web analytics
March 29, 2015 / 9 Nisan, 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.


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
Father Gabriel Naddaf with soldiers
It’s Hard to be a Christian Arab in Israel
Latest Blogs Stories
The Dimona nuclear reactor dome. Iran has been using Israel's reluctance to join the NPT to escape criticism of its own program.

“Israel has nuclear weapons & it isn’t afraid to use them if necessary-Does that frighten you? Good”

JB Flag

American Jews think they know what’s best for Israel-better than Israelis. Here’s my take…

HarHabayitwDome.jpg

An old Arab man yelled at me “You’re stupid!” I returned the compliment; He had murder in his eyes.

Doug Goldstein

Why do people feel the need to check their email 50X a day, constantly dipping in & out of Facebook?

Betar is the world-wide Zionist youth movement that refuses to be silent, and as our founder Ze’ev Jabotinsky wrote: “Silence is despicable.”

Life in Europe’s pre-War Yeshiva world makes today’s rulings look like the Taliban has taken over.

Moshe’s the 1st family member in thousands of years to have the honor of serving in a Jewish army

Often wig wearers become more attractive after marriage. Doesn’t this turn the intent on its head?

US official interference in Israel’s Elections is not only immoral but may be illegal under US law.

The greatest thing about leaving Israel is the joy in returning, hearing/seeing/smelling coming home

I never felt an election resonate so much; I had true existential fear that my candidate might lose

It appears that Agudah has joined with those choosing to erase women from the public sphere.

How can you turn your passion into your business? How can you build your business around your life?

Politicians have their own egos as priority, not the good of the country nor the will of the people

I might have to “reassess” my position on President Obama if his “new positions and comments” on Israel don’t match his pre-election statements.

Find out about peak oil and how the production & sale of cheap oil has affected other oil sources

More Articles from Harry Maryles
Rabbi Shneur Kotler

Life in Europe’s pre-War Yeshiva world makes today’s rulings look like the Taliban has taken over.

Reiss-062912-Sheitels

Often wig wearers become more attractive after marriage. Doesn’t this turn the intent on its head?

It appears that Agudah has joined with those choosing to erase women from the public sphere.

As long as radical Islam exists it would be irresponsible for Israel to give up an inch of land

This very bright Chareidi young man was unable to earn a decent living because he had NO education

We must convince Jewish billionaires to support Jewish education in ways they support other projects

When evil threatens to conquer the world, it’s the duty of free nations to endeavor to prevent it.

Mentioning genocide in the same breath as Susan Rice crosses a redline about Obama’s foreign policy

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: