House majority leader Steny Hoyer – a close ally to President Obama – says the U.S. needs to raise taxes and cut spending .
As Agence France-Presse reports:
The United States must embrace a blend of tax increases and spending cuts to rein in its deficit or face a potentially crippling debt crisis like the one in Greece, a top US lawmaker warned Monday.
“It is enough to look across the Atlantic at Greece’s extreme economic crisis and understand: It can happen here. If we don’t change course, it will happen here,” said Democratic House Majority Leader Steny Hoyer…
“It seems to me that the only solution that can win the support of both parties is a balanced approach: one that cuts some spending and raises some revenue while avoiding extremes in either direction,” he said.
Of course, many others have warned of the massive debt overhang in the U.S. as well.
But why aren’t our government “leaders” talking about slashing the military-industrial complex, which is ruining our economy with unnecessary imperial adventures?
And why aren’t they taking away the power to create credit from the private banking giants – which is costing our economy trillions of dollars (and is leading to a decrease in loans to the little guy) – and give it back to the states?
If we did these things, we wouldn’t have to raise taxes or cut core services to the American people.