The Debt Reduction Con-Job

The Obama debt reduction plan is a re-election con-job, not a real long-term solution. The President implies taxing the rich making more than $200,000, a (Buffet) tax on millionaires, and eliminating corporate tax “now” and cuts in spending “later” will solve our problems and reduce our debt by $4.4T. Facts show the weaknesses of his arguments.

The two “now” “rich taxes” average less than $100B per year. Closing corporate loopholes might produce $50B per year. Combined these tax increases per year only reduce about 10% of our annual $1.5T deficit— not enough to significantly reduce the deficit or lower the debt.

Later” spending cuts are to make up the remaining funds, but statements are misleading. There is no certainty that several trillion dollars will be cut from existing budgets anytime soon, and our debt will continue to rise even if the proposals made by the President came true. The so-called $4.4T “debt reduction” proposal does not reduce our present $15T debt. It is a reduction in our future debt based on what the debt would be if nothing were done!

It is time the President and both political parties start telling the whole truth rather than re-election rhetoric. Divisive fiery speeches may tell us what we want to hear, but will not unite our nation.

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Dr. Cleland’s Ph.D. is from Purdue University where he specialized in complex systems theory. His technical training and experiences includes analyses of many types of systems, involvement with numerous federal, state, and local agencies, and management of a broad set of set of professionals, services, and trades people. He has managed scientists, engineers, policemen, firefighters, environment, health, safety and emergency planning experts, building trades and maintenance crafts personnel, and others.

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September 2011
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