As I was reading The Wall Street Journal during my morning cup of coffee, two articles caught my interest, especially our economy seems to be tanking lately. One article discussed how personal income has been dropping around the country, and the other one focused on how the national debt has been impacting the Federal Reserve, which might signal an interest rate increase (on a side note, I have been rather outspoken about the need to audit the Federal Reserve). Both articles raised considerable alarm over the state of our economy in America.
With the unemployment levels rising, it is no surprise that the personal income has dropped, especially in states that have a heavy construction and tourism presence. The real alarm is that the personal income levels will continue to drop in these states, considering that the U.S. Treasury is considering an interest rate increase to make up for the growing federal debt.
Isn’t this the signal to curb government spending and focus on finding more pragmatic solutions in addressing the growing debt? I am reminded of a quote from former President Ronald Reagan, who said, “Government is not the solution to the problem, it is the problem.” Perhaps, it is time for our leaders to address the economy, rather than creating more problems by passing unnecessary programs.
