Posted on 11/13/2012 3:53:14 PM PST by SkyPilot
During a press conference following a wreath laying ceremony at Punchbowl National Cemetery in Hawaii, Secretary of Defense Leon Panetta responded to a reporter’s question regarding the whole issue of sequestration.
"Sequestration" is a fiscal policy procedure adopted by Congress to deal with the federal budget deficit. It first appeared in the Gramm-Rudman-Hollings Deficit Reduction Act of 1985. Simply put, sequestration is the cancellation of budgetary resources - an "automatic" form of spending cutback.
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And, you know, as you know from my own history dealing with budget deficits, in order to do it on a fair and effective basis, you have to look at the key areas of the federal budget. The fact is that, you know, we have addressed the discretionary area, we’ve taken almost a trillion dollars out of discretionary area and out of defense alone, almost a half a trillion dollars just out of defense."
"I think the responsibility now, both Republicans and Democrats, has to be to look at the entitlement area, what savings can be achieved on entitlements and what additional revenues need to be on the table as well. Every budget agreement that I've been a part of has involved entitlement savings, it's involved revenues and it's involved discretionary caps", he added.
“And I think those are all the pieces that have to be discussed and put together in ultimately a budget agreement that can not only avoid sequestration, but that can avoid the other problems that we're going to confront on a fiscal cliff”, Panetta said
(Excerpt) Read more at examiner.com ...
When most people retire, they stop receiving their salaries and begin SS, which is much less than their salary was.
Without my savings plan, investments, retirement from my job, and SS, I’d have to take a cut at 65.
But, those who have been on welfare and haven’t worked, have no reduction in benefits at 65. What a country!!
Unfortunately, that TOO would be SS and Medicaid. The amount paid out greatly exceeds that paid in (even with the measly 1% return rate).
Again, we’re debating using the other teams rules and verbiage.
We should be screaming about privatization (own it, cash it out, pass it on after death) vs. a government ‘promise’ that doesn’t amount to a hill of beans (especially if one dies before claiming cent 1)
We should be screaming NO re: means testing. How would I know, at 15, if I’d be rich or not at 65? But, if I AM, you keep all the $$ I put in??
Thank you.
raise the taxes on the rich and then do nothing else....squeal about it...make a lot of faces...warn that its not enough but the rats won't allow it....
but the pubs should not be the ones cutting anything...if we have any hope for Congress and the Senate in two years...
I always get a laugh at some groups “demanding” jobs....these people wouldn’t work no matter what...some people are just lazy....
my sil has been on SS TWICE...once for tweaking her neck and she was able to stay home for the entire time her kids were young and then she got a puffy job and worked a little here and there....
she fell off her ladder a short distance and from that episode she got back on SS diability for good...her and her good for nothing husband BOTH on ss disability ...its been a fun game for them....
my sil has been on SS TWICE...once for tweaking her neck and she was able to stay home for the entire time her kids were young and then she got a puffy job and worked a little here and there....
she fell off her ladder a short distance and from that episode she got back on SS disability for good...her and her good for nothing husband BOTH on ss disability ...its been a fun game for them....
The entitlements that Leon Panetta (Secretary of Defense) is hinting at are military retirement packages and long term medical costs. They’re looking to entirely phase out the old system and put the military on a 401k style plan.
Young people can work very hard as a single parent to make 45k in an honorable respectable position in a high tax state and next door may be a couple scamming the system, not working, and pulling in 60k between them. And when they are in danger constantly of loosing their job we wonder why the “safety net” government seems so appealing.
It isn’t envy of the scammers, but it is recognition that the wolf could be at their door from job downsizing or from health issues and this government that we have let grow into the Nanny may be their only fall back.
Liberal Lexicon:
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Man living as an ‘adult baby’ is cleared of Social Security fraud
Doesn't that "just" accelerate retirement? I had a friend who got a fatal cancer when he was about 60 and considered magic disability SS. He said it would just bump him up to his full SS amount that he would have earned as if he were 66.
It's a sweet deal for your SIL, but the amount she gets--even at the younger age--is still determined by her work history and SS contributions, I think? Is that the case?
What about the other 49.5% of us?
I am guessing they consider us over ruled and we dont matter.
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