By Kevin Carney, FCRH ’15
As college students at Fordham, each and every one of us possesses a unique responsibility to be among the future leaders of our country. Through the various different careers we each pursue, the economy and our financial futures all depend on the decisions that we make now. As the federal deficit escalates to higher levels than it has ever reached, millions of people are left unemployed, while those with jobs must surrender their hard earned money to high taxes, hesitant to have any confidence in spending their money.
To understand why we are in this seemingly never-ending position, we must go to the root of the problem, which is big government. Big government accounts for the irresponsible spending of money that we don’t have. Almost half of every dollar that the American federal government spends is borrowed, burdening future taxpayers and wage-earners. If politicians don’t realize the grave mistakes they have made, it will be too late for us to turn the economy around.
Another problem with big government is what it does with all of this money it borrows and collects in tax. Government programs, such as Obamacare, will cost the American taxpayers billions and have no origin in what the Constitution allows the government to do. The founders created this country on the principle that the government works for us, not the other way around. They believed in their fellow man, knowing that hard work and a great degree of freedom are two important ingredients in the recipe to create a great nation.
As government programs and handouts expand and become more numerous, people have less incentive to work hard or prosper. While there are too many economic issues to address in which politicians differ, one thing has always been historically true: letting the marketplace react by itself and few government regulations strongly benefit the economy. Also, raising taxes is fundamentally un-American and is exactly what the fathers of this country fought a revolution over. Any economist knows that lowering taxes across all tax brackets will lead to more job creation. Think about it, the more money that is retained by business owners will be spent on expansion and economic growth instead of taxes. President Obama has led us down a path that is comprised of legislation and ideas contrary to all of the things I have mentioned. While he actively claims to have created over a million new jobs, the unemployment is still unacceptably high, and that doesn’t include the people that have given up looking for work. If you factor in those Americans, you are looking at a much higher percentage.
College graduates, which we will all soon become, have similar stark statistics. 25% cannot find a job, while another quarter are “underworking”, or not working up to their potential. Before you go into the voting booth this November, don’t ask your self the question “Who would it be cooler to vote for?”, ask yourself, “Who would it be smarter to vote for?”.