Start the conversation
Comment on This Story
Or to contact Money Morning Customer Service, click here.
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 and the fact that we are in 2 wars. That spending can and should be eliminated ASAP. We can restore a goal of promoting and growing the middle class again,but we need to promote small and medium size companies,develop our infrastucture, evolve away from an oil based economy,improve our educational system and definitely need to replace our disfunctional medical delivery system that has become the laughing stock of the industrialised world!
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 get wet.
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 is gone, it's gone. Time to stop eating, or better yet, before it's gone, go on a diet to make what food you have last longer. Maybe the only way America will get better is to take the public trough of money away and put us on a diet. Sure it will hurt for a while. Isn't a little short term pain betetr than a longer term cancer? Remeber, cancer usually kills.
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 situation. Most could put food on the table and had some sort of a roof over their heads. The USA is well able to do this. I believe that the Democratic US institutions are working very well. The US can hold their heads high as they deal with this problem. I am very confident that sane fiscal minds will prevail. But prevail they must.
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 original or potentially effective idea. The same people who authored this collapse are still in power – who is stupid enough to think that anything concrete is going to be done. The simple explanation is that all this is deliberate, and that our government has been seized by criminals.
Why is it a bad thing to take the money we work for and use it for the benefit of all citizens? Don't the rich have enough? Why are they entitled to pay less taxes than people who actually struggle to get by? This is a recipe for a disaster no politician can fix.
Throw the dmaned lobbyists for the financial services industry into a deep, cold lake in Russia. Ban them from the USA, deport them and lock them up. On the moon. They ought to be charged with sedition and treason, and made to explain to a jury of taxpaying citizens how they are not, in fact, destabilizing the entire world.
Bernanke, Summers, Paulson, and the entire Board of Governors for the Fed should be investigated and charges with crimes against humanity. The same goes for the banksters.
Why hasn't anyone at Wachovia been charged with accessory to murder for their money-laundering efforts on behalf of Mexican Drug Cartels? I hear Wells Fargo is building a museum honoring itself and Wachovia Bank. Only people with low self-esteem need apply. Talk about arrogance!
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 should rule, lie detector tests for all attorneys. I know, sounds like Science Fiction…it's more like a bad nightmare…EDW
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 getting a job. A lot of them have had horrible dental care during their lives and many of them are not very smart. What service industry will hire them when there are other better educated, more attractive and smarter people competing for work? What will we do when theft is the only avenue people see to getting the things they need or want?
I worry that we will run out of money in our retirement because of the games our politicians and investment bankers are playing. I fear that medical costs and inflation will rob us of all of our purchasing power. I fear that a crash in the markets will mean that our investments will lose so much value that they won't be able to recover. I fear that one day I will lose the mental agility that will be required to navigate the system and choose my own insurance plans and investments.
I am saddened that the discourse over the deficit and cutting the size and expense of government so often seems so mean-spirited and rancorous and that civil debate over possible solutions is so difficult.
What would I suggest?
1. Recognize that the US does not need to be the world's policeman. Close most of our foreign bases.
End the ventures in Afghanistan, Iraq and Libya–sooner rather than later.
2. Develop a self-sufficiency industrial policy to rebuild America's manufacturing base.
Require that anything imported into the US must be manufactured in a country that follows US
environmental, labor and safety regulations, so that Americans have a level playing field. That could
put a lot of people back to work.
4. Increase revenue by
adding a 70% tax bracket for incomes over $1 million
treating carried interest as regular income
adding a transaction tax on trades
reducing the mortgage deduction
6. Recognize that the health care reform (that wasted so much time last year) did not address the
fundamental problem of high costs of health care. Medicare, medicaid, state and local governments,
small businesses and individuals without employer provided care still face these growing costs.
Although I have seen no statistics, I suspect the costs of providing health care to federal employees
(including our illustrious congressmen and President) are not insignificant. Perhaps ALL of them should
be forced to buy insurance on the private exchanges envisioned by the Health Care Reform Act. Or
maybe we should invest in a network of clinics and hospitals where the prices are posted and anyone
with an income or net worth less than a certain level would be entitled to a subsidy. All I know is that
for all the time that was wasted–health care COSTS are still too high. I'd gladly pay 15% of my income
into a system that provides health care when I need it.
5. Eliminate the Department of Agriculture.
6. Eliminate the Department of Education. (The states and localities can do this)
7. Legalize marijuana and possession of cocaine.
8. Eliminate foreign aid until our budget is balanced.
9. In the meantime–no Congressman should dare leave Washington until they have figured out a way to
deal with increasing the debt ceiling and lowering the cost of government. And then they have to
approve a budget for FY 2012!
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 the country instead of what will get them elected.
2) Schools that don't work = Solution: give parents the ability to choose between schools. Bad schools will be eliminated. Problem – Teacher Unions who support certain members of Congress don't want competition. Solution – term limints on Congress – then they will do what's right…
3) Ever expanding central government = Balanced budget amendment – Solution: Term Limits…
Isn't it amazing how one mistake in our Consitutional Stucture can have so many negative down stream effects.
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 the bugets they made and now th ebond market is crashing and people are stressed , lol blame the Devil and not your selves , " Surely it's a painful chasetisment for the Unjust @
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 to common problems……we have a severe housing crisis, unacceptable unemployment (9.2%), multi-trillion dollar expenditures, questionable bailouts, and a huge almost unmanageable National debt, and I have just observed hand wringing and casting of blame……no constructive, well thought out (non Partisan) plan. Diogenes, are you out there?
You would think that some of our "Statesmen" would see this as a problem and form effective study groups who would be mandated to come up with far reaching, permanent corrections for the many ills in the system. I have not heard of anyone making such an appointment, much less admitting we have a problem. Finger-pointing has no place in a solution….we got here by the actions of our elected officials…and they many times had no alternative but to put in temporary fixes…….temporary ain't goin to get it any more….not if we expect to have our beautiful Nation with the best form of government in the world to survive for our children and grandchildren.
It would be nice if our Congressmen and women would be less self serving and do what is best for the country. The problem is that they govern themselves and set up their own deals,which ,if you think about it, tends to lead to corruption and self-service. For example, Congressmen and women do not have rule against insider trading…….what that is for those who are not familiar, is that they can invest money in situations they have created as a congress person, knowing full well that they will make thousands or hundreds of thousands of dollars from the stock purchase. If a stock Broker did that, they could be subject to a jail sentence. They set up their own retirement system…..not based on tenure, but based on what they thought was lucrative for them….and lucrative it is!! They are the Prima Donna's of our society.
I am concerned about the future of this great country of ours…..I am concerned about the retirement funds for our workers, our standard of living….our children's future…..what are they facing?
Each one of us has to think long and hard about all of this and find a few good men and women we can elect to Congress who will address all these problems and with the help of our citizenry come with viable solutions…..we MUST succeed!
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 back to work in the
economy that they had a hand in forming. People like these will know the meaning of the word
COMPROMISE! Our two party system cannot survive without it.
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 blame game over and over if the american speak up we will just call them racist or terrorist. because thats all they can think of.what a mess what a shame.do we have the courage to be free?!