Now that a short-term deal with Iran about its nuclear program has been reached, the timing is right for the U.S. to turn over the lead on these negotiations to China, India and Russia, who live in the neighborhood. When the wrangling over Iran’s nuclear capabilities began a few decades ago, in a very different geopolitical landscape, it may have made sense for the U.S. to play helicopter parent. However, that time has passed, especially with so much to do here at home, from rebuilding the economy and creating jobs to fixing the debt problem. In the meantime, here are some thoughts worth pondering about Iran’s nuclear program as an imminent threat to the U.S.
Friday’s unemployment figures of 7%, while perhaps slightly more cheerful than expected, still mean that roughly 11 million people are out of work and that the U.S. economic recovery remains stubbornly sluggish. That’s why it is truly the season to take the long-overdue step – remarkably a simple step, really — that would bring over $1.5 trillion in offshore corporate profits home. By removing the Scrooge-like obstacles embedded in the tax code, this exiled cash could be fueling our sputtering American economy instead of creating jobs and investments in China or Vietnam by American multinational corporations.
One looming issue that President Obama did not address in last week’s press conference about the latest technical and bureaucratic snafus with the Affordable Care Act has to do with the act’s heavy reliance on America’s younger generation. Without young, mostly healthy people pouring money into the new insurance pool, the Affordable Care Act would not be, well, affordable.
Our handling of the national debt is like a grand, inter-generational Ponzi scheme that’s destined to drown our children and grandchildren in red ink. Our leaders like to call their strategy borrowing, but it is really tantamount to stealing — from our children, worse yet. Why? Because we have no plans to pay the debt. None. We continue to borrow just to make interest payments that are estimated to be $5 trillion over the next decade while doing nothing to pay down a staggering debt of $17 trillion.