web analytics
September 2, 2015 / 18 Elul, 5775
At a Glance
Blogs
Sponsored Post


Memo to the President: Compromise on the Budget

The fault lies with both the executive and legislative branches of government. Neither wants to budge from their ideological positions.
President Barack Obama meets with Speaker of the House John Boehner on the patio near the Oval Office to discuss the debt ceiling, July 3, 2011.

President Barack Obama meets with Speaker of the House John Boehner on the patio near the Oval Office to discuss the debt ceiling, July 3, 2011.
Photo Credit: White House/Pete Souza

We are about two weeks away from something called the sequester. This is a law passed by congress to ensure that congress balance the federal budget by threatening major indiscriminate deep cuts on all government programs across the board – including defense.

Balancing the budget means that no more money is spent by the government than it takes in. If there is no action by congress along those lines the government can ‘borrow’ the money by raising the debt ceiling or by selling bonds to foreign governments like China. Meaning it can just print more money and ‘owe itself or China’ the money to pay be paid back with future revenue increasing our debt exponentially as we continue to have to ‘borrow’ to meet government expenditures because of an unbalanced budget.
Although I hope I’m wrong – it seems like the sequester will happen. That is not a good thing. There is no way of telling what the exact impact will be.  But I don’t think it is rocket science to realize that when there are automatic deep budget cuts across the board to all government programs – including the military – not to mention entitlement programs like welfare, workfare, Social Security, Medicare, Medicaid, and farm subsidies;  …that people will suffer.
No doubt food prices will increase; joblessness will increase; government revenue from taxes will decrease and taxes will increase to try and offset that; there will be less money for anyone to spend; consumer demand will decrease; production will decrease; more jobs will be lost; the market will crash; retirement funds heavily invested in the market will no longer be able to help support the elderly; social security will decrease; Medicare and Medicaid payments will decrease, the ill will suffer; our national defense will suffer; and who knows what else… In short it’s not a pretty picture, no matter how you paint it.
The fault lies with both the executive and legislative branches of government. Neither wants to budge from their ideological positions. Congressional Republicans will never agree to any deal that does not include a reduction in government spending. The President refuses any further cuts the budget which will surely increase the deficit. He feels obligated to protect entitlements to the wealthy and the poor.
The problem with his position is that if the government keeps printing money, it will become devalued. In a world based economy this will surely cause unprecedented inflation. We may end up with a simultaneous depression and inflation… who knows.
The President has thrown down the gauntlet. He says that if congress doesn’t act blame for the sequester will be their fault.
Perhaps. But history will not be kind to the President. If the worst happens, it will be under his watch. History will record that whatever catastrophic economic event happens under his watch will be his fault. And he may go down as the worst President in American history, despite his good intentions.
It is true that the public blames both sides but see the Republicans having greater fault I this. I see it as two stubborn sides that consider their own liberal or conservative principles having greater value that saving the country from financial ruin. I really don’t know what they are thinking.
But whatever the truth is about whose fault it is, history will record that the Obama Presidency will be the worst failure since that of Herbert Hoover.
Somebody better blink in this game of chicken.  I don’t care who it is at this point. But if the President wants to have any kind of decent legacy he ought to make sure someone does.
Visit Emes Ve-Emunah.

About the Author: Harry Maryles runs the blog "Emes Ve-Emunah" which focuses on current events and issues that effect the Jewish world in general and Orthodoxy in particular. It discuses Hashkafa and news events of the day - from a Centrist perspctive and a philosphy of Torah U'Mada. He can be reached at hmaryles@yahoo.com.

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Memo to the President: Compromise on the Budget”

Comments are closed.

Binyamin and Chaya Maryles, uncle and aunt of Emes Ve-Emunah author Harry Maryles.
Current Top Story
Sen.Barbara Mikulski
Maryland’s Sen. Mikulski Gives Obama Magic Number for Iran Deal
Latest Blogs Stories
Doug Goldstein

Why is the study of demographics essential to predict the economy?

Seems Obama "Loved" Sderot when he was running to be Pres.

Jews & Israel will have a smaller role and value in the 2016 Pres. election campaign than in decades

obamatargetiran

No one wants war; sometimes there’s no choice. Sometimes it’s the lesser of 2 evils. US must prepare

Palestinians attack an Israeli soldier during clashes between Israeli security forces and Palestinian protesters, Aug28, 2015, in the West Bank village of Nabi Saleh near Ramallah.

Despite many IDF soldiers jailed for defending themselves, families say,”Rather jailed than dead.”

Why won’t the gov’t finally annex YESHA & Jordan Valley formalizing their status in State of Israel?

Both “Half-Shabbat” & R’ Yosef’s opinion champion an extreme. There most certainly is a happy medium

Trump’s slogan and story gives American restores hope to dream to: “Make America Great Again”

Is GDP outdated an measure of prosperity? Are there any alternative methods of assessing $ growth?

In their attack on Ban Ki Moon, Hamas admitted to committing a different war crime.

The ideal of Modern Orthodoxy should be not be viewed as a compromise the way most Charedim view it.

Israel shouldn’t rely on US; It has an awful record in protecting allies.

The Halacha of shmirat einayim (guarding one’s eyes) is incumbent on the MAN; it’s his obligation

Dem. presidential candidate Doug Shreffler talks about his campaign & its motto “as good as it gets”

I’ve decided to move away from my safety net-and I wouldn’t change that decision for anything.

Was “Jerusalem” the song Matisyahu planned to perform? It was the PERFECT response to BDS campaign

More Articles from Harry Maryles
obamatargetiran

No one wants war; sometimes there’s no choice. Sometimes it’s the lesser of 2 evils. US must prepare

Rabbi Norman Lamm of Yeshiva University

The ideal of Modern Orthodoxy should be not be viewed as a compromise the way most Charedim view it.

The Halacha of shmirat einayim (guarding one’s eyes) is incumbent on the MAN; it’s his obligation

Calling the Jewish Press‘closest thing to a frum English-language weekly’ insults the publication

Professor Cohen’s quotes statistics proving Reform & Conservative Judaism are in free fall.

Most that struggle abandon observance altogether. Why did these 3 remain observant?

Esav Sonei L’Yaakov: Is this how we should think of all non Jews?

Surprisingly, many Hareidi communities do not advocate full time Kollel study for life as the ideal.

Printed from: http://www.jewishpress.com/blogs/haemtza/memo-to-the-president-compromise-on-the-budget/2013/02/20/

Scan this QR code to visit this page online: