The Way to rebuild the Economy is to make sure that everyone gets a fair shot at success
PRESENTING his Budget for 2013, US President Barak Obama said,
America was built on the idea that anyone who is willing to work hard and play by the rules, can make it if they try-no matter where they started out. By giving every American a fair shot, asking everyone to do their fair share, and ensuring that everyone played by the same rules, we built the great American middle class and made our country a model for the world.
Today, America is still home to the world's best universities, most productive workers and most innovative companies. But for many Americans, the basic bargain at the heart of the American Dream has eroded.
Long before this recession hit, there was a widespread feeling that hard work had stopped paying off; that fewer and fewer of those who contributed to the success of our economy actually benefited from that success. Those at the very top grew wealthier while everyone else struggled with paychecks that did not keep up with the rising cost of everything from college tuition to groceries.
Then, in the middle of 2008, the house of cards collapsed. Too many mortgages had been sold to people who could not afford—or even understand—them. Banks had packaged too many risky loans into securities and then sold them to investors who were misled or misinformed about the risks involved. Huge bets had been made and huge bonuses had been paid out with other people's money. And the regulators who were supposed to prevent this crisis either looked the other way or did not have the authority to act.
And millions of hardworking Americans lost their jobs, their homes and their basic economic security.
Today, we are seeing signs that our economy is on the mend. But we are not out of the woods yet. Instead, we are facing a make-or-break moment for the middle class, and for all those who are fighting to get there. What is at stake is whether or not this will be a country where working people can earn enough to raise a family, build modest savings, own a home, and secure their retirement. This is the defining issue of our time.
The way to rebuild our economy and strengthen the middle class is to make sure that everyone in America gets a fair shot at success. Instead of lowering our standards and our sights, we need to win a race to the top for good jobs that pay well and offer security for the middle class. To succeed and thrive in the global, high-tech economy, we need America to be a place with the highest-skilled, highest-educated workers; the most advanced transportation and communication networks; and the strongest commitment to research and technology in the world. This Budget makes investments that can help America win this race, create good jobs and lead in the world economy.
I believe that in our country, everyone must shoulder their fair share—especially those who have benefited the most from our economy. In the United States of America, a teacher, a nurse, or a construction worker who earns $50,000 a year should not pay taxes at a higher rate than somebody making $50 million. That is wrong. It is wrong for Warren Buffett's secretary to pay a higher tax rate than Warren Buffett. This is not about class warfare; this is about the Nation's welfare.
Understanding and honouring the obligations we have to ourselves and each other is what has made this country great. We look out for each other, pull together and do our part. But Americans also deserve to know that their hard work will be rewarded.
The American Budget has mind-boggling figures. Their deficit in 2013 is going to be about Rs. 70 Lakh crores - about six times our budget! In these difficult times, the US Budget allocates an aid of 2.4 billion dollars to Pakistan.