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Only Congress can fix this mess

Published: Fri, May 21, 2010 @ 12:00 a.m.

Only Congress can fix this mess

AMay 14 editorial declared, “Budget deficit commission must lead way to real progress.”

Let us cut to the chase. The Congress is the only place that the budget can be put in balance. It will not be easy, but that is the only place. Three items that are untouchable, Medicare, Medicaid, and the VA. Members of the military, active or discharged, they are a priority. Medicare and Medicaid need no explanation.

Every member of Congress has his or her hand out to benefit his or her district or state. Each member of Congress must work with every other member to approve expenditures only if the need is for a vital project and is necessary for immediate action. Only Congress can solve this problem. That is why they were elected in the first place, and it is their responsibility, not a commission named by the president. We know the agenda of those in Congress, but the commission may have a different agenda. Let Congress do the job. We know who they are.

Obviously the budget will befuddle Congress for some time. However, there is another item of prime necessity for attention. That is the financial debacle that has been in meltdown since November 12, 1999. That is when the forerunner of this meltdown began. It was called the Financial Services Modernization Act of 1999. The headline on the news item relaying that information to the public announced “Law OKs one-stop financial shopping.” This process took about 20 years and millions of lobbying dollars to pass. In effect it repealed the Glass-Steagall Act of 1933 that was put in place to regulate the financial community for the excesses that fueled the demise of the banking institutions at that time.

It is time that Congress address the regulations needed now to right this absconding of billions of taxpayers’ dollars by the financial institutions.

Leonard J. Sainato, Warren


1Springman(235 comments)posted 5 years, 2 months ago

I agree with the part about Graham Leach Bliely, and how banks became virtual casino operators after repeal of Glass Steagall.

However, Social Security is not in as bad shape as depicted and Medicare and Medicaid will only be about ten percent (10%) of the future deficit.We have potential assets that could turn this around on the front end.

If I were King, I'd amend the Constitution to say that speech and money are not synonomous. Right now Congress is bought and sold like a commodity. I don't expect much.

Parochial intersts get corporate aid that could be cut such as an oil depletion allowance when wells formerly closed and written off for tax purposes can be productive with new technologies; when we have approximately 300,000 troops in unnecressary places like Europe, the Phillipines and Japan, where they are a drag on our domestic economy.

Meanwhile, this country has the capacity to ttake advantage of a new "gold rush," in natural gas and in alternative energy technologies now coming on line, to build a new kind of golden age.

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2Jbreed2011(37 comments)posted 5 years, 2 months ago

I laughed when I read this headline. If there's one thing you can count on it is government to screw things up. They can't even run the stupid post office without losing billions of dollars every year.

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