Jose Martinez
In this election, there seems to be no hotter debated topic than how the next President is going to resolve the current economic crisis. While there is no immediate remedy, baby steps can be taken towards slowly resolving the matter.
Democratic candidate Barack Obama makes many valid observations about what our money gets “invested” into, and where all our currency seems to vanish. First off, it is important to point out who should be receiving benefits from tax breaks. Tax breaks need to be given to those individuals that actually need it, and not those that could still financially flourish, even with a sizable taxation. It is also important to cut down on the unnecessary spending that we sometimes never know of. One such example exists in federal spending on contractors, which Obama plans on cutting by a mere ten percent. This minimal cut in spending could save the United States upwards of $40 billion. It is amazing to see how much money could come in from a minimal cut in spending on such a trivial department in the government.
There is also a focus by Obama on creating a team that will evaluate the performance of all the agencies and programs that receive money, but fail to efficiently use their funds. Probably nobody under the sun could possibly name all the agencies and programs in the government, so why should a considerable amount of money get funneled into them?
Finally, from a financial perspective, the war in Iraq needs to come to an end. The war in Iraq is costing us $10 billion a month, and prolonging a war that seems to have no end in sight will only add to the financial dilemma we must endure. Without a doubt, we are a nation that spends more and more money than we actually have, which only adds to our ever-increasing national debt. Since we cannot expect a sudden curb in spending, we must find alternative routes and in time, through this plan by Obama, we can restore the economy.
(McCain and Obama debating during the first presidential debate)
John Cassillo
I couldn’t agree more with Jose about cutting spending to repair our economy, but that being said, it is in no way the only issue here, and taxing people more, even the wealthy, is not the proper solution. Pork barrel spending must be eliminated immediately in a new administration, something John McCain has not only vowed to do, but publicize. Knowing who of our elected officials is attempting to spend our money carelessly is something I’m sure we can all stand behind.
Tax breaks are, of course, essential to rebuilding this stagnant economy, but we must make sure that these breaks aren’t used as a method of wealth redistribution. Yes, CEOs from the financial sector should pay for the mess they have contributed to, if not caused, but a tax increase on the wealthy is imprudent, as people should have the right to keep what they have earned. Tax breaks must also include our businesses. We already levy an enormous tax on our companies (40% in 2008), while the European Union is at just 23%, allowing jobs to be created and business to thrive. U.S. companies are putting jobs elsewhere to avoid our heavy taxes on business, something which needs to be resolved if we want to revive the economy.
I am also in full support of ending the war in Iraq, as long as we end it responsibly. Yes, it has gone on longer than anticipated, and yes, it is unpopular, but that cannot stop us from seeing it through to the end. Both candidates will have our troops home, just one (Obama) probably faster than the other (McCain). If either can work a deal to reduce spending, while putting some of the onus on the Iraqi government (currently possessing an $80 billion surplus), in the midst of our gradual and responsible pull out, I’d be more than happy to see it, as its effects on our economy could be enormous by that point in time.
