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Politics | 04/28/2008 8:53 am

wOw's Views on the News: Can Clinton, Obama or McCain Get Us Out of This $9.1 Trillion Hole?

By The Staff at wowOwow.com
© AP

There’s some bad news: the national debt is now $9.1 trillion. And then there’s … some worse news: the Republican AND Democratic presidential candidates — instead of plotting a way to get us out of the mess — appear poised to dig that hole deeper if they get the job, according to tax and budget experts interviewed by Larry Rohter and Michael Cooper for a report that appeared Sunday in The New York Times.

Are we damned if we do vote – for any of them? Whose plan has the most promise? Are the candidates ducking the issue? Will our children pay the price?

55 Reader Comments (so far…) Sign In or Register to comment

ariadne a
my thoughts on who is best prepared to dig us out of the very deep hole in which we find ourselves… in my mind it is not who but what. what we have to be prepared to do is ‘bite the bullet.’ this means control gov’t spending, control waste, and reduce the amount of fuel we consume. on who: it is going to take someone committed to doing the right thing. this person and i believe that this is obama. will have to have the guts, fortitude, character, and strength to do the ‘right’ thing… not the easy thing. it will require the cooperation of the congress. yes, it will cost more initially to get us back on our feet, but it takes money to make money. removing the tax breaks on the wealthy will generate some, removing the cap on ss and increasing the retirement age will strengthen social security; but more importantly ending the war will stop the bleeding and keep us from going further into the pit. a new wpa program would create jobs. these jobs will be geared toward improving our infrastructure[our highways and bridges are in a sad state of repair, as are our schools.] creating incentives for green energy alternatives will create more jobs. discouraging companies from going offshore by removing the loopholes that encourage same; and maybe even tariffs on the finished product when they ‘import’ them into the country. tax breaks and incentives in order to keep companies that are here, here in the u.s. in order to stabilize our downward spiraling economy people must have jobs in order to buy the goods, houses, automobiles, and other products produced here. as someone once said about money… “give it to the poor people… they’ll spend it.” one thing that hurts us in the global economy is the high cost of our health care relative to other countries. socialized medicine is a large part of it. i don’t know the answer but i do know that the cost of health insurance to business is a huge part of what keeps us from being able to keep jobs at home and competitive on the world stage.
By ariadne a on 04/29/2008 10:11 am
mary lou s
ariadne, i largely agree with your answers but disagree with who can best pursue that agenda. hillary clinton has shown a good understanding of the economics at work in everything but the federal gas tax. barack obama is right about that.
By mary lou s on 04/30/2008 10:55 am
Esther Bradley-DeTally
From Harper’s Weekly, by computer, a summation of events around the world - this was one sentence, “C3, the firmthat developed Disneyland, announced plans to build a $500 million amusement park in Baghdad.” It gives the word “internecine” an astonishing urgency.
By Esther Bradley-DeTally on 04/29/2008 10:20 am
doll lady
It seems to me that legislators must be taking some huge huge contributions from a lot of large companies, including oil companies, banks, insurance companies, etc., thus not passing laws to curtail certain rising costs. USA is the third largest oil producing country in the world but yet our gas prices continue to rise at an incredible rate. It seems we are buying our own oil at huge prices through OPEC….what a joke. The credit card debt goes up and up, with a very large percentage of that due to the enourmous interest percentages credit card issuers are allowed to charge. Why don’t legislators enact restraints…..no way….and in fact they changed bankruptcy laws so the banks wouldn’t lose so much money. Another joke. And health insurance costs are out of sight. I just read where health care increased 30% while salaries of the American public increased 3%. Something is not right in America. Write your congressman every month to complain. I think I have ticked mine off. He no longer sends the required response that the congress site says will be sent when a complaint is received.
By doll lady on 04/29/2008 1:48 pm
Frannie Em
Doll lady, on Politico.com there is a section regarding lobbies, If you click there you can follow where money is being spent, given to whom etc. It is eye opening.
By Frannie Em on 04/30/2008 12:45 am
Tinka Parker
I know it sounds simplistic, but one of the causes of the current recession is loss of confidence ( otherwise known as fear). I think Obama is the one most skillful at lifting people’s spirits, making them hopeful, and inspiring them to give more to the effort of themselves, even if it means sacrificing, to make this country great again. Americans can cut back and do without, as they did in WW II homefront America, if they have someone like Roosevelt who explains the great cause to them. Fundamentally Americans have to learn to save and conserve again, instead of spending beyond their means and going into debt.
