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Core Issues That Continue To Go Unaddressed

3 November 2010 6 Comments

With the election festivities over, maybe the politicians both old and new can now get to work.  Fat chance right?  Well, we can hope.  The problem is that all the rhetoric is regarding surface level issues in my opinion.  Not meaningless, but not core issues.  Included in these, I will put health care (debatable), Bush tax cuts, etc.  This is all people want to talk about.

Like I said, these aren’t meaningless, but until the following core issues are addressed, I have a hard time getting excited about any candidate.

Core Issues That Need To Be Addressed:

  1. Entitlements – Social Security and Medicare are in terrible shape and are essentially money pits.  These programs make up such a big chunk of the Federal budget that they must be addressed if any meaningful fiscal reform is to be discussed.
  2. Cost Of Maintaining A World Empire – We have troops in something like 150 countries and are fighting two wars.  You’re naive if you don’t think we have a world empire.  Our “defense” spending makes up about the same amount as the rest of the entire planet combined.  Again, an empire.  For what?  Important question to ask.
  3. Monetary Policy & The Reserve Currency – Do we have a plan if the dollar loses its reserve currency status?  What if the middle east refuses to accept dollars for oil?  Gas prices would likely shoot up.  The reserve currency status has allowed America to be fiscally irresponsible for a long time.  Eventually, it will be up.  What then?
  4. We have an economy that produces nothing – Our economy is structurally broke, not business-cycle broke.  We have service jobs and consumption.  That doesn’t equate to an economy that will grow and produce jobs and wealth.  We need production.
  5. Corruption – When will a candidate actually battle the corporate ties to government, specifically the financial sector.  The fact that the financial institutions got trillions of dollars in the name of the “greater good” and “stability” so that they could continue to run casinos and pay out billions in bonuses is a joke and a clear example that Wall St has way too much control over Washington.  This spans both parties, so don’t kid yourself if you are pointing your finger at the other party.  The recent Wall Street reform bill is a joke and basically perpetuates that idea of “too big to fail.”

So, while I’m glad to see politicians get a smack in the face in the name of getting voted out of office, I’m not exactly confident in the incoming leaders ability or willingness to address any of the above.  They’ll have their chance, but I’m skeptical.  Can you blame me?

We’ll see where things go.

6 Comments »

  • michael61 said:

    On your 4th point, it's not that we don't manufacture anything these days, we actually produce more than ever. It's that manufacturing jobs are going away – that is, those left in manufacturing jobs have become much more productive. Also, the jobs are now require higher skills and so there are many fewer jobs for low skilled workers.

    Here's a good article that looks into this: http://www.dailymarkets.com/economy/2010/10/03/in

  • TaJ said:

    I can't really see America addressing this problem though, unless we have an economic collapse first. I mean, try telling people that efficiency itself is the enemy of the middle class.

  • michael61 said:

    An analogy is farming. There just aren't many farmers any more, but we still produce more food than we need. It just means people need to find other jobs besides farmer or assembly line worker.

  • TaJ said:

    I'm surprised you didn't mention taxes. While I think we have opposite views on wether taxes should be on average higher or lower, I think we can agree that our current tax/fee setup is stifling to small business growth and middle class wealth.

  • 20smoney said:

    Fairtax baby.

  • darla_serrano said:

    You brought up some excellent points. I think its essential that these issues be addressed but unfortunately I don't know if any party is willing to deal with them.
    Something has to be done because if not then the entire system will collapse.
    People need to learn to become self-sufficient, rugged individuals… The entitlement programs are unsustainable and we need to help promote the entrepreneurial spirit for any hope of an economic resurgence. The fact is we spend too much! There are going to have to be cuts and people will be forced to fend for themselves. The greatest shame is that nobody is taught the concepts of personal finance, nobody is taught entrepreneurship. I had to teach myself these things and I never received even the beginnings of this knowledge until MBA school or my Financial Planning certification. Most people don't have this information and would be left in the cold in regard to issues in points 1, 3, & 4.