The US National debt continues to grow. Progressive Dairyman highlights the looming issues of this continued growth and how the debt will impact all citizens.
One of the biggest problems about the current fiscal situation is that foreign countries control a large portion of the debt, leaving the U.S. in a precarious position. Eventually the federal debt may get so high that the U.S. would be seen as a bad credit risk.
What is needed to tackle the issue? Higher taxes, cutbacks in programs, and serious leadership.
Tough decisions will need to be made for cutting spending but also to raise revenue – meaning taxes. Without considering taxes somewhere, it is unrealistic that the federal budget can be balanced.
Is there leadership out there to take on the issue before the ability to execute on viable options disappear?
Additional immediate deductions for equipment investments along with enterprise express reporting provisions can be of great value to operations, but as Ag Law Specialist at Iowa State Roger McEowen tells Eric Atkinson, some elements require immediate action.