If you have been hearing the recent news, you may have heard about the Chinese economy overtaking the economy of Japan. The slow growth of the Japanese economy enabled China to capture the 2nd spot in the world’s largest economies. Rumors have surfaced that China will eventually overtake the US for the top spot. While figures show that China will still need a whole lot of years before it can match the full economic value of the US, recent events showed that it is indeed a possibility considering the continuous increase in US budget deficit.
American citizens are now more desperate than ever in finding solutions to solve these economic problems and cut down the budget deficit. For example, drug-maker engineer and a Republican, Leonard Anderson, said that he would definitely agree to national sales tax in order to increase the tax collection and revenue of the government. A Richmond Democrat and bank IT analyst, Kimberly Moore, said that the nation should openly accept budget cuts even if it will reduce the quality of service that the government can produce.
People are indeed taking drastic measures in order to at least save America from total failure. As the national election is coming, the Republicans and Democrats are talking more than ever about their possible solutions to the looming budget deficit. Republicans recently questioned Democrats for allowing several Bush-era tax cuts to continue. The Democrats, on the other hand, accused Republicans for trying to kill Social Security by opting to privatize it. Instead of working together to formulate effective solutions, both parties have been fighting over ideologies and differences.
The American voting population is more confused than ever unable to decide on who’s side will they be. According to recent poll conducted by the new Wall Street Journal/NBC News, the Republican Party gained 32% votes for their ability to reduce the budget deficit. On the other hand, the Democrats received 24% of the votes. Despite of the clear lead by the Republicans, about 40% of the respondents saw no difference by both parties in handling the issue. This is an indication that Americans undecided and unimpressed by how these two parties will handle the current economic problem.
A particular challenge faced by politicians is the fact that budget cuts on various government programs are strongly opposed by particular groups in society. There has to be a resolution to the budget wars faced by the Republicans and Democrats. As the national midterm elections go nearer, voters will eventually decide on whose view and strategy is more effective and more feasible than the other. The Government should take the necessary measures by implementing budget cuts on unreasonable programs, providing transparency and improving tax collection for high revenues.
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