Today, our country is more than 8 trillion dollars in debt, and we keep adding to that debt everytime we spend. To try and fix this problem, Congress passed a pay-as-you-go budgeting system in 2007 requiring that all increases or tax cuts in entitlement spending be offset with spending reductions elsewhere. Supporters of "paygo" say that this system is the perfect way to respond to the people's concern of the continuously rising national debt. they think it will make congress follow the rule that most families and businesses have to follow which is "spend what you can afford." Proponents also point out that "paygo" can be suspended, for example in case of crisis. Opponents, however, claim that this program will only create more taxes for new programs and hurt the economy and Americans in general. There is also a fear that in an emergency, Congress's ability to respond will be restricted. On top of that, the opposers also feel that the tax increases will anger voters.
Although i feel it is ridiculous that our country is in this much debt, i have to wonder if the paygo plan would actually work. From the general purpose of it, it seems like a good plan to help the nation get out of the massive debt it's gotten in to. We need to find a way to start getting out of that debt, but the issue with taxes is a big concern. If this program started raising taxes, the voters would not be happy with those congressmen. If the program could work without increases taxes dramatically then I agree with it and think it would be a beneficial program to help out the Congress. I don't see how we are able to spend all this money that we don't have, and we won't be able to pay it back especially if we keep adding to it as fast as we are. Obama is calling for this "pay as you go" plan. The president said the principle is simple: Congress can only spend a dollar if it saves a dollar somewhere else.
"War Dollars" is discussed on Paul's Blog.
"Social Insecurity" is discussed on Marit's Blog.
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