America’s Debt Talks Finally Resolved! For now!

If you have been paying attention to the media during the last couple of weeks, you might have heard a thing or two about the nation’s debt ceiling. If the government allowed America to go into default, we could face rising interest rates (like they aren’t high enough already), a decrease in the value of the dollar, a major crash in the market, just to name a few. Luckily, the Obama and Boehner show down has come to a temporary end, as the house of senate came to an emergency compromise to raise the nation’s debt ceiling.

I’m not an economist, but it doesn’t take a genius to figure out that America is financially and bureaucratically screwed. The debt negotiations between the democrats and republicans were a public display of embarrassment to the world. It showed the world that elected officials in America,  would rather seek political gains that will benefit their reelection, rather than work together for the greater good of the American people. It was easy for members of senate to kick and scream about their idea not being in the bill because they don’t rely of Social Security, Medicaid, Childcare Programs, Veterans Benefits and other government programs, to survive. They are so far removed from the everyday American, that it makes you wonder how qualified are they to make decisions on our behalf?

A major condition of this so called deal included the establishment of a “Super Committee” whose goal is to cut more than $2 trillion in long-term spending (Good Luck). This committee consist of 6 democrats and 6 republicans. We were only able to come up with a temporary solution to an ever going problem just hours before the deadline. What was the deal exactly?

America currently has a credit limit of 14.3 trillion. Obama will authorize an increase of $1.5 trillion dollars, pending the “Super Committee’s” ability to cut $2 trillion in long-term spending. If they fail, he can still raise it by $1.2 trillion. Although we have reached some sort of agreement that will prevent another major financial meltdown in the short-run, elected officials need to learn that this is not about them. Sometimes I feel like they’d rather see us fail than come to a compromise that actually makes sense. Regardless, this debate is not over and will be back on the political radar before you know it. Hopefully by then, our elected officials will have come to their senses and make this about the people. Because, #WeCouldDoBetter.