Considerations


Considerations

 

  1. This is a massive effort. It will require all of us working together to get this moved forward. Everyone will have to sacrifice either in added taxes or less benefits or both.
  2. We don’t have much time. At some point our creditors will not loan us any more money. Some experts have pegged this at 5 years to 7 years at most. We need to get this moving now to avoid any further delays. Remember we had the first reasoned politically agreed plan (the Simpson Bowles plan) over 3.5  years ago. Neither Congress not the President took action. It is time now.
  3. There will be substantial change. Don’t let anyone fool you. If we are to get this deficit to a breakeven level or better (to begin paying off the deficit), we are going to have to examine and change our taxes as well as every program in our expenditure stream without exception.
  4. The changes will be painful. Don’t let anyone fool you. Change is hard and so will these changes not only in terms of our pocketbooks but also our psyches.
  5. We can do this. We Americans can do anything we set our minds to. We have done so in the past, we can do so now, and we will continue to do so in the future.
  6. This is simply a classic turnaround situation on a national level. Just as in any distressed enterprise, we have to get our federal budget turned around; i.e., get to a break even point where income equals expenses or better as soon as possible. We can follow the classic steps used by many others in such situations.
  7. It will provide a legacy. By making these changes, the President and the Congress will assure themselves a honored place in history along with our most respected and revered leaders.
  8. It will provide a blueprint. By making these changes and sacrificing today, the President and Congress will be providing the leadership for the other democratic countries that find themselves in a similar plight.
  9. In the end, we are doing this for our children, our grandchildren, and those that come after us. By making these changes and sacrificing today, we are securing the future for our children and grandchildren, and those that come after us. This is what our forebears did for us. Can we do less. Let us move forward.