"Just a little bit more.” The quote is from President Barack Obama calling for increasing taxes on the rich in America by about 4 percent.
In our view, the problems in the American economy call for much more than “just a little bit” of anything. We need instead a lot of many things.
Actually the insatiable demand from the American people for a lot of everything from the federal government is at the root of our economic plight today. For a long time now Americans have demanded a lot, $16 trillion worth that the government has yet be to be able to afford.
The president has also said that we must “reduce our deficits, responsibly.” That sounds like a good idea. We should responsibly get control of spending more than the government collects. You can either cut spending a lot, raise taxes a lot or do both at the same time, but not by just a “little bit.”
When problems are huge, doing just a little bit never resolves the problem or it takes decades to even begin to make a dent in the problem.
This country did not just suddenly leap into this problem of debt and deficits. We have been moving in that direction, slowly and then accelerating the pace to the “fiscal cliff” since 2001. And no, just our two wars since that date were not the sole reason for our economic problems today. We have seen “bubbles” unrelated to war bursting in our midst for a decade now.
Housing bubbles, dot-com bubbles, Wall Street and derivative bubbles, banking bubbles, European bubbles and for sure the international bubble called the Arab Spring have been exploding in our faces for a long time now.
As Lawrence Welk once said, “Would someone please turn off the bubble machine?” Congress, which promotes many of those bubbles and fails to pay for them, should take that into consideration.