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View Diary: The deficit commission's conservative bias (325 comments)

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  •  First, this is not a Social Security Commission.. (0+ / 0-)

    This is  the National Commission on Fiscal Responsibility and Reform.

    The functions of the Commission are advisory only. The Commission shall propose recommendations to balance the budget, excluding interest payment on the debt, by 2015. This result is projected to stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers. In addition, the Commission shall propose recommendations to the President that meaningfully improve the long-run fiscal outlook, including changes to address the growth of entitlement spending and the gap between the projected revenues and expenditures of the Federal Government.

    Second, Social Security might be running into trouble post 2036, or it might not.  That's a long way out.

    By 2036 Social Security will be dealing with the Baby Boomer Bulge.  Expendatures might exceed income, but boomers will be dying off so any problem might be temporary and minor.

    If the commission addresses this issue they would have multiple methods of dealing with this problem.  

    Cutting benefits is not the only solution.  There's also raising the the cutoff limit.  Withholding rates could be increased a tiny bit.  It might even be possible to sell some bonds to get through a tight spell.


    Stop and think clearly for a moment.

    President Obama, someone who has always worked for  the poor and the 'common man', set up an advisory commission to provide him with a wide range of ideas on how to fix our financial problems.

    Some of us are concentrating on one small part of the budget, imagining a worst case outcome, and running around screaming "The Sky Is Falling!!!".

    How smart is that?

    Shouldn't we be concentrating on stuff like cutting the military budget?  Subsidies for the fossil fuel industry?  Subsidies for factory farms?

    "They were overwhelmed by the learned ignorance, the accepted say-so of the times." Teale

    by BobTrips on Thu Sep 02, 2010 at 09:49:30 AM PDT

    [ Parent ]

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