With the stock markets dropping over 10% over the last few days, it certainly was a wake up call on the deficit of many countries including the U.S.

The economies of many countries are hampered by debt and probably heavy taxes on small and medium size companies who create employment.

In the U.S. corporate taxes are running too high at 35%. These should be reduced and taxes on small companies should be 20%. Please note that Canada has much lower taxes on corporations.

Many governments bailed out failing financial institutions like banks and insurance companies, but who is going to bail out a failing country? Taxpayers that's who. Every taxpayer of an indebited country is responsible for some of its debt. That is why "deficit surcharges" in one form or another would be levied on anything that walks and talks.

The politicians and rich people may try to run away from their responsibilities on these financial issues, but they can't hide. All citizens will feel the pain of cutbacks and higher taxes. Probably, the poor will be hurt more than the rich.

The U.S. is facing some kind of austerity program. It may be a Republican version. It may be a Tea Party version. It may be a Chinese version.

Hopefully, the austerity program will be made in America by the Democrats in the Senate, Congress and White House: One voice, One program, Three majorities.