Ignoring Our Deficit Is Irresponsible

Larry Doyle .green_link a, .green_link a:visited, .green_link a:hover{color:#009F00;font-weight:bold}By Larry Doyle updated January 22, 2013 | More Posts By Larry Doyle | Author's WebsiteSubscribe by RSS Email/Share Page Tweet


Do you remember where you were and what you were doing in 2005? Although much has transpired over the last 8 years, in many regards 2005 seems like just last week. As I think most would attest, if we think the last 8 years went by quickly, the next 8 will go by even quicker. Why is that such a concern?

For the very simple reason that if we do not prepare NOW, the future for our nation and ALL citi (NYSE:C)zens of the United States will be decidedly more challenging. Why so? As the Financial Times addresses today,

It is the 2020s when the big spending will start. The baby boomers, into their 70s, will start getting sick; the Social Security retirement age will stabilise at 67 in 2022; and the CBO is unwilling to assume that certain controls on medical costs will stick for more than a decade. The revenue and spending paths will become irreconcilable. Debt will pile up – and quickly.

Not preparing for this “imminent” problem strikes me as the height of irresponsibility. Thinking that we might simply devalue the currency as a means of financial artifice, this “screwing the kids”, is equally disingenuous but regrettably all too common.

I would propose right now that if President Obama is adamant about generating increased revenue then he start the adult conversation by addressing means testing across all government entitlement programs. What should the means testing cutoff be? Sufficiently high enough so that nobody might believe that the individuals in question should be concerned about their future security.

I do not think that President Obama should be worried that this means testing will be a significant drag on Democratic Party prospects. At the margin, I would venture to guess that more Republicans than Democrats would be impacted. But the question should not be which groups  are impacted more or less. The question is simply that our nation as a whole will be impacted. Future generations will be most negatively impacted if we choose not to address the deficit NOW!!

If President Obama wants to talk about fairness, nothing comes close to this topic of entitlement reform and addressing the deficit.

What do we need in order to address rather than ignore the deficit?

Leadership.

Larry Doyle

Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

 

Subscribe by RSS Email/Share Page TweetEnter your E-mail address to subscribe to DailyMarkets.com for FREE Recent Articles By Larry Doyle:PBS’ Frontline: Fraud Was . . . The F-Bomb”Martin Luther King: “I Have A Dream”Weekend Read: Bill Bratton’s Cures For Gun ViolenceFederal Reserve Governors Comments From 2007UPDATE: Who Will Be Next Head Of The SEC?All Articles By Larry Doyle »

Leave A Comment :

