Sitting here at the AICPA Governing Council meeting, I am astounded by the number of times the political environment as a key uncertainty, is mentioned by AICPA President & CEO Barry Melancon going through his professional issues update (a survey of the landscape of issues in the accounting and tax world). This is not only impacting big business, but small businesses, individual taxpayers, trusts, etc…essentially everyone.
Why is the future of our finances held so much to the whim of Congress and whatever way the political wind seems to be blowing? Earlier in the meeting we heard an update from pollster Peter Hart. He said that both parties are currently even at 47%. Which adds even more uncertainty…there isn’t even a prediction as to which way the election will go. Once the elections are done, then everyone will have to scramble to adjust their spending or saving depending on how they expect Congressional policy to change.
This really is an example of short term thinking…and scarily it is reflective of the economic state of our nation. There is no long term plan…the economy seems to be able to change with the whim of a political party; the influence of which can change from year to year. No successful business (or any organization for that matter) does such short term thinking–why are we allowing our nation to be run in this way?
Hart also mentioned that there is currently a 13% confidence in Congress and 57% of people would vote to replace EVERY member of Congress if they could. Perhaps we need to figure out a way to start having this happen. This is perhaps the only way to take much of the politics out of Congress and put everyone back on an even footing of representation, which is what Congress is supposed to be anyway.
It’s time for Congress to back to its original purpose–to serve the people–rather than serving its parties and political whims.