Whether the bi-partisan commission on reducing the national debt is simply a show for the people, or reality for the future, the findings coming out of the panel are sure to anger many Americans.
Instead of seeking to eliminate costly and unnecessary agencies such as the Energy department, and the department of Education which combined tax the budget to the tune of hundreds of billions of dollars per year, the panel is instead suggesting that cuts to social security take place, and new taxes be induced on the people.
This is truly a case of where Congress and the administration just don’t get it. Contrary to their political rhetoric, the nation is in a massive recession, if not depression, and unemployment is pushing 20% with no end in sight.
I guess the President and old guard Senators didn’t get the memo that the people spoke on November 2nd.
To look more into the suggested means of cutting the national debt, the New York Times did an article yesterday on the panel’s findings.
The plan calls for deep cuts in domestic and military spending, a gradual 15-cents-a-gallon increase in the federal gasoline tax, limiting or eliminating popular tax breaks in return for lower rates, and benefit cuts and an increased retirement age for Social Security.
Those changes and others, none of which would take effect before 2012 to avoid undermining the tepid economic recovery, would erase nearly $4 trillion from projected deficits through 2020, the proposal says, and stabilize the accumulated debt.
“It’s time to lay it out on the table and let the American people start to chew on it,” said Alan K. Simpson, the former Republican Senate leader who is one of the co-chairmen, along with Erskine B. Bowles, who was White House chief of staff under President Bill Clinton.
Like with the 9/11 commission, why we continue to pull retired retreads out to investigate game changing ideas to solve problems that… they created when they were in office, is indicative to how much Washington is corrupt, and broken.
No real economist with a shred of intelligence could suggest additional taxation at a time when people are out of work, and the economy is in dire straights. And only a fool would attempt to cut social security when the largest population and voting base (Baby Boomers) are set to begin receiving what they spent 30+ years contributing to.
Can the elections of 2012 come soon enough for the American people?