How many politicians does it take to raise a debt ceiling?
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by Adam J. Kovitz
The top buzz around the major news channels is the ongoing political debate and posturing taking place over the debt ceiling, which the Treasury estimates will prevent the U.S. from borrowing enough money to pay its bills by August 2nd.
Here are the Facts:
1.) The debt ceiling has been raised several times in the past, and seven times alone under George W. Bush's administration.
2.) Both Democrats and Republicans believe that something must be done to balance the U.S. Budget
3.) There are only two ways to balance the budget (aside from scrapping the whole budget altogether and starting over with a clean slate, which I don't think the Chinese would be too happy about): a. decrease spending, and b. raise taxes.
4.) Moody's, one of the top three credit-rating services is telling lawmakers that they are reviewing the downgrading of the U.S.'s current AAA rating.
5.) The IMF has called upon the U.S. to raise its debt ceiling.
6.) The Chinese, one of the largest holders of U.S. debt, has urged American politicians to get their monetary act together.
7.) The CEO of Caterpillar, one of the companies that comprise the Dow Jones Industrial Average, has spoken out against U.S. lawmakers to raise the ceiling already as the uncertainty is bad for business.
8.) If Congress does not vote to raise the debt ceiling and the U.S. defaults on its loans, it may not be able to continue paying U.S. troops, seniors who depend upon Social Security, veterans who rely upon retirement and healthcare and small business owners.
9.) Treasury Secretary Timothy Geithner has been urging Congress since January of 2011 to raise the debt ceiling.
So what's the holdup?
Funny thing...Democrats, Republicans and even the bi-partisan "Gang of Six", which includes three representatives from each party are not quite seeing eye to eye. President Obama walked out of negotiations in frustration, the Republicans have done the same.
If entrepreneurs were in charge, would this still be going on?
Would we ignore our shareholders and supporters for nearly eight months before taking any action?
Would it take nearly eight months to gain consensus?
How much longer after eight months would our top shareholders and supporters continue to support us before we began to lose all credibility with them?
If politicians thought like entrepreneurs, I don't believe we would still be in the situation we're in as a country. Entrepreneurs know how to solve problems and solve them quickly.
Why?
Because our reputations and credibility are on the line. Lose that and we lose everything.
Is it me or does it seem that U.S. politicians simply don't get it?
Would you hire someone who's known about a problem for eight months and hasn't shown any results in solving it?
Would you continue to vote and/or show support for someone who has done this and allowed this nonsense to go this far?
Better yet...would you hire someone like that to run your company?
Political rhetoric only temporizes our ability to solve real problems effectively. It creates illusion of problems solved until sometimes it's simply too late. We just can't afford this anymore.
As I have stated in the past, I am not advocating either Democrat or Republican positions here as I feel that neither of them represent the entrepreneur or independent business owner's position.
So...how many politicians does it take to fix the economy?
None...give entrepreneurs and independent business owners the authority to make changes and we'll see just how fast we turn around the economy, restore the middle-class, create jobs and re-ignite true innovation.
Here are the Facts:
1.) The debt ceiling has been raised several times in the past, and seven times alone under George W. Bush's administration.
2.) Both Democrats and Republicans believe that something must be done to balance the U.S. Budget
3.) There are only two ways to balance the budget (aside from scrapping the whole budget altogether and starting over with a clean slate, which I don't think the Chinese would be too happy about): a. decrease spending, and b. raise taxes.
4.) Moody's, one of the top three credit-rating services is telling lawmakers that they are reviewing the downgrading of the U.S.'s current AAA rating.
5.) The IMF has called upon the U.S. to raise its debt ceiling.
6.) The Chinese, one of the largest holders of U.S. debt, has urged American politicians to get their monetary act together.
7.) The CEO of Caterpillar, one of the companies that comprise the Dow Jones Industrial Average, has spoken out against U.S. lawmakers to raise the ceiling already as the uncertainty is bad for business.
8.) If Congress does not vote to raise the debt ceiling and the U.S. defaults on its loans, it may not be able to continue paying U.S. troops, seniors who depend upon Social Security, veterans who rely upon retirement and healthcare and small business owners.
9.) Treasury Secretary Timothy Geithner has been urging Congress since January of 2011 to raise the debt ceiling.
So what's the holdup?
Funny thing...Democrats, Republicans and even the bi-partisan "Gang of Six", which includes three representatives from each party are not quite seeing eye to eye. President Obama walked out of negotiations in frustration, the Republicans have done the same.
If entrepreneurs were in charge, would this still be going on?
Would we ignore our shareholders and supporters for nearly eight months before taking any action?
Would it take nearly eight months to gain consensus?
How much longer after eight months would our top shareholders and supporters continue to support us before we began to lose all credibility with them?
If politicians thought like entrepreneurs, I don't believe we would still be in the situation we're in as a country. Entrepreneurs know how to solve problems and solve them quickly.
Why?
Because our reputations and credibility are on the line. Lose that and we lose everything.
Is it me or does it seem that U.S. politicians simply don't get it?
Would you hire someone who's known about a problem for eight months and hasn't shown any results in solving it?
Would you continue to vote and/or show support for someone who has done this and allowed this nonsense to go this far?
Better yet...would you hire someone like that to run your company?
Political rhetoric only temporizes our ability to solve real problems effectively. It creates illusion of problems solved until sometimes it's simply too late. We just can't afford this anymore.
As I have stated in the past, I am not advocating either Democrat or Republican positions here as I feel that neither of them represent the entrepreneur or independent business owner's position.
So...how many politicians does it take to fix the economy?
None...give entrepreneurs and independent business owners the authority to make changes and we'll see just how fast we turn around the economy, restore the middle-class, create jobs and re-ignite true innovation.
All my best,
Adam
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