The last time we faced this upcoming financial disaster we called it â€śTaxmageddon.â€ťÂ We would not solve the matter or bring it to closure.Â Instead we kicked the can down the road and raised our debt limit.Â Now, we face it again and call it the â€śFiscal Cliff.â€ťÂ The Fiscal Cliff becomes a reality on January 1.Â If Congress doesnâ€™t come to terms with this matter soon, our economy will crash.Â Half of our military budget will be cancelled which would cause the loss of hundreds of thousand jobs and many business closures.Â Or, we can do like the last time which was to raise our debt limits and kick the can down the road again.Â A wise government would adjust our spending and revenues to begin chopping away at our $16 trillion debt.
The next financial trauma is the Dodd-Frank bill implementation.Â Senator Dodd and Congressman Frank steered this fiasco through Congress and then announced their retirements.Â President Obama signed it.Â It has done much harm in terms of capital access, business growth and job creation.Â By law, regulators must write 398 rules to fully implement the bill.Â So far they have issued 133 final rules (33 percent),Â proposed 133 more which are pending and another 133 are yet to be proposed. This bill is making banks too timid to lend money to businesses.Â Our major corporations are refusing to further invest in this nation and are considering growing their businesses abroad.Â It may end Fannie Mae and Freddie Mac and force us to come up with a new way to provide mortgage financing to homeowners.Â We need to undo this law and start over using common sense.
International trade is another area that needs to pick up the pace of the new global market.Â The last administration closed on free trade agreements with South Korea, Panama and Columbia. Maybe the second Obama administration will be more robust. The Trans-Pacific Partnership (TPP) is starting to get on the negotiating table.Â If completed, we will have free trade agreements (duty and tariff free transactions) with Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.Â The National Black Chamber of Commerce is all for this.Â After we complete it, letâ€™s consider some of the larger African nations. Also, wouldnâ€™t it make sense to include the European Union, our nationâ€™s biggest trading partner? We are talking business development and sizeable job creation.
It would be very important to the Obama legacy if we were to arrive at energy independence.Â Yes, we know he is all for the â€śall of the aboveâ€ť strategy in meeting our energy needs through every means available.Â Again, we are talking about a serious number of new jobs and business development.Â We must build the Keystone Pipeline.Â We should expand the new technique of natural gas drilling â€“ Fracturing or â€śfracking.â€ťÂ Off shore wells should now be allowed on all of our coastlines.Â We cannot become independent without these forms of energy gathering.Â The president is going to have to face this if he is to achieve his goal.Â He will have to do this with an absence of cap and trade legislation.Â That wonâ€™t happen and this position is non-negotiable.
If the new administration can work with Congress and complete the above, it would signal a new day for America.Â We are at risk and I pray that the turning point can happen sooner than later.Â It would be so nice to have some camaraderie and respect on Capitol Hill and a happy Wall Street. If we can just get it together within the next year, the economy would start turning around and may even start to boom in the second year of this administration.Â President Obama, Congress, it is all up to you.Â Letâ€™s do it for the future of our great nation.
Harry C. Alford