Improving the economic health of the U.S. middle class — what might be done?
As part of a synchroblog project where several bloggers give their opinion on the same topic, I’m attempting to answer this question:
“What is the single most important initiative that the next administration should undertake to improve the economic health of the U.S. middle class?”
(Please following the links at the end to see what the other participating bloggers had to say on the subject.)
It’s an extremely tough question, but here’s my shot at it:
I believe that the single most important initiative the next administration should undertake to improve the economic health of the U.S. middle class would be to make the switch from short-term thinking to long-term thinking. This would need to encompass a variety of things such as balancing the budget, eventually paying off the national debt, and eliminating pork-barrel spending.
Here’s the thing: when you’re thinking about what you want your life to be like 10 years from now, you’re more likely to plan things out and hold yourself accountable. When you’re thinking about what you want to have for dinner tonight, you’re more likely to go with whatever appeals most at the moment, without regard for the future consequences to your health.
The same thing can be applied to government: stop worrying about being re-elected and funding pet projects, and start worrying about the future of the country for your grandkids. Like a lot of things though, that’s easier said than done, especially since it would mean making some decisions that might prove to be unpopular.
So implementing this concept would be tricky. But maybe now, while people on the street are talking about how they don’t want to see their children’s futures mortgaged, is one of those times where it might be possible.
Read what the other participating blogs have to say:
Cash Money Life: Pork-barrel spending
Clever Dude: Accountability
Finance Your Life: Energy crisis
Fiscal Zen: Confidence in banking/lending
My Dollar Plan: Education
My Journey to Millions: Less government intervention
Student Scrooge: Education
Tough Money Love: Education
October 7th, 2008 at 8:48 am
i think the next administration should reduce taxes to help the middle class, especially during the financial crisis.
October 7th, 2008 at 2:19 pm
The problem as reported at the tax policy board is neither of the candidates has the same idea. In fact both their tax plans will be increasing taxes for the “middle Class”
See the post at http://www.taxfoundation.org/blog/show/23728.html
October 9th, 2008 at 2:40 pm
This never seems to be a popular suggestion, but I really think Congress should shut down for a year or two so they quit spending money. If Congress would only freeze what they spend for two or three years this country would be so much better off. But, our elected officials see someone else getting tens of millions for his constituency that he/she cannot resist getting his “fair share” too. It’s mismanagement in the fold of AIG.