Ross Perot: Focus on National Debt!
Ross Perot is jumping back into the political fray -- this time with a stern warning that the country better start paying attention to the national debt.
The former presidential candidate has reemerged with a new Web site spotlighting the soaring budget deficit -- more than $9.3 trillion and growing.
"We live in the greatest country in the history of man. We've been so successful for so long that we now take our success for granted," Perot says in a video posted on PerotCharts.com.
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David Walker, the former U.S. comptroller general and nation's top accountant, consulted with Perot on the need to cut spending in Washington.
While we may seem to be mesmerized with Obama's call for change, and McCain's Straight Talk, both candidate fail to list solutions for combating our national deficit and debt.
Of course both candidates would submit budget plans to cut or eliminate our deficit, neither one wants to tell the American public about the huge NATIONAL DEBT that we have.
As of 6/18/2008, the total national debt is $9.392 trillion. (link)
Within the next decade or so, it will no longer be Democrats versus Republicans. The demographics with regards to the federal budget and spending will divide between the young and old. Could the AARP and legions of senior citizens vote to keep Medicare, Medicaid, and Social Security alive at the expense of federal domestic programs and higher taxes on the young and working class?
Can tax cuts bring more growth in the long run? Or what if tax cuts are not enough? Should there be some tax increases on certain groups? Should we focus more on accountability and spending cuts? But then we have to make sure there is oversight on agencies and departments doing competitive pricing. Or is it too late?
Comments
Posted by: Debt Settlement
Posted on: July 22, 2008 03:28 AM
The national debt has risen to such a high level that its hard to imagine a way to begin to pay it off- no wonder the candidates are largely ignoring the "elephant in the room" just as everyday Americans do both in terms of the national crisis and often in terms of their own debt profile. We are now mortgaging not only our own lives but the lives of our children and grandchildren as well, and still the outrageous spending carries on. The War on Terror is actually a War on ourselves as we invest in weapons and "security" rather than our own future. Fear-driven budgeting is resulting in something very real for us to be afraid of - as Ross Perot rightly points out.
Posted by: Debt Cures
Posted on: August 19, 2008 04:17 PM
I agree with the comment above. The national debt is horrible and can hurt our economy on a macro-level, but we cannot continue to ignore the oppressive debt that is being accrued on a micro-level, by American families. That debt will destroy our nation like a virus: never seen until it has become systemic. We need congress to wake up to consumer debt and offer some solutions, instead of enacting laws that limit bankruptcies.
Posted by: George Currie
Posted on: August 20, 2008 07:28 AM
The modern economy depends on us spending more than we earn. Who or what drives us to spend more than we earn? The answer - businesses, marketers, politicians, media and bankers. Businesses want to sell their product, the media need the revenue from adverts, politicians require favorable reports from the media, politicians set the policy which influences the economy, bankers make pots of cash from the economy!! The media companies will not criticize the politicians as this may destabilize the economy, businesses need a stable economy to sell their products and bankers need a flow of cash to make money. The one thing which everyone in the chain is dependent upon is us, the consumer, to carry on spending - no matter the personal cost. Should things go wrong, like bankruptcy, where is the support structure? Nowhere. We the consumers should stop listening to the constant bombardment of the "buy now, pay later" mantra and adopt a new mantra "save now, buy later". The problem with doing this is the economy is geared to the reverse and it will need a powerful leader to change things. However, we can all take responsibility for our own finances and start a economic revolution which will stop homelessness, starvation and destitution in a first world country! Save now, buy later!
Posted by: ragavendra
Posted on: October 14, 2008 09:36 PM
certainly tax cuts may bring the changes we needed but we also should be cautious with debts and so is the goverment.
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ragavendra
Credit Card Debt
Posted by: contactmaxray
Posted on: November 21, 2008 03:46 AM
I really liked your way of presenting the article. Thanks for the wonderful information. I just wanted to say that We are now mortgaging not only our own lives but the lives of our children and grandchildren as well, and still the outrageous spending carries on. The problem with doing this is the economy is geared to the reverse and it will need a powerful leader to change things.
Posted by: Zoran
Posted on: December 16, 2008 05:03 AM
Credit card is terrible, I was glad to have mine all paid off before the credit crunch.
Posted by: games
Posted on: January 8, 2009 07:06 AM
We are now mortgaging not only our own lives but the lives of our children and grandchildren as well, and still the outrageous spending carries on. The War on Terror is actually a War on ourselves as we invest in weapons and "security" rather than our own future.
Posted by: Admin
Posted on: January 17, 2009 01:58 AM
this is to bring to your kind notice that someone called " credit card consolidation " is using my website to post comments on your website. I just want to inform you that all my sites are copyrighted and if the comment is not deleted as soon as possible i m liable to take legal actions against your site.
So please delete the comment on "21st nov, 2008 " posted at 3:46 AM.
Posted by: James (Author)
Posted on: January 17, 2009 11:33 AM
Comment amended. But I disagree with your copyright claim. "Credit card consolidation" is a frequently-used phrase.
Posted by: debtcc member
Posted on: February 5, 2009 05:13 AM
I just wanted to say that We are now mortgaging not only our own lives but the lives of our children and grandchildren as well, and still the outrageous spending carries on. The problem with doing this is the economy is geared to the reverse and it will need a powerful leader to change things.
regards
WebAdmin
debt validation
Posted by: Debt Free
Posted on: February 28, 2009 01:47 AM
My friend,
Do not forget the billions that we spend to support global wars and fight terrorism. The govt has many ways to fix their debt issues. The govt also helps big banks and car companies with financial bailouts. But what about common people like us. Who is there to help us? Who will help us fight the debt burden we carry over our shoulders? Who will help us Become Debt Free
Posted by: How to pay off debt
Posted on: April 11, 2009 09:01 PM
I really liked your way of presenting the article. Thanks for the wonderful information.
Posted by: Raymond @ debt free
Posted on: April 14, 2009 02:57 PM
Is it not a felony that instead of going ahead and taking corrective measures in order to reduce down the national debt we still have companies who are luring the new age adults in getting more and more in debt. Not only that but also its seen that the money is spend on high bonuses by the major companies even after running in huge looses. Also does not it become a common responsibility for every American to differentiate between a negative and positive debt?. Solutions are there to see but measures are not taken. Tax increase on certain specific groups can be one of the ideal situations. Cutting down on the budgeting for arms and ammunitions would be helpful. Educating commoners on the implication of falling in this debt hole can be effective.