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All our problems are solved! Election 2010

November 9, 2010
I’d feel better if these two were in charge!

Now that this year’s election season is over I can rest easy every night knowing that every newly elected candidate is going to create millions of jobs, balance the budget, keep our taxes low, improve our schools, and make us all younger and better looking.

            Even though it appears our elected officials have all the answers, I hope they remember some of the basic concepts they learned in their college economics classes. When you break down the subject of economics it is basically the study of how we make decisions on what to do with scarce resources.

            We do not have an unlimited amount of money or time, so we need to make choices. As a country or a household we need to decide what we want to do with the resources we have at our disposal. As a country and as a society we have not done the best — the national debt is more than $13.5 trillion and our yearly federal budget deficit is more than $1.3 trillion.

            At the same time the average American family has around $116,000 in debt and 25 percent of Americans have no savings at all. For our country and many American families there are not easy answers.

            We hear from politicians who are going to balance the budget by cutting out wasteful spending. This would be a good start, but if all federal earmarks were eliminated this would save around $16 billion, meaning we still would have a yearly budget deficit of more than a trillion bucks. For a household this would be similar to having one less cup a coffee a month when the family is spending $1,000 more than they make.

            To control the federal deficit and start reducing our federal debt, it is going to take some difficult measures. We are going to have to look to cut or reform some of the largest categories in our federal budget, which includes Medicare and Medicaid, which is 21 percent of the federal budget; defense, 20 percent of the federal budget; and social security, 19 percent of the federal budget. We need to look for additional revenue opportunities for the federal government, which probably will be a different tax system or higher taxes.,

            If a personal household has uncontrollable debt, the household has to take drastic measures. This can include selling a home, cars or other belongings to be able to live and move cheaply. This also can include ways to earn more money by getting a second and/or a third job.

            None of these things are easy to do, nor are they popular. But we have put ourselves in a position where it is time for our government and many individual households to act. We need to support politicians who are able to make difficult and unpopular decisions. Families also need to support each other as they go through difficult financial situations.

            There are no easy solutions, but the longer our nation and individual families wait to address the problems, the more difficult they will become. We need to remember the sacrifices former generations made to create the greatest country the world has ever seen. Now, it is time for us to make our sacrifices to change the direction of many families’ finances and our country’s finances.

            As many politicians have said this election season, “I’m Andy Long and I support this message.”

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