I Say "Pedal to the Metal" As We Approach the Fiscal Cliff

In my previous post, I looked at the astronomical debt ($700,000 per taxpaying family) America has accumulated right now, with millions more in entitlement obligations per family coming.  If we are going to survive this fiscal crisis, we have to do three things and do them fast:

1.       Balance the budget TODAY and stop the bleeding.  It is insanity to keep piling on to a problem that is about to get away from us in the form of obligated payments alone.  We have to stop the interest growth, and running budget deficits for one more day is ludicrous.  If you don't hear the word "trillion" in a budget reduction plan, you're not hearing a serious plan!

2.       We have to pay down our $16 trillion national debt.  That means we really aren’t looking for a balanced budget, but rather a budget with a revenue surplus.  We need to do better than balancing the budget!

3.       Get focused again on being an innovative nation that produces things of value which other countries want to buy.

Deja Vu All Over Again

On August 3, 2011, I sent one of a life-long series of such letters to my US Representatives and Senators which they are duty-bound to accept.  This one was to Senator Mitch McConnell in the wake of the bi-partisan agreement to once again raise the national debt ceiling.  I meant what I said then, and I mean it now.  Republicans were banking on 2012, and it didn't work out well for us.  This letter, along with my previous post, really sets the framework for the next blog posts which will lay out some thoughts on the pending "fiscal cliff".

Senator McConnell, 

I’m extremely frustrated, but not surprised at this debt ceiling compromise.

Economic Thoughts That Still Apply Today

I was cleaning up some files today and found the following copy of a letter I sent to former Secretary of Education, Dr. Bill Bennett, on September 24, 2008.  I've had the opportunity to speak with Dr. Bennett a number of times on his nationally syndicated radio program.  I've sent him a handful of such letters through the years, and he has graciously read some of them on the air.  Following were my thoughts in the midst of the 2008 financial crisis and first Obama election cycle.  I still agree with them by the way (at least as applied in a secular sense without spiritual solutions), and they will help set the stage for some subsequent thoughts in a blog post on the "fiscal cliff":

Bill,
 I have been trying to call, but can’t get through.  All the analysis I hear is hitting on the symptoms of the current financial crisis rather than the root cause.