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Tax Increases, 2012 and You
Loading ...Deft Magazine Staffer, Esther Sully, looks at the impact proposed tax increases can have on both the American people, and Obama’s 2012 campaign.
At a time when the United States’ budget is at the forefront of every news report, President Barack Obama puts more numbers on the board, breaking the Democratic National Committee records. He has raised a combined $86 million for his reelection campaign, topping the $35 million raised by the Republicans. However, I doubt that having a knack for fundraising will win over voters in the 2012 Presidential elections, when issues such as a questionable budget plan and an increasing unemployment rate, are still up in the air.
As far as the economy is concerned, President Obama and Congressional Republicans are still feuding on the best way to increase the debt limit (or debt ceiling) and pay the nation’s debt. And for every citizen in denial, yes, we are in debt – over $14 trillion dollars to be exact.
Obama’s proposed $14 trillion deficit-reduction deal calls for major tax increases which Conservatives highly oppose. Even economists are asking that such increases be taken into major consideration due to their impacts on savings and investments. Not to mention how this will also affect Social Security, Medicare and Medicaid. When asked to intervene, Federal Reserve chairman, Ben S. Bernanke concluded that the decision making be left to Congress.
So the wide range of disagreements still stand and the question at hand is whether we reduce federal borrowing, increase taxes, decrease spending or find a healthy balance doing all three? Whatever the decision, one major factor is avoiding a government default and reaching an agreement by the August 2nd deadline when the Treasury Department will run out of borrowing authority.
Speaking of deadlines, families are still sitting on the edge of their chairs awaiting definite dates to see soldiers returning home. The President has promised a steady withdrawal of troops starting with 10,000 by the end of this year and an additional 20,000 by the end of summer 2012. However this still leaves about 70,000 more troops still fighting (completing the ‘US Combat Mission’) in a war that is not projected to end until December 2014…if even.
Since the war began in 2001, about 1500 US soldiers have died and about 12,000 are wounded. Many who have returned home are facing struggles of unemployment and medical issues including Post-war depression. Families of deceased soldiers are receiving little to no aide or benefits. Aside from the social constraints, the war adds to the overall economic crisis – the current cost of war being $120 billion annually. National security issues are also at hand. With reports in May of Bin Laden’s alleged murder, speculation of Al Qaeda’s retaliations are still an under discussed issue.
Lastly, one topic hovering over the heads of many Americans is finding a job in this weakening economy. Unfortunately, the unemployment rate has risen to 9.2 percent as of June, which also supports the Republicans’ opposition to including tax increases in any deficit-reduction plans.
With these issues still up for discussion, amongst several others, voters’ assurance should lie in knowing the facts and not just being impressed by campaigns – regardless of the fancy ads and motivating speeches. For now, all we can do is watch and wait for these officials to battle it out for the future of our economy. As for the four-year future of our country…that lies in the hands of our voters next year.
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