromise can lay a foundation for true and sustainable deficit and debt reduction.

As Churchill once said, the Americans always do the right thing — after first exhausting all other availabe options.

Comentarios

EDGARDO R. OLGUIN 27 julio 2011 - 02:50

Trade Union of Workers and Allied Remises (S.U.T.R.A.)

UNITED STATES OF AMERICA
Mr. President: BARACK OBAMA

OPEN LETTER TO THE AMERICAN PEOPLE

RESPONSIBLE FOR THE REAL DEBT:

Maintaining public confidence and trust is the bedrock of people who feel democratically represented. This is the basic premise of all Governing without it violates not only promises to get elected, but confuses its own principles, which can not be other, different from the Pueblo, as the only recipients of public policy.

The U.S. economic crossroads. States must come to an end, which can not be other than the bold proposal by President Obama, who, resigning his own principles, opt for the application of a fiscal policy that Bohen, a Republican stale, does not fit reality the country, denying them only adjustments that can reduce the risk of loss of status of the bonds, and the subsequent default, with consequences not only for the American people, but worldwide.

Raising the debt ceiling or not? “That is the question.” Very modestly, I think it has minimized the problem with the posing Republican to carry it so narrowly solutions. That is, as it happened, showing the current big picture strategies, seek to forget that those who should be most affected
by fiscal policy proposed by Barack Obama, who has more, and they are precisely the creators of the famous festival mortgage loan, which formed the foundation of the current crisis, with more than five years or more drag.

This is “hit and hide the hand.” Neither Roosevelt with his New dale, and the Marshall Plan, nor J.F.Kennedy with his Alliance for Progress, stick strictly to thoughts encapsulated, but “advance the interest of the People” and the world economy when making decisions, huge social content, armed with equity and restorative justice, with the purest Hermeneutics of Social Democracy, in spite of their popularity or personal convenience.

There is no doubt that after next Monday, President BARACK OBAMA, can implement the Policy demands that the people who otherwise would not be doing anything to complain about the big financial investors, the return of part of the “Rich Pickings WITH VIRTUAL mortgage CAS”, implemented by those who now are tearing their hair to pass the new fiscal policy.

Sincerely.

Edgardo R. Olguin
National General Secretary
S.U.T.R.A.

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Edgardo R. Olguin (Secretario Gral. Nacional) 3 marzo 2012 - 01:03

Trade Union of Workers and Allied Remises (SUTRA)

UNITED STATES OF AMERICA
Mr. President: BARACK OBAMA

THE HOUR OF THE PEOPLE:

U.S lives, economically, the political crisis that Argentina endured in the decade of the 60’s, when implemented the combination of different political parties which was called “The hour of the People” to try to solve the serious institutional crisis suffering our country.

The then opposition leader Dr. Ricardo Balbin, deposed interests, sectoral, and subjected to criticism from the people and with great courage, putting the interests of the country, met with then General Juan Domingo Peron rained criticism, but the meeting paid off, leading to the participation of all ideologies in free elections.

Of course the problem in this country, not ours, and the crisis does not cover the institutional foundations and in these parts, but kept very similar, the crisis is economic and political crisis is also of interest.

I am convinced that if we postpone the time for decision-making, and a little closer to the election date, supported by the Republicans would not be expected (say take another political cost).

Mr. President Barack Obama, calling all the people to rule, supporting economic solutions to avoid the dreaded “default”, that means that having issued the political leadership, it’s time for people to participate in such a serious situation. It is true, and assists right, but Obama, remember, and do not forget the opponents on the threshold of when the people to open their doors, do not mind paying political price.

It requires maximum efforts and sacrifices, if the welfare of citizens and nothing matters political price to pay, because they generate interest recognition, because doing so is a good person, and better statesman. As you know, the whole world is hopeful a solution to this great country, that affects us all. Like Argentina, came “when the people” to the U.S, representatives of Citizenship, will seize for the good of humanity.

Sincerely.

Dr. Robert Padula
National General Attorney
S.U.T.R.A.

Edgar R. Olguin
National General Secretary
S.U.T.R.A.

PS: to communicate better (Argentina Code +54-911) 15-5-015-3026 eolguin@sutra.org.ar

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