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View Diary: Say No To Secrecy For The Deficit Commission! (29 comments)

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  •  Seems to me that the Constitution (3+ / 0-)
    Recommended by:
    kurt, milkbone, nandssmith

    tasks the Congress with deciding how to spend money, not some unelected commission stacked with deficit hawks and the Wall Street geniuses who helped to get us into our current mess.  

    The reason for the commission is that the elites like Peterson know that congress can't and won't welch on the promisesthat Social Security represents in the light of day. So they get a commission to do the dirty work in secret, and pass it in a rush after creating a lot of fake panic about imminent catastrophe, courtesy of douchementaries like the one Peterson got CNN to broadcast.  

    Why just tax hikes and entitlement cuts?  What about spending cuts other than entitlement cuts?  Not on your list, so I guess that defense spending is off limits, as it was for the Bush administration that ran up these deficits.  

    Dean Baker:

    While the commission idea is bad enough by itself, it especially troubling that the proposal would place major cuts in Social Security on the table. This is troubling for two reasons. First, current and near retirees will badly need their Social Security after the Wall Street boys' machinations destroyed their home equity and retirement accounts. The vast majority of middle-income families will have very little other than Social Security to support them in retirement.

    However, plans to cut Social Security are even more troubling because they amount to an effective default on a portion of the national debt. In 1983, Congress voted to raise the Social Security tax above the level needed to pay for current Social Security benefits. The intention was to deliberately accumulate a surplus, which would be invested in government bonds and held by the Social Security trust fund. The rationale was that the huge baby boomer cohort would begin retiring and collecting benefits in 2008. The trust fund could be used to partially cover the cost of their retirement.

    This means that the baby boomers have effectively already paid for the cost of their own retirement. According to the Congressional Budget Office, the bonds in the trust fund, together with ongoing tax revenue, will be sufficient to pay for all Social Security benefits through the year 2044.

    •  I'm all ears (0+ / 0-)

      Why just tax hikes and entitlement cuts?  What about spending cuts other than entitlement cuts?  

      Sure...bring them on. Hopefully the Commission will consider them.

      But if we make it a public affair, the Warmongers won't cut the Military, the Liberals won't cut entitlements, and the Corporate Conservatives won't raise taxes.  We will have the same inaction on the Commission that we have in Congress.

      Let the Commission come up with something. If it is odious, it can always be tweaked or killed.

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