Posted on 11/10/2010 10:55:54 AM PST by Sopater
Breaking News: Obama Debt Panel Recommends Cut in Social Security Payments, Eyes End to Mortgage Deduction
At foxnews.com
(Excerpt) Read more at foxnews.com ...
If true, looks like Obama wants the old folks and middle-class working families to pay for his social welfare state.
Not a winning strategy for 2012.
Across the Board cut of 10% of all Federal outlays.
Followed by 10% cut of operating commissions and agencies. the massive herd of Federal Acronyms needs to be culled.
Social Security is a Ponzi Scheme. We can do nothing, and it collapses the country.
Or, we can treat is as a huge machine with many many levers. If we can show everyone that if we simultaneously reef down hard on all the levers, we can change its essence from a Ponzi Scheme to Welfare For Old People Who Will Otherwise Starve, we might have a chance of saving bits of it.
Politically, it will be hard to do anything. I predict 0bama will disavow his panel’s recommendations within 24 hours.
“Eyes End to Mortgage Deduction”
Instant tax increase on every homeowner with a mortgage. That should help the crumbling housing industry.
Counting down to when the Republican takeover of Congress is blamed...
Not necessarily. My mother things everything that's happening is George Bush's fault. The only reason Obama is cutting SS is because George Bush screwed it up. The only reason the her Medicare premiums are increasing and she didn't get a cost of living increase is because George Bush screwed things up. The national debt is all Bush's fault. Etc.
Before she passed away my mom was pulling in a whopping $813.00 a month in social security....what’s to cut??
Folks please. Lets not go off half cocked.
All they are planning to do is raise the retirement age to 150, and lower the thresh-hold to get welfare to anyone with a pulse, that hasn’t turned 65 yet.
Very simple really...
And if you’re an illegal, you also get free health-care and education breaks citizens can’t get.
What’s all the fuss? /s
Well, I agree it’s unpopular but don’t we recognize social security must be cut in some way?
If conservatives won’t cut any of this stuff, savings will come from where?
Here’s my plan.
- Eliminate all earmarks.
- Eliminate the department of energy, education and housing and urban development, and the department of homeland
security
- Eliminate all duplicate programs
- Eliminate estate taxes, capital gains taxes and AMT.
- Raise the age of retirement to 70 and allow people to opt out of SS.
- Decertify all unions and make them illegal under the RICO act.
- Enact a balanced budget amendment
- Stop all foreign aid.
Yeah, I'm coming up on that age. He's sure lost my vote. Oh, wait. He lost it about 48 or so years ago.
IMO, it would utterly destroy it.
Buy stock in bulldozer companies.
Why don’t we cut welfare?
>> We have to encourage home ownership, except for those people who can actually make the payments.
LOL! I wonder if that would fit in a tag line.
Do believe FOX seems to think this is a trial balloon as 14 of the 18 members have to agree with the final recommendations and I would be surprised if they can get the 14. The elimination of interest on housing would amount to a huge tax increase for a lot of folks. Where are the cuts - other than in Medicare? And this needs to be uniform - i.e., no pensions for anyone including government employees until age 68. One time in my life I’m glad to be old.
There should be statistics somewhere showing the number of disabled Medicare recipients, under the qualifying age of 65.
Also ‘double dippers’ who had both Federal employment and private sector employment.
http://www.governing.com/columns/public-money/FICA-free-lunch-crowd.html
Double-dipping. Employees in these outlier states and localities can still collect Social Security benefits for work they do outside their government service. So firefighters can collect Social Security credits for their side jobs as construction workers, plumbers or electricians. Even without moonlighting, the notorious “early-in-early-out” retirees who pull down full pensions from these systems at the ages of 50 or 55 can readily collect 10 years of Social Security credits in a second career, and double-dip the two systems. Occupations with earlier retirement options are heavily weighted in the FICA-exempt sub-group, so the second-career double-dip scenario is quite common. Typically, their public pensions exceed those of workers paying into Social Security: Because the employer and the employees don’t have to pay FICA taxes, they can pay more into the pension plan. Then the double-dippers can add duplicative Social Security benefits and play the two systems against each other. They get their cake and eat it too.
(there’s more - very interesting and irritating)
I actually agree with both of these suggestions. Of course, there’s zero chance either one is going to happen any time soon.
Mrs. Prince of Space
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