Posted on 07/23/2010 11:13:42 AM PDT by Andrea19
...Bowles and Gregg can only be talking about cutting $3 in promised Social Security and Medicare benefits in exchange for $1 in tax increases. In other words, 1/4 of the unfunded liabilities of Social Security and Medicare would be paid for with tax hikes. So how big is that?
According to the 2009 Social Security and Medicare Actuaries' Report, the long-run insolvency of the Social Security and Medicare systems is $106.8 trillion (with a "t") over the infinite horizon. To close this gap with one-quarter tax hikes is, therefore, to raise taxes by $26.7 trillion. Of course, this number is undoubtedly higher since the Obama Administration is sitting on (read: hiding) the 2010 version of the report (it's nearly six months overdue).
Higher taxes are not the answer. Even if the 2001 and 2003 tax relief was made permanent, the AMT patched forever, and all other expiring tax relief was extended indefinitely, CBO has said that tax revenues will come in at their historical average. It's spending, and spending alone, which is causing any fiscal imbalance. Raising taxes will simply result in a worse fiscal picture as the politicians spend all the money and create yet more unfunded promises. Spending is 100% of the problem, and should be 100% of the solution...
Read more: http://www.atr.org/erskine-bowles-judd-gregg-call-forbr-a5242#ixzz0uWvKKCPb
(Excerpt) Read more at atr.org ...
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Seems interesting to me, that the first thing to do is ‘name’ it..
Looks like journolisting to me.
Dudd Gregg...thx so much NH. :( I see the progressives have trotted him out to make this charade appear ‘bipartisan’.
Oh yeah, that’ll REALLY encourage businesses to hire lots of workers!
Sadly a 100% income tax is the liberals' idea of a flat tax.
I’ve haven’t been to NH in several years so I can’t say; he did turn down being Obama’s Commerce Secretary. Then again, why was he considered in the first place?
No doubt those employees would be octogenarians, because even with tax increases Congress will just keep raiding the Social Security “Fund” or whatever it gets renamed.
Youre on to something...why DID they offer it to him? That says it all. He puts up some token griping about Barry’s foolishness but in general hes OK w/ it all as are the majority of republicans. They enjoy the culture of corruption b/c it means more power & perks for them. NH *used* to be a good place but anymore is just another NE cesspool of liberalism.
Irksome Bowel Syndrome at work!
Obama wanted Gregg to vacate his Senate seat so that to POS RAT governor could name a RAT to replace him.
It backfired.
Obama wanted Gregg to vacate his Senate seat so that the POS RAT governor could name a RAT to replace him.
It backfired.
Hey, I remember now; you’re right, that was the plan. Though weren’t they promising to name a RINO? (Not that there’s much of a difference.)
Any reliable source? This is an urgent request.
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