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It looks like America has finally had it with Washington.
In fact, for many Americans, the debt-ceiling debate has literally become the last straw.
Half of the people surveyed in a new poll say that our elected leaders in the nation's capital – U.S. President Barack Obama and Congress – are doing a worse job than their predecessors in attacking the country's problems.
But out of all the survey results, here's the one factoid that really grabbed my attention: Four in 10 of those respondents are rating it as the very worst job they've seen in their lifetimes.
Ouch.
The USA Today/Gallup Poll – released this week – focuses on the debt-ceiling debate. Respondents said that congressional representatives on both sides of the aisle are putting their own political interests first. In fact, in one other sobering revelation, just 7% believe both sides are even negotiating in good faith.
"Unfortunately, results like these underscore what we've been telling Money Morning readers for years – that our legislators haven't got a clue, that our regulators are a sham and that Wall Street truly does rule the roost," said Money Morning Chief Investment Strategist Keith Fitz-Gerald, a columnist and commentator who has been addressing these very same issues. "What saddens me most about all this is the fact that the specific fixes are actually not that difficult to understand or implement – if we only had the political willpower to do something about a crisis that's sold Main Street down the river."
Strong words, indeed. And some sobering poll results.
But now, here at Money Morning, I'd like to know what you think about all this – and how you would answer this single question:
- What do you think about the job that President Obama and Congress have done during this developing debacle?
To help you craft your answer to that question, here are some key points to consider:
- Has Washington been a help – or a hindrance – as the U.S. economy struggles to rebound from a horrid housing crisis, high unemployment, Wall Street financial debacles, multi-trillion-dollar bailouts, and the mountain of federal debt we now have to deal with?
- Are these fixable problems?
- What will happen if all the political wrangling – especially that related to the federal budget and the debt-ceiling debate – ends up contributing to a cut in the nation's top-tier AAA credit rating?
- Are you worried about the future of this country? How about your personal future, including your current standard of living, and your retirement? Are you afraid of what our children will end up facing?
- And, finally, if you could have an audience with President Obama, our leaders in Congress, or even U.S. Federal Reserve Chairman Ben S. Bernanke, what advice would you offer?
We really want to hear from you.
Send your answers to mailbag@moneymappress.com. Make sure to write "debt-ceiling debate question" in the subject line of your e-mail. Make sure to check back after that. We'll look to use your comments in Money Morning in the days to come.
News and Related Story Links:
- USA Today:
Poll: Low ratings for Obama, Congress on debt talks. - Money Morning:
A Sovereign-Debt-Default Survival Kit: The Four Countries That Will Keep Their AAA Ratings. - U.S. Federal Reserve:
Ben S. Bernanke Bio. - Money Morning:
The 2012 Election and the Truth Behind the Debt Ceiling Debate. - WhiteHouse.gov:
Barack Obama. - Money Morning:
Sorry Mr. Bernanke: There Will be a Double-Dip Recession.
About the Author
Before he moved into the investment-research business in 2005, William (Bill) Patalon III spent 22 years as an award-winning financial reporter, columnist, and editor. Today he is the Executive Editor and Senior Research Analyst for Money Morning at Money Map Press. With his latest project, Private Briefing, Bill takes you "behind the scenes" of his established investment news website for a closer look at the action. Members get all the expert analysis and exclusive scoops he can't publish... and some of the most valuable picks that turn up in Bill's closed-door sessions with editors and experts.
It is sad that we can't trust a word being said in D.C. and the solutions being presented are not for the long term survival of our country but the politicians own agenda-(its hard to find an honest one) quite lying to me!
No meaningfull reduction to the nations debt problem can be achieved without a combination of both spending cuts and raising revenue. This is a fixable problem. Eliminate many tax loopholes and shelters. Return to the tax rates to where they were in the 50's, when we were a growing economy and a true superpower. That is unrealistic, but at least get rid of the massive tax cuts to the rich and big business that have happened during the Bush years. Much of the deficit spending has been to get us out of the great recession that we just recently experienced… Read more »
Just because the current administration has outspent all other administrations combined is no reason to believe they are not for fiscal responsibility. Just because all the economic advisors (Bernanke, Geithner, etc.) are entangled with Goldman Sachs, and pocketing our money by the billions is no reason to think they are not honest. Just because the attorney general will not prosecute open & shut cases against armed Black Power thugs at the polls is no reason to think he is a racist. Just because you are outside in the open when it is raining is no reason to think you might… Read more »
It seems to me that in today's America, we are not supposed to correct anyone when they make a mistake. We are supposed to be nice and congratulate them for their efforts. We see this at all levels in our education system. The same holds true in government. Neither side wants to admit to wrong doing, they want to be rewarded for their efforts of trying. Four more years at all costs is what is really all about in DC. In the end, one and one is still, and always will be two. So when the food on the plate… Read more »
cut 40% from all civil servent's pay intill this defic is back to normal.
Just vote every one these people out, especially the ones that have been there for decades. America needs a fresh start, new ideas and a government that is for the people not for themselves. Perhaps that is wishful thinking.
