Lest anyone think I am in lockstep with Dems on all things political, and against anything the Rs are for, this will surprise you. President Obama's deficit reduction commission released their preliminary report today and, well, here is a NY Times summary:
"A draft proposal released Wednesday by the chairmen of President Obama’s bipartisan commission on reducing the federal debt calls for deep cuts in domestic and military spending starting in 2012, and an overhaul of the tax code to raise revenue. Those changes and others would erase nearly $4 trillion from projected deficits through 2020, the proposal says.
The plan would reduce projected Social Security benefits to most retirees in later decades — low-income people would get higher benefits — and slowly raise the retirement age for full benefits to 69 from 67..."
And Nancy Pelosi immediately called it "unacceptable" and all the unions and liberal groups I get emails from, jumped in just as quickly shooting it all down.
I actually love the plan - what I know of it so far anyway, since all the details have yet to be announced.
Hey Jamie,
ReplyDeleteGood to see you have a blog at the DLN! I enjoyed reading your Veteran's Day salute to Obama. That was excellent! As for the report from the deficit reduction commission, I think you ought to side with Pelosi on that one. The commission is just trying to stick us regular folks with the bill for the Bush era (remember that Bush squandered the Clinton surplus). They have no business talking about Social Security when they have not looked at all the possible deficit reduction strategies. Mike Lux at the blog Open Left came up with a decent and brief list of possibilities:
November 13, 2010
How to cut the deficit without having to listen to Simpson and Bowles any more
Mike Lux, Open Left:
1. Increasing taxes on millionaires and billionaires.
2. Imposing a financial transactions tax on Wall Street speculation.
3. Ending a wide array of corporate tax loopholes for things like overseas investment.
4. Ending corporate agribusiness subsidies larded into the farm bill.
5. Ending loopholes and subsidies of various kinds to the big energy companies.
6. Reforming the government contracting process to end no-bid contracting, impose penalties on cost overruns, and cut down on excessive bonuses.
7. Allowing Medicare to negotiate drug prices with the big pharmaceutical companies.
8. Having a vigorous public option to provide competition for health insurers.
Furthermore, deficit reduction is really an issue for inside-the-beltway types. Most people out here in America care about the economy and health care.
Tal with you soon Jamie!
John Turgeon