Click here to cancel "reply". Name (required) E-mail (required - never shown publicly) Your Comment (smaller size | larger size) #mortgageSmallSearchForm{background:#2A3EA3;text-shadow:0px 1px 1px rgba(255, 255, 255, 0.1), 0px 1px 1px rgba(0, 0, 0, 0.8);padding:10px;width:auto;background:-moz-linear-gradient(-90deg, #2A3EA3, #596CBB);background:-webkit-gradient(linear, 0% 0%, 0% 100%, from(#2A3EA3), to(#596CBB));background:-khtml-gradient(linear, 0% 0%, 0% 100%, from(#2A3EA3), to(#596CBB))}#mortgageSmallSearchForm h1, #mortgageSmallSearchForm h1 a, #mortgageSmallSearchForm h1 a:visited, #mortgageSmallSearchForm h1 a:hover{font:bold 18px "Lucida Grande",Arial;line-height:23px;text-decoration:none;color:#fff}#mortgageSmallSearchFormh1{background:none;height:auto;padding:00 10px;margin:0;display:block;float:none;text-transform:none}#mortgageSmallSearchForm, div.mortgage_search_button, #mortgageSmallSearchForminput{webkit-box-shadow:0px 1px 1px rgba(255, 255, 255, 0.6), 0px 1px 1px rgba(0,0,0,0.1);border-radius:6px;-moz-border-radius:6px;-webkit-border-radius:6px;-khtml-border-radius:6px}.zipcode,.zipcode-msg{font:bold 18px/23px "Lucida Grande",Arial;border:none;background:#E2EDFF;width:100%;padding:2px;margin:010px 0 0}.zipcode-msg{color:#aaa}#mortgage_search_button{font:bold 18px Arial;padding:5px10px;background-color:#F60;text-transform:uppercase;background:-moz-linear-gradient(-90deg, #FFC600, #FF6600);background:-webkit-gradient(linear, 0% 0%, 0% 100%, from(#FFC600), to(#FF6600));background:-khtml-gradient(linear, 0% 0%, 0% 100%, from(#FFC600), to(#FF6600));border:1pxsolid #AE4600;margin:1px4px 1px 0;width:100%;display:block;color:#fff}Best Mortgage Rates Best Credit CardsDiscover It CardChase FreedomBlue Cash EverydayChase SapphireAmerican Express Platinum CardUnited Credit CardDelta Credit CardBritish Airways CardBlue Cash PreferredCapital One VentureDiscover Card - 18 Month Balance TransferChase Sapphire PreferredRitz-Carlton Rewards Credit CardCiti Diamond Preferred CardAmerican Express Premier Rewards Gold CardStarwood Preferred GuestAmerican Express Gold CardCiti DividendCapital One Secured Credit CardHilton RewardsChase Ink Credit CardCredit Card RewardsMore Credit Card ReviewsCredit Card TypesBest Credit CardsBest Rewards CardCash Back Credit CardsBest American Express CardBalance Transfer Credit CardsBusiness Credit CardsCapital One CardsCitiCardsChase Credit CardsDiscover CardCapital One Business Credit CardBest Visa Credit CardInsuranceCompare Insurance RatesCar Insurance QuotesOffersBest Tax Filing SoftwareTurbotax ReviewCitibank Checking Account ReviewFree Netflix TrialBroker ReviewsOptionsXpress ReviewScottrade ReviewRecent CommentsJai on Medical School Acceptance Rates, 2008-2010Adam Feldman on Chase Freedom Credit Card Review – $100 BonusHoward on American Express Platinum Card Secrets RevealedLeo on American Express Pass Card – Prepaid Card Reviewwhitney on Capital One Secured Credit Card Review#insurance-search{width:242px;height:130px;background:#EBF4FF;border:4pxsolid #7FB325;position:relative;margin:20pxauto}#insurance-searchh2{font:bold 13px arial;text-transform:uppercase;color:#000;position:absolute;left:10px;top:5px}#insurance-searchselect#statecode{position:absolute;left:10px;top:40px;width:200px}#insurance-searchselect#instype{position:absolute;left:10px;top:65px;width:200px}#insurance-searcha#submitlink{position:absolute;display:block;font:bold 13px arial;color:#fff;left:10px;top:90px;background:#F20000;padding:2px4px;border:1pxsolid #222}#insurance-search div#by-dm-ins{position:absolute;display:block;font:normal 9px arial;color:#7FB325;right:5px;top:118px}Compare Insurance QuotesBy DailyMarkets.comCar InsuranceLife InsuranceHealth InsuranceHome Insurance Choose State...AlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutWashington D.C.DelawareFloridaGeorgiaHawaiiIowaIdahoIllinoisIndianaKansasKentuckyLouisianaMassachusettsMarylandMaineMichiganMinnesotaMissouriMississippiMontanaNorth CarolinaNorth DakotaNebraskaNew HampshireNew JerseyNew MexicoNevadaNew YorkOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVirginiaVermontWashingtonWisconsinWest VirginiaWyoming
Get Quotes Now »CREDIT CARDSLow Interest Credit CardsBalance Transfer CardsCash Back Credit CardsInstant Approval CardsBusiness Credit CardsRewards Credit CardsAirline Credit CardsTravel Credit CardsGas Credit CardsStudent Credit CardsExcellent Credit CardsGood Credit CardsFair Credit CardsBad Credit CardsMortgagesCD RatesForexForex BrokersForex OptionsForex BasicsForex ChartsCommoditiesEconomyStocksInvesting BasicsETFsAbout
Privacy Policy | Terms & Conditions