Posted on 11/10/2010 3:49:32 PM PST by FromLori
Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.
The proposal also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction.
As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn't look like it can win support from 14 of the commission's 18 members to force a debate in Congress. Bowles is a Democrat and was former President Bill Clinton's White House chief of staff.
Cuts to Social Security and Medicare are making some liberals on the panel recoil. And conservative Republicans are having difficulty with options on how to raise tax revenue. The plan also calls for cuts in farm subsidies, foreign aid and the Pentagon's budget.
(Excerpt) Read more at cnbc.com ...
The LSM will probably be running stories non-stop about how the Dems are taking away SS for the old folks.
As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn’t look like it can win support from 14 of the commission’s 18 members to force a debate in Congress.
Erskine Bowles is pushing this? I wonder if he’s working for Hillary, trying to make Obama look bad?
Why no “curbs” on the EPA, DOE, Dept of ed?
I could even support eliminating the mortgage deduction; we need to simplify the tax code. If elimination of deductions could be coupled with a simple flat tax, I'd be for it.
It’s a start. I’m 55 this year, I don’t expect SS to be there when I retire and have never planned on it. I’ve budgeted and saved in other places. Sooner or later, if nothing is done,those funds won’t be there anyway. So, increasing the retirement age for 2050 and 2075 is a good start. Plan early and often. I’d expect that if mortgage interest goes away, it does so with corresponding tax cuts that are phased in over a half a century, not tomorrow. I’m willing to listen.
WHAT A CONCEPT!
Almost none of these proposals will ever go into effect, especially after the GOP has taken control of the House. This is merely a BS plan put into the wind by the Dems so they can try to hang blame on the GOP when very little of this sees the light of day. The Dems anticipated getting an ass-kicking a long time ago and started this commission BS as a long-term strategy to critize the GOP in 2012.
It all looks logical to me. So, not going to happen.
Even if the mortgage deduction is replaced by other tax cuts (which it apparently is not in this report since this is all about the deficit), it will still have a major effect on the RE market. It has to be done very carefully.
And just think even illegal aliens get the EITC so working people not only have to give away money to those who pay nothing in but worse to non citizens who broke our laws by entering illegally as well.
At this point my first question reguarding democrats tends to be, “how are the members employed by Soros?”.
Man.....talk about a “Shadow Government”. Theywant to destroy this country from the inside out. Slowly but surely they are accomplishing their goals and the country doesn’t see it. Hopefully Republicans will get on this as soon as they take office. For the time being, shut down any more changes by the present Congress.
EITC was Milton Friedman’s idea. The idea was that it would replace welfare checks just for doing nothing with an EITC that is based on at least some kind of work.
But there’s always a problem when the government gives out money raised by other people.
This all stinks of a plan to get everybody riled up over the items that they know will never get past the Commission. All the while, they are cooking up other tax hikes that are going to kick the legs out of what’s left of the economy.
Expect that nobody will be added to SS rolls (illegals excepted)after this year and it will be phased out. The SS tax will NOT be abolished.
Lot of money and influence there. No mention of cutting off SS in any form from those who have not paid a dime into the SS fund. This includes immigrants, legal and illegal, and any relatives. Include even children or youth if not contributors. For those who have paid in they get dime for dime out plus any rational interest. Probably to strict to stomach socially but doing so would take the system to where I believe it was intended and sold years ago.
Well; I was pissed about EITC before, but now that I know Illegals are getting my earnings, too, I'm REALLY pissed!
LOL
Good chart I didn’t even make the connection thanks. I doubt this will come to anything but the way I look at it is I think it’s kind of funny after all it’s O’s commission and when liberals get a look at those suggestions they won’t like it one bit.
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