Today the Federal government reached a settlement with the nations five largest banks: Bank of America, JP Morgan Chase, Citibank, Wells Fargo, and Ally Financial. This $25 billion settlement is over alleged past foreclosure and mortgage loan-servicing abuses.
The senate super committee, charged with creating a limited plan to reduce America’s 15 trillion dollar deficit has failed. They announced tonight that they were unable to come to any agreement, showing America that the past three months have largely been a waste of time. As a result, beginning in 2013, immediate, automatic, across the board governmental spending cuts will begin. I only have one question. Why are we waiting until 2013?
Today news has surfaced that the special deficit super committee has been unable to agree on a satisfactory solution to America’s growing debt crisis. An astronomical amount currently passing 15 trillion dollars. Leaders appointed to the committee last August face a Wednesday deadline. But members would have to agree on the outlines by Monday to allow time for drafting and assessing by the Congressional Budget Office. This failure will trigger automatic across-the-board spending cuts to a wide variety of domestic programs and the Pentagon budget, starting in January of 2013.
Whether it’s personal, business or government debt, the past five years of borrowing will haunt Americans for the next decade. New numbers out from the US Census bureau this week paints a dim economical future for many Americans. Debt is financially killing many Americans. Particularly those young adults, who cannot find jobs, remain at home, and have a bleak financial future.
We’re becoming a culture of frightened Americans, unsure, and certainly unconvinced that our leaders can change America into something better. The partisanship in Washington further aggravates everyone across all social and economic lines. How did we, as Americans allow this to happen? That answer would require a more complex answer in need of far more lines than I have today. I cringe when I see the economic numbers in America, joblessness and bitter economic forecasts are like a shovel compressing the dirt down on a fresh grave. This is the end of the American dream, and as long as we continue to allow it, we’re in for a few decades of bitter economic uncertainty.