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IPFS News Link • Economy - Economics USA

US Is Broke, Failing, But Show Goes On


Obama  seeks $4 trillion cut to deficit, higher taxes for rich ... Backs benefit programs, draws battle lines with GOP ... President Obama pledged to pare the projected deficit by $4 trillion in the next 12 years, vowing to protect the nation's most vulnerable while pushing again for higher taxes for its richest citizens. In a 43-minute speech that mixed appeals for a united sense of purpose with sharply partisan jabs, the president laid out his vision of a country strengthened both by fewer debts and a greater diligence to solving the problems of Medicaid and Medicare. In promising to preserve those programs, he enlists his administration in the beginning of what is expected to be an epic battle with Republicans over their fate. "We are a better country because of these commitments,'' he said in an impassioned defense of Medicaid and Medicare against Republicans' push for sweeping changes. "I'll go further – we would not be a great country without those commitments." – Boston Globe

Dominant Social Theme: These are important times. Every word is important, every speech is necessary. America will be saved once the politicians agree on the proper plan.

Free-Market Analysis: In his recent speech, US President Barack Obama pledged to pare the projected deficit by $4 trillion in the next 12 years, and to raise taxes on America's wealthiest Americans. His presentation was reported seriously and gravely by the mainstream media that must be aware, nonetheless, that total US obligations are in the area of US$200 trillion. There is no real way that the US federal government can honor what it has already undertaken. These proposals (by both sides of the aisle) take on aspects of a dominant social theme. They are promotions, proposing unrealistic solutions to the very problems that that the process itself has created. Read More Here