The National Debt is a critical economic issue in our country. In my economic opinion, it continues to be the most serious economic problem of our country. Government spends much more than it takes in, it truly has no idea what is owed nor where the money is going. It is an economic debacle. Our elected officials in many cases envision that higher taxes continue to solve all problems yet we continue to see that higher taxes does little to solve debt problems nor stimulate the economy. Especially higher taxes on wealthier individuals.
Wealth should not be viewed as a burden to our economy. Wealthy members of Congress are hypocritical with regards to this issue, as they are able enjoy their wealth but not anyone else (Look at Nancy Pelosi as an example). The National Debt can be resolved by cutting spending. It is a simplistic concept. Less money is spent thus driving down the need for more money to be borrowed by the Federal Government. It is a realistic plan. It is a logical plan and it is a plan that needs to be implemented by Congress.
Mr. Obama is lost economically. His economic policies and programs have failed our economy miserably. The Debt ceiling does not need to rise to further promote inefficient spending by his Administration nor are new taxes needed. Cut spending now.