By Tinka Parker on 04/29/2008 7:43 pm
Corner Brooke
[Sally Smith - 4/28/2008 3:30 PM : No, not really! No matter how good they are it would take at 2-4 terms to get us out of this mess! Only a willing Congress and a Pro Active President would do! … Sally Smith - 4/28/2008 11:19 PM: ……but I believe that Clinton left us in a surplus, we can do it again! We can only pray and hope we can get the Clintons back in the White House for our children’s sake! or may God have mercy in our souls!!!!!] I have to agree with this position. Many candidates talk about fiscal responsibility, but when it comes to getting down to business, the only person in recent history that actually did anything about it was Bill Clinton. I don’t know much about their marriage, or their collaborative efforts in the White House, but I honestly believe Hillary was by his side working on the same things he did. I suspect that she did much more than we know. I doubt she would ever admit to most of it because she wouldn’t want to diminish Bill’s list of accomplishments. Between the two of them, however, we can clearly see who is the most ‘hands on’. Hillary has never said she would eliminate the deficit, but then how could she? It’s so big, it won’t be possible for a long time (2-4 terms as suggested above). It would be outrageous for anyone to make such a claim at this point. However, to promise to reduce it by, let’s say, half might be more reasonable. Personally, I believe that Hillary knows the pressure she would be under to reduce/elimate the debt if she were elected. I believe she understands her election will carry with it the implied mandate to take on this problem by virtue of the way the debt was eliminated during the time they were in the White House. I’m worried that Obama and McCain don’t feel this burden in the same way she does – that perhaps they may feel they only need to keep things as they are instead of seriously lowering the debt. One quality about Hillary that stands out to me is her holistic approach to creating solutions. She always looks at the complete picture. My impression of McCain and Obama is that they offer more tokenistic proposals without regard for where the other chips may fall. I have never got the feeling from them that they understand you have to take a little from one place to put a little somewhere else. I feel Hillary is capable of knowing how much she can take from one place and move it to another while, at the same time, keeping the whole thing in balance without harming any one sector too much. I just think she gets it: us, our kids - all of it.
By Corner Brooke on 04/29/2008 9:08 pm
Frannie Em
Corner Brooke, I am a small business owner who barely made it through the Clinton years. I voted for him too. Perot was the one that brought up the issue of the deficit, until then Clinton had ignored the issue. Anyway, since large corporations had helped his campaign so much, he didn’t mess with them too much, but they sharpened their pencils on the small business person. They figured that if they could cut the tax deductions that small businesses had, it would save a certain % in the budget. Well, it did, but our business did not grow, we really had a hard time, and could barely keep one employee because we were paying a lot more taxes. When your business doesn’t grow, you can’t hire more people. It is better for America when you can create jobs. He took many of the medical deductions away, and when you are self-employed health insurance costs twice as much. He also closed down many of the bases which destroyed many businesses that catered to the bases. Cleaners, tailors, barber shops, repair shops, a lot of mom and pop stuff. Many went bankrupt - and they had been in that business most of their lives that it was hard to find something new. Everyone was struggling and asking the same question: “I was doing well, my business was growing, why isn’t it growing anymore? I hate to admit it, but our business doubled and tripled during the Bush years. Up until the mortgage debacle, we were able to hire several more employees, have two shops and more sales. Since 9/11, the country has been in shock, using any fix it can to numb the confusion, while the greed just ran rampant. We need to wake up. A candidate can’t do that for us alone. If we can get a good leader in there with their head on straight, then maybe something that equates as real change will happen. I think the country is being forced into it, but everyone is dragging their heels, kicking and screaming. Everyone screams for change, but only change the way they want it.
By Frannie Em on 04/30/2008 12:34 am
M Morgan
Obama can. He can get some of the [pseud-undeserved]-respect back. Why undeserved, because during the last 150 years, we have invaded/meddled in the internal affairs of the countries that dared to rise against English/our-puppets.
By M Morgan on 05/01/2008 7:01 pm
Buh- Bye
It will take another 8 yrs of Democratic leadership to dig (partially) out of the hole. And just as things begin to look up, it will switch back to Republican rule and we’ll go into debt again. The pendulum swings.
By Buh- Bye on 05/02/2008 12:09 pm