U.S. is headed toward financial disaster unless solutions are put in place
The U.S. is headed toward a financial disaster if solutions to the budget deficit and debt are not put in place.
CBS News reported that the nation's debt rose $4.899 trillion during eight years of the Bush presidency and when President Bush left office the total national debt was $10.626 trillion.
In less than four years under the Obama administration the debt has increased to over 16 trillion because of the yearly budget deficits.
While the Federal Government struggles with a budget deficit, Wisconsin's 2012 annual fiscal report showed a positive fund balance.
Yes, Wisconsin public workers, state legislators and the governor were required to contribute a percentage of their salary to their pensions and health insurance.
But a Biggs and Richwire study entitled "Impact of Act 10 Reforms on Public Sector Compensation in Wisconsin" showed that even after Act 10 the total public sector worker's compensation was higher than the total compensation of the private sector workers with similar skills.
To solve the U.S. budget deficit problem, some believe the more wealthy people should pay higher taxes on their investments.
Other's fire back and say the higher investment taxes would only run the government for a few hours and the corporate dividends are actually taxed twice; once when the corporation pays taxes on the company profits and again when the shareholders receive the dividends.
Many people believe that higher taxes and unnecessary government regulations stifle research and job growth.
Farmers, ag businesses, and manufacturers are all concerned about the impact taxes and regulations have on their businesses.
The National Association of Manufacturers (NAM) reported that because of the "U.S. policies on taxes, energy, tort and trade, it is 20 percent more expensive to do business in the U.S. than in other countries; and that doesn't include the cost of labor".
The NAM further stated that the "U.S. has the highest corporate tax rate among major industrial countries, trailing only Japan".
The Milken Institute did an analysis for NAM and they concluded that reducing the corporate income tax rates to the current average among OECD countries would stimulate growth in the manufacturing sector and create more than two million jobs by 2019.
In regard to taxes NAM also indicated that 70 percent of manufacturers pay income taxes at the individual rates and a tax increase on individuals is a tax on manufacturers.
In addition, NAM says 95 percent of the consumers live outside the United States and we need trade agreements to access the global markets.
Recently U.S. Sen. James Inhofe released an Environment Public Works Minority Report entitled, "A Look Ahead to EPA Regulations for 2013: Numerous Obama EPA Rules Placed on Hold until after the Election Spell Doom for Jobs and Economic Growth".
The rules and regulations are too numerous to mention but the Washington Post has been quoted as saying the Obama-EPA has earned a reputation for abuse.
Farmers should be aware that the "cow tax", farm dust, and many other new regulations are in the report.
The environment can be protected without being over-jealous with government bureaucracy, rules and regulations.
America needs to look for ways to create a private sector jobs climate that would help businesses to be competitive in the global market.
In return more American jobs will bring in more government revenue and less people will be dependent on the government.
Encouraging private sector economic growth in America will help the U.S. balance the budget and bring down the debt.