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Why We Need to Scrap the Federal Debt Ceiling
Back when I was in Congress, I received a phone call from a constituent one day. I’d recently voted to raise the nation’s debt ceiling, and the man was more than irate. “Don’t you understand that we’ve got a serious spending and debt problem in this country?” he asked. “Why did you cast this idiotic […]
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Back when I was in Congress, I received a phone call from a constituent one day. I’d recently voted to raise the nation’s debt ceiling, and the man was more than irate. “Don’t you understand that we’ve got a serious spending and debt problem in this country?” he asked. “Why did you cast this idiotic vote?”
He was right about the problem. But he was wrong about the vote. With Congress fast approaching another debt-ceiling vote and yet one more “fiscal cliff” drama taking shape, I’d like to explain why that is.
The key thing to understand is that raising the debt ceiling is not about increasing spending. It’s about paying the bills for purchases we have already made. Refusing to increase the debt ceiling is like putting your child in day care so you can work, getting your transmission repaired so you can get to your job, and buying work boots and a hard hat so you can stay safe — and then telling your preschool, mechanic, and local storekeeper you have no intention of paying them. Only, if our nation were to do this, the results would include plummeting investment, rocketing interest rates, and an economic downturn that could be catastrophic.
We do have to find a long-term path to deficit reduction — through spending reductions, increased taxes, or a combination of the two. But using the debt ceiling as a means of reining in excessive spending has not worked since an aggregate ceiling was put in place almost 80 years ago.
Indeed, I’d argue that the nation would be better off scrapping the debt ceiling altogether. I know of no other major country that has a debt-ceiling requirement. It has become a political football.
This yearly battle isn’t worth it. The issue isn’t the debt ceiling. The issue is the debt itself and deficit spending. Our political efforts should go toward finding long-term solutions that restrain spending and boost tax revenue. With all the built-in spending we have — Social Security, Medicare, defense spending and the like — the deficit problem is only going to get worse if we don’t address it now.
It’s worrisome that there appears to be no plan to address the debt ceiling in Congress, despite urgent pleas from the president’s economic advisers to do so by the end of July. It’s even more worrisome that Congressional leaders don’t appear ready to address the core need: realistic, long-term deficit reduction.
Lee Hamilton is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU School of Global and International Studies, and professor of practice at the IU School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years, representing a district in south central Indiana.
Oswego Health formally opens new physical-therapy office in Oswego
OSWEGO, N.Y. — Oswego Health and the Greater Oswego and Fulton Chamber of Commerce recently held a ribbon-cutting event to formally open the health
Dermody, Burke & Brown, CPAs, LLC recently hired SUSANA BRUTSKY as an associate in its New Hartford office. She received a bachelor’s degree in accounting from SUNY Polytechnic Institute and an associate degree in business administration from Mohawk Valley Community College.
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Dermody, Burke & Brown, CPAs, LLC recently hired SUSANA BRUTSKY as an associate in its New Hartford office. She received a bachelor’s degree in accounting from SUNY Polytechnic Institute and an associate degree in business administration from Mohawk Valley Community College.
Cazenovia College has appointed LOU MARCOCCIA, the former executive VP and chief financial officer of Syracuse University, to the Jill Hebl St. Clair ‘62 Endowed Chair in Accounting and Finance. He recently retired from Syracuse University after 40 years of leadership roles in the university’s financial administration. Marcoccia began his career with SU in 1975
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Cazenovia College has appointed LOU MARCOCCIA, the former executive VP and chief financial officer of Syracuse University, to the Jill Hebl St. Clair ‘62 Endowed Chair in Accounting and Finance. He recently retired from Syracuse University after 40 years of leadership roles in the university’s financial administration. Marcoccia began his career with SU in 1975 as the director of internal audit followed by several positions of increasing responsibility including comptroller, senior VP for business, finance, and administrative services, and chief financial officer, until his final position in 2006 as executive VP and chief financial officer. He has been a member of several industry associations throughout his career. In addition to his professional career, Marcoccia has served on a number of boards and charitable organizations. He received his doctorate degree in education from the University of Pennsylvania and holds a master’s degree and a bachelor’s degree in accounting from Syracuse University.
JASON P. THORPE has joined John P. Stopen Engineering, LLP as a geotechnical engineer. He has more than 10 years experience performing subsurface investigations and solving complex geotechnical problems. Prior to joining the firm, Thorpe served as geotechnical engineer of record for several mining, arctic, environmental and municipal earthwork projects. He has a master’s degree
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JASON P. THORPE has joined John P. Stopen Engineering, LLP as a geotechnical engineer. He has more than 10 years experience performing subsurface investigations and solving complex geotechnical problems. Prior to joining the firm, Thorpe served as geotechnical engineer of record for several mining, arctic, environmental and municipal earthwork projects. He has a master’s degree in geotechnical engineering from Queen’s University; a bachelor’s degree in civil engineering from Manhattan College; and is a licensed professional engineer in New York State, and in the Northwest Territories and Nunavut in Canada.
