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View Diary: Sen. Chuck Schumer gets support of Harry Reid, White House on taxes (83 comments)

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  •  Bowles and Simpson both call for long-term (0+ / 0-)

    elimination of the Bush tax cuts -- both rounds of them.

    OPTION II -- that is what you need to analyze when you want a solid understanding of their views.

    OPTION I is a straw man. No one would want that.

    As unemployment has fallen, we are coming to the point where their plan can be implemented. No need to delay because the top 2% have next to no interaction with employment results. (Sorry, all you Freshwater econ dudes, this is a Balance Sheet Recession. The economics of Richard Koo rule the day.)

    Consumer debt has fallen $4-trillion.

    Simpson-Bowles Option II can be implemented directly with a simple "sunset" end to the Bush giveaways, followed by raising the payments to bottom-income recipients (to get everyone above poverty level) and giving early retirement to manual laborers. (Yes, that's 100% Bowles-Simpson.) And figuring out how to phase in the military and infrastructure changes.

    (I'd recommend moving all chronic care Medicare work to the Kennedy-Sanders Community Health Centers. Upgraded with the Veterans Administration management system, using VistA software and procedures. That invests a lot to diagnosis, then avoids bill-padding extra treatment.)

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