Spotlight

What came as a surprise to many individual Americans on Friday night, the Standard & Poor’s have downgraded the United States credit rating for the first time ever.

Today, Wall Street responded very harshly with rampant selloff on the New York Stock Exchange and the Nasdaq.  The Dow Jones Industrial Average losing more than 600 points today alone with very heavy transaction volumes.

Earlier today, President Obama addressed the American people earlier today but again did not provide any real solutions.  Instead, what the American people received was the same blame game and political posturing over who is to blame.  In the final analysis, everyone is to blame.  The important question is where do we go from here.  So far, the only significant news received today was the supposed probe of Standard & Poor’s agency by the Senate Banking Committee.  Honestly, the probe is another example of wasteful spending and frivolous government actions.  Congress should concentrate their actions to how to get America out of this debt mess.  So far, a probe of Standard & Poor’s will result in absolutely nothing to our credit rating.

So, in the end, we are in for additional hard times, economically speaking.

It is time to face the music and reform Social Security, Medicare, and Medicaid.  More than half of the federal government’s budget is used to support these programs.  I am not sure about you but the fact that almost 50% of all Americans do not pay any federal taxes is another example of the ineffectiveness of the Internal Revenue Service (I.R.S.).

Let’s eliminate the payroll tax, personal income tax returns, and the I.R.S., as we know it today.  Let’s place a national sales tax based on the State Sales Tax models already in existence today.   This way, everyone gets taxed only for what you buy (excluding “pure food” products).  

I endorse the Fair Tax movement as it provides a good framework in which to implement real changes to our tax system.

http://www.fairtax.org