Bankers Healthcare Group has hired RONALD VACCARO as a credit card account executive. Previously, he worked as a business development representative at Simple Admit Patient Engagement Solutions presenting software solutions to health-care facilities. Vaccaro is a graduate of Le Moyne College with a bachelor’s degree in business management & leadership.
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Bankers Healthcare Group has hired RONALD VACCARO as a credit card account executive. Previously, he worked as a business development representative at Simple Admit Patient Engagement Solutions presenting software solutions to health-care facilities. Vaccaro is a graduate of Le Moyne College with a bachelor’s degree in business management & leadership.
KATHY SANDS-KAFFENBERGER has joined Marathon Financial Advisors as financial consultant. She has more than 30 years of experience in financial planning, working with business owners, individuals and their families. Sands-Kaffenberger is a graduate of the American College.
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KATHY SANDS-KAFFENBERGER has joined Marathon Financial Advisors as financial consultant. She has more than 30 years of experience in financial planning, working with business owners, individuals and their families. Sands-Kaffenberger is a graduate of the American College.
NBT Wealth Management recently announced that DOUGLAS COGGINS, retirement plan services manager, has been promoted to senior VP. He has more than 25 years of financial-services experience. Before joining NBT, Coggins was assistant VP and director of compliance and government reporting for CitiStreet Retirement Services in Quincy, Massachusetts. He has a bachelor’s degree in business
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NBT Wealth Management recently announced that DOUGLAS COGGINS, retirement plan services manager, has been promoted to senior VP. He has more than 25 years of financial-services experience. Before joining NBT, Coggins was assistant VP and director of compliance and government reporting for CitiStreet Retirement Services in Quincy, Massachusetts. He has a bachelor’s degree in business administration from Babson College in Wellesley, Massachusetts and earned the designation of certified retirement services professional from the Institute of Certified Bankers.
MAUREEN E. FYKE has joined Barclay Damon, LLP as the law firm’s new director of marketing. She will work in all 11 firm offices. She brings decades of experience leading teams in a wide range of business development, branding, and marketing activities. Fyke has spent more than 15 years in customer insights and also has
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MAUREEN E. FYKE has joined Barclay Damon, LLP as the law firm’s new director of marketing. She will work in all 11 firm offices. She brings decades of experience leading teams in a wide range of business development, branding, and marketing activities. Fyke has spent more than 15 years in customer insights and also has deep experience in client relationship management. Prior to joining Barclay Damon, she was most recently senior manager, global consumer insights at Fisher-Price, Inc. (Mattel) in East Aurora. Before that, she was an associate at Goodman & Company; senior manager, market research at Rich Products in Buffalo; and account planning manager at Answerthink (A Hackett Group Company). Fyke has also held senior positions in several New York City advertising agencies, managing client services and account planning for several Fortune 500 clients.
Tully Rinckey PLLC has named attorney GERALD D. RAYMOND as the firm’s newest partner. With more than two decades of experience, he is a member of the firm’s General Business, Real Estate, and Civil Litigation practice groups. Raymond brings a wide range of experience as a private practitioner and public defender to Tully Rinckey. Prior
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Tully Rinckey PLLC has named attorney GERALD D. RAYMOND as the firm’s newest partner. With more than two decades of experience, he is a member of the firm’s General Business, Real Estate, and Civil Litigation practice groups. Raymond brings a wide range of experience as a private practitioner and public defender to Tully Rinckey. Prior to joining the firm, he served as both a practicing attorney and managing partner at the Law Office of Baum & Raymond. While there, Raymond also worked for the Madison County Public Defender’s Office as an assistant public defender, representing criminal defendants in misdemeanor and felony cases. Prior to Baum & Raymond, he acted as an in-house attorney for the Oneida Indian Nation for 15 years and became a senior attorney for Oneida Indian Nation Member Legal Services. Raymond began his legal career as a solo practitioner in Onondaga and Madison counties. Before becoming an attorney, he served as a high school and middle school English teacher in the Watertown and Syracuse City School Districts. After joining the legal world, he continued to teach as an adjunct professor at several colleges, including Onondaga Community College, the Utica School of Commerce, and Bryant and Stratton College. Raymond earned his bachelor’s degree from SUNY Brockport, his master’s degree from the Syracuse University School of Education, and his juris doctorate from the Syracuse University College of Law.
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