The President’s debt panel commission released its final report today, recommending a large array of cuts that could affect citizens in a wide variety of ways.
Unfortunately, the report does very little to cut wasteful spending by Congress, or the government.
In an article by CNN Money, the reports details are laid out for the President to make determinations on for cutting the deficit.
The report, called “The Moment of Truth,” is an amended version of a plan put out three weeks ago by the panel’s co-chairmen, Erskine Bowles and Alan Simpson.
“Our country has tough choices to make. We need to be willing to tell Americans the truth: We cannot afford to continue spending more than we take in, and we cannot continue to make promises we know full well we cannot keep,” the report said.
While the scope of the final report and the magnitude of measures recommended are very similar to that of the original Bowles-Simpson plan, there are some differences.
Among them: The amended plan recommends that lawmakers consider a one-year payroll tax holiday either for workers or employers as an economic stimulus measure. That echoes a stronger payroll tax holiday proposal offered last month by another debt reduction task force co-chaired by Alice Rivlin, who also sits on the president’s commission.
Overall, spending cuts would account for roughly 74% of the deficit reductions. Tax measures — including a reduction in tax breaks — would account for roughly 26%.
As you can see, most of the suggestions deal solely with closing tax loopholes, and tax breaks for Americans. What isn’t mentioned in this clip is the Bowles-Simpson plan’s desire to cut Social Security, or raise the age limits.
Sadly, the Social Security problems are not due to citizens, but instead the wasteful theft and spending of the social security fund. What used to be a $3 Trillion dollar surplus is now simply IOU’s that won’t ever be paid back, but instead Congress hopes to continue the Ponzi scheme by making todays workers pay for what they spent.
No real change in the deficit will take place until they cut multiple agencies out of the bureaucracy that tend to do the same work as other departments. Just recently, DHS shut down a number of websites, which is actually the job of the FBI, and NOAA closed down 4200 square miles of the Gulf, which is the job of the Coast Guard.
This is another example of the government simply putting on a show for Americans that they are trying to cut the deficit, but in reality it is a theft of your money, and more taxation during a time of recession and joblessness.