This is a needed debate that is taking place in USA democratically elected institutions. I side with the Rebublican representatives who appear to grasp the enormity of the debt problem and the growing entitled population. I would state to those who want a longer fix to use Canada as an example. When Canadian federal debt equaled the GDP, the then Liberal government went into a surplus position within 3 years. Tax loopholes were removed/ government size shrunk/ raises in wages were hard to come by for 5-10 years. However most Canadians realized we were all mostly in the same financial… Read more »
After watching "Inside Job," and seeing that my worst suspicions about the crisis are confirmed by its authors, I have these things to say: Our elected officials have ceased performing the functions for which they were hired. I vote NO CONFIDENCE, and that they ought to be fired and forced to live as normal citizens, with none of the percs reserved for retired-from-office politicians. The problem isn't GOP or Democrats – its all of them. One definition of insanity is to keep doing the same thing and expecting different results. This Congress, and this President have yet to contribute an… Read more »
If We the People would abolish the Fed. Resv. there would b no need 4 a report card on credit rating !!! I think WTP should abolish the the Fed. Resv., which is nothing more than legalized thieves & their gestapo thugs the IRS !! File bankruptcy, fire the every politican in Wash. DC,start over with the CONSTITUTION. From 1776 to 1913 this country did just fine without these corrupt, evil banksters !!!!! I hope this is not 2 complicated 4 the stupid sheep !!!!
Geez! A simple review of the two party's positions on debt and revenue, financial regulation, human rights, environmental protection, etc etc, should leave no doubt in any rational person's mind that it's been the GOP's corporate whores who have prevented progress on any of those issues!!!
someone (preferably the president) needs to articulate the macro approach tosolving the debt problem.
I think it should be: CUT SPENDING TO MEET THE AUG 2011 DEBT LIMIT and RAISE TAXES, BUT APPLY THESE $ ONLY TO DEFICIT REDUCTION. This might prevent this recurring problem as interest rates eventually go up.
Leadership (both parties) too afraid of doing something bold that will give the other party an edge in 2012!! What I think is the opposite: someone who does something bold will be embraced by the voters over those that are too afraid to do anything!!
Obama can't lead and he sure knows nothing about economics or our treasury. Now I know why he never voted on lots of critical issues in Congress. A typical trash-talker. Now Congress is a bunch of power crazy bums with no backbone, playing theatrics and waiting for guidance from big money and their other owners. The whole lot, except for the newly elected freshmen, ought to be jailed for life and pensions taken away. For those that have already retired, take away their pensions, too.
It stinks and I for one will vote for any challenger even if I don't care for their political agenda. Something has to be done and fast in order to save this Nation from ruin.
Corruption, greed and quest for more power. What should be done in Washington DC?..Limit terms of service for Congress(House and Senate), go back to the gold standard, we need more Party choices in the election process, the existing two Parties can't get the job done. Sell all the wasted buildings, property, perks, dumb things the government owns to help pay off our debt. The Governments war on drugs?..Buy the drugs at the source, cut out the gangs, use the drugs to help get addicts off their habits, burn the rest. If you make a law, enforce it equally, common sense… Read more »
I should be happy now, because I have a wonderful husband, a paid-for home, and plenty of time to enjoy life because we have retired early (somewhat on purpose, but not entirely). But I am afraid–I worry that my children don't have any of the opportunities that we had. I worry that people faced with no employment prospects will turn increasingly to crime to support themselves. In my little town, drug dealing and prostitution are probably the highest paid professions–but at least those crimes are victimless. People here are hurting, and many of them have no hope at all of… Read more »
Term limits are the key! Life-long politicians will BUY votes with any kind of entitlement program they can devise. And the stupid retirement for these jokers is ridiculous!
Our government should be FOR the people, BY the people. Today it is FOR the legislators and their contributors! Until we pass a balanced budget act, these people will NEVER get it! I'm so sick of their spineless actions, I will vote against any incumbent. And the President is the biggest joke of our history. What a shame!
We are facing many issues as a nation: skyrocketing debt, schools that don't work, an ever expanding central government and politicians that are constantly balancing between getting reelected and doing what's right for the country. Let's take each in turn and see what a potential real solution might be. 1) skyrocketing debt = Solution: balanced budget amendment. Why is it being resisted – some members of Congress have people at home who really like their lavish entitlements and fear a balanced budget amendment would end the gravy train. Solution – term limits – then Congress would do what's right for… Read more »
Congress and our President has done a Great! job the anti family welfare system has createdf every kind of corruption in our or was a great Nation. Now the Asians nations has learned from our mishap! and are changing !!! we have too much! intitlement here and the can do what every too anyone ! it all makes many greedy for money !!! So don't blame the rich cause they invest and learn knowlege and don't blame the President cause most are welfare minded with their hand stuck out !!! state and city manegers have been skimming for years off… Read more »
Reading these paragraphs of opinions by contributors, I am struck by the fact that the lightening rod of bias and personal interest is alive and well in us all! Is it possible for us to look objectively at our plight and come forward with some solutions that are hopefully best for our Nation and the majority of people in it? Is Washington a help or hindrance? So far, I have not seen a lot of help…..mostly self serving attitudes and brinksmanship. Our Congress and our Executive office are supposed to be our leaders and come with well thought out solutions… Read more »
FINALLY!! The citizens of this great nation are beginning to see the solution to these horrendus problems in Washington. The answer is TERM LIMITS FOR ALL MEMBERS OF CONGRESS. It works well for the Presidency,why not for Congress? Doing this gives control of government back to the people. Had this been done many years ago our government would never have gotten so out of control as it is now. This is the only way we are going to get patriots into government who will do what is best for our country. Then after one or two terms they will go… Read more »
i read alot of interesting info. we all are woried about our country#1. we should be but…. do we have the courage to be free?we all know the truth it doesn't matter if we are democrat or republican anymore. so many things have been done in the name of power and greed not just one or two things… and not one person in d.c. know what to do because it might hurt their power so no one wants to stop the greed or power like a child out of control…..and they don't want to stop anything so let's do the… Read more »