Deficit panel - hit SSI, mortgage deductions, medicare

[Chapdog]

So far all im reading is how reductions to the middle class important (ssi, medicare, mortgage deductions) are going to pay for the huge government giveaway Obama had last year to those who didn't deserve shit and those who were already rich.

Deficit panel leaders' plan curbs Social Security
By Andrew Taylor
Associated Press / November 10, 2010


WASHINGTON—Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.


The proposal also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction.

As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn't look like it can win support from 14 of the commission's 18 members to force a debate in Congress. Bowles is a Democrat and was former President Bill Clinton's White House chief of staff.

Cuts to Social Security and Medicare are making some liberals on the panel recoil. And conservative Republicans are having difficulty with options on how to raise tax revenue. The plan also calls for cuts in farm subsidies, foreign aid and the Pentagon's budget.

"This is not a proposal I could support," said Rep. Jan Schakowsky, D-Ill. "On Medicare and Social Security in particular, there are proposals that I could not support."

The Social Security proposal would change the inflation measurement used to calculate cost of living adjustments for program benefits, reducing annual cost-of-living increases. It will almost certainly draw opposition from advocates for seniors, who are already upset that there will be no increase for 2011, the second straight year without a raise.

The plan released by Bowles is only a proposal put forth by him and Simpson. Members of the commission will resume debate on it later Wednesday and next week in a long-shot bid to reach a compromise.

The release of the proposal comes just a week after midterm elections that gave Republicans the House majority and increased their numbers in the Senate. During the campaign, neither political party talked of spending cuts of the magnitude proposed by Bowles, with Republicans simply proposing $100 million in cuts to domestic programs passed each year by Congress.

"It's a very provocative proposal," said GOP Rep. Jeb Hensarling of Texas. "Some of it I like. Some of it disturbs me. And some of it I've got to study."
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

[Phantasmal]

So far all im reading is how reductions to the middle class important (ssi, medicare, mortgage deductions) are going to pay for the huge government giveaway Obama had last year to those who didn't deserve shit and those who were already rich.

Deficit panel leaders' plan curbs Social Security
By Andrew Taylor
Associated Press / November 10, 2010


WASHINGTON—Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.


The proposal also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction.

As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn't look like it can win support from 14 of the commission's 18 members to force a debate in Congress. Bowles is a Democrat and was former President Bill Clinton's White House chief of staff.

Cuts to Social Security and Medicare are making some liberals on the panel recoil. And conservative Republicans are having difficulty with options on how to raise tax revenue. The plan also calls for cuts in farm subsidies, foreign aid and the Pentagon's budget.

"This is not a proposal I could support," said Rep. Jan Schakowsky, D-Ill. "On Medicare and Social Security in particular, there are proposals that I could not support."

The Social Security proposal would change the inflation measurement used to calculate cost of living adjustments for program benefits, reducing annual cost-of-living increases. It will almost certainly draw opposition from advocates for seniors, who are already upset that there will be no increase for 2011, the second straight year without a raise.

The plan released by Bowles is only a proposal put forth by him and Simpson. Members of the commission will resume debate on it later Wednesday and next week in a long-shot bid to reach a compromise.

The release of the proposal comes just a week after midterm elections that gave Republicans the House majority and increased their numbers in the Senate. During the campaign, neither political party talked of spending cuts of the magnitude proposed by Bowles, with Republicans simply proposing $100 million in cuts to domestic programs passed each year by Congress.

"It's a very provocative proposal," said GOP Rep. Jeb Hensarling of Texas. "Some of it I like. Some of it disturbs me. And some of it I've got to study."
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

The middle class, what middle class...

 

[Onceler]

I was just about to post this.

How about this one, privatization-opposers? What good is SS if they are going to have to keep reducing benefits, and raising the age?

Privatize, and everyone wins. SS as a public program is unsustainable....

 

[Chapdog]

I was just about to post this.

How about this one, privatization-opposers? What good is SS if they are going to have to keep reducing benefits, and raising the age?

Privatize, and everyone wins. SS as a public program is unsustainable....

especially if they keep them together in a general fund. The days of 9-12% avg equity returns over 10year periods is over until the boomers are dead.

 

[cawacko]

both "sides" are going to have to take hits to things they hold dear if this is ever to come to fruition.

 

[Bonestorm]

I was just about to post this.

How about this one, privatization-opposers? What good is SS if they are going to have to keep reducing benefits, and raising the age?

Privatize, and everyone wins. SS as a public program is unsustainable....

Nothing that these jackasses have proposed is going to become law any time soon so holding out what they have proposed as the only alternative to privatization is ludicrous.

 

[Onceler]

both "sides" are going to have to take hits to things they hold dear if this is ever to come to fruition.

You can already tell from the few statements that they put in there that each side is going to push the parts they want, and reject the parts they don't.

It's a big mistake; this kind of bipartisan recommendation is exactly what they should act on, because they'll never do it themselves. The alternative is gridlock, spiraling deficits & bankruptcy, and you can kiss America as a superpower goodbye....

 

[Bonestorm]

You can already tell from the few statements that they put in there that each side is going to push the parts they want, and reject the parts they don't.

It's a big mistake; this kind of bipartisan recommendation is exactly what they should act on, because they'll never do it themselves. The alternative is gridlock, spiraling deficits & bankruptcy, and you can kiss America as a superpower goodbye....

