Obama: Debt ceiling fight contributed to poor economy
In President Obama's State of the Union address last evening, the economy was a substantial topic. In this article, he targets Washington for our economic issues and inability to pay our bills. Also, he states rules and regulations which he hopes to enforce upon the Congress and House to try and "clean-up" politics for the betterment of our economy.
3 comments:
I believe all this mess about the debt ceiling should have been compromised quickly, and the resource should be focused more on rebuilding the economy.
After listening to the State of the Union speech, I believe that rebuilding the economy is their goal and focus. Over the last 2 years, businesses have created 3 million jobs and will potentially bring outsourced jobs back to the United States. The government has also cut the deficit by $2 trillion, doubled our exports, is implementing a trade enforcement unit to investigate unfair trading, and is using the money that would be used for war to pay for the debt of the United States. Yes, all these things are improving the economy and they have many more rebuilding plans for the economy. However, like the article said, people are cynical because they don’t know if things will get done this year, or next year, or maybe even the year after that. What we need is to have these rebuilding plans and for them to actually happen as soon as possible to continue moving the economy in the right direction, which will take working together.
I agree that the debt problem should be resolved. However, how to solve it and what is the most appropriate way is complex and there is no certain correct answer. President Obama suggested the congress should reform the current policies. He pointed out that people lose the confidence of the economy is not out of things were/are out of control, but it is caused by the debate in Washington whether the United States should pay its bills or not. At this point, I believe the debt should be paid concerning long term effects. If there is a default of debt, investors, no matter within the country or outside the country, would become less confident about the economy. It is true that raising taxes will cause other problems; however, as the debt problem is impending and serious, probably policy makers should/need pay a price for it.
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