Tags: reform | govt | tax | budget

Real Reforms or Mirages in the US?

Wednesday, 06 Feb 2013 08:01 AM

By Ashish Advani

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Normally, I am a very patient man. I tolerate a lot before I throw a fit, and right now I have just about given up on the United States getting anything worthwhile ever done.

Sorry for being so blunt, but I am just completely fed up.

Let’s look at some of the latest headlines that are making the waves.

President Barack Obama has already begun efforts to delay the already delayed spending cuts. The cuts to real spending should have been done in August 2011. The proverbial can was kicked down the road until Dec. 31, 2012. The fiscal cliff came and went without incident, but with lot of drama. The can was kicked again to March. Now the games have begun to delay the spending again.

Next headline: The Department of Justice was in secret negotiations with Standard & Poor’s, the rating agency, to settle claims of wrongdoing. When they asked for a billion dollars, S&P balked, and now the nefarious dealings are out in the open. The Justice Department claims S&P misled investors by granting AAA ratings to worthless bonds back in 2007.

My question is: Now? It has taken you over five years to figure this out? If the government takes five years to know what most banks and traders knew all along, we are in very serious trouble and I fear we will get killed by the dumbness of this government.

Next headline: Obama is continuing in the inglorious tradition of not submitting a budget in time or getting Congress to approve the annual budget in time. The last time a budget was submitted and approved by Congress before Oct. 1 (the government year runs from October to September) was back in 1994.

Can you believe that? Nearly two decades ago.

Now the president wants Congress to pass an abbreviated small budget so that the White House has time to submit a budget late. This is also known as “kicking this can too down the road.”

In the meantime, the government has time to pass draconian regulations such as the Dodd-Frank Act as well as the Foreign Account Tax Compliance Act. Such acts are nothing but further denial of liberties of the citizens and disguised attempts to control more and more of our lives.

How about real reforms like simplification of the tax code? How about controls on medical lawsuits, which are one of the biggest causes of run away medical inflation in this country? How about real immigration reform rather than rehashed 20-year-old plans of giving amnesty to illegal immigrants while ignoring pleas of legal immigrants who are tax-paying, law-abiding and real contributors to the little economic growth left in this country?

I can give you a dozen economic reasons to invest overseas; real reasons why your money would be respected and treated better. But if the above reasons are enough, diversify your money overseas to protect yourself from being obliterated by directionless insincere reforms that are meaningless and do not bring real growth.

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