Henny Penny called and said you need to relax.

 

[Chapdog]

these are just proposals but the thought process is there for them. I was hearing the moon-bats talking about eliminating the mortgage interest deduction 7years ago and thats exactly when i realized i better pay the mortgage down first and fast.. screw what the financial guys tell you about interest deduction benefits and to do long loans and put more into 401k's and safety net funds. Also in terms of 401ks and IRA's its a moon-bat fantasy to turn them into a govt fund so im contemplating cashing them out to pay the house off completely.

Its just a matter of time before ssi gets reduced even more. Gonna have a bunch of poor old people aged 60-70 robbing cvs's and walmarts because they don't have any income and SSI didnt kick in yet. I'm not working past 60 so someone else can take care of my ass.

 

[NOVA]

Not one word about eliminating the COL adjustments for lawmakers and ALL federal workers that already are paid more than comparable jobs in the private sector...

Or how about cutting the outrageous pensions of federal and even state workers....

And how about eliminating completely, pensions of congressmen....

How about a freeze on the military budget

How about Pelosi repaying the government for the use of her private, limo jumbo jet she uses to travel...

How about all travel by congressmen be done on military aircraft that are already making trips to or near their destination...

Their are thousands of ways to cut spending without taking money from seniors that have no other source of income and no other way to keep up with the rising cost of gasoline, food, medicine, etc., and of course, the constant drain of rising real estate taxes on their homes....

 

[Onceler]

Nothing that these jackasses have proposed is going to become law any time soon so holding out what they have proposed as the only alternative to privatization is ludicrous.

Everything about SS screams "unsustainable." I'd love it if we could find a way to maintain it at current levels indefinitely without continuing to raise taxes, but we simply can't.

People who support it as a public program brag that we won't have to really cut it until 2037, when we'd need to implement a 25% cut in benefits. How would you like to be a legislator on that day? Or a senior?

And that is not factoring in significant increases in life expectancy (which could reach 100 by mid-century), as well as exponential population increases, and continued increases in cost of living.

SS as a public program is a Ponzi scheme; it can work better for everyone on a private level....

 

[Phantasmal]

Not one word about eliminating the COL adjustments for lawmakers and ALL federal workers that already are paid more than comparable jobs in the private sector...

Or how about cutting the outrageous pensions of federal and even state workers....

And how about eliminating completely, pensions of congressmen....

How about a freeze on the military budget

How about Pelosi repaying the government for the use of her private, limo jumbo jet she uses to travel...

How about all travel by congressmen be done on military aircraft that are already making trips to or near their destination...

Their are thousands of ways to cut spending without taking money from seniors that have no other source of income and no other way to keep up with the rising cost of gasoline, food, medicine, etc., and of course, the constant drain of rising real estate taxes on their homes....

What a dullard, wages have been stagnate for 30 years, wanna gut middle America! How kind of you! No penalty for Wall Street, just main street! Yeah Tea Time Republicans!

 

[Bonestorm]

Not one word about eliminating the COL adjustments for lawmakers and ALL federal workers that already are paid more than comparable jobs in the private sector...

Or how about cutting the outrageous pensions of federal and even state workers....

And how about eliminating completely, pensions of congressmen....

How about a freeze on the military budget

How about Pelosi repaying the government for the use of her private, limo jumbo jet she uses to travel...

How about all travel by congressmen be done on military aircraft that are already making trips to or near their destination...

Their are thousands of ways to cut spending without taking money from seniors that have no other source of income and no other way to keep up with the rising cost of gasoline, food, medicine, etc., and of course, the constant drain of rising real estate taxes on their homes....

There is a lot more in these recommendations than what is in the OP. Much of what you are asking for are included.

 

[cawacko]

What a dullard, wages have been stagnate for 30 years, wanna gut middle America! How kind of you! No penalty for Wall Street, just main street! Yeah Tea Time Republicans!

you consider federal workers main street? and how are proposing the federal government limits costs on Wall Street?

 

[Bonestorm]

Everything about SS screams "unsustainable." I'd love it if we could find a way to maintain it at current levels indefinitely without continuing to raise taxes, but we simply can't.

People who support it as a public program brag that we won't have to really cut it until 2037, when we'd need to implement a 25% cut in benefits. How would you like to be a legislator on that day? Or a senior?

And that is not factoring in significant increases in life expectancy (which could reach 100 by mid-century), as well as exponential population increases, and continued increases in cost of living.

SS as a public program is a Ponzi scheme; it can work better for everyone on a private level....

You crack me up. If you want to get concerned about an unsustainable program why don't you turn your attention to Medicare. There's a problem that needs fixing now. Social Security is doing just fine, thank you.

 

[Onceler]

You crack me up. If you want to get concerned about an unsustainable program why don't you turn your attention to Medicare. There's a problem that needs fixing now. Social Security is doing just fine, thank you.

I think you were one of the first who brought up the 25% decrease in 2037; I could be wrong on that.

How can you possibly say its fine when they'll have to cut it by a quarter in one generation?

 

[Bonestorm]

I think you were one of the first who brought up the 25% decrease in 2037; I could be wrong on that.

How can you possibly say its fine when they'll have to cut it by a quarter in one generation?

Because there is a lot that can be done over the next 27 years to ensure that those cuts to scheduled benefits will not happen. Worrying today about a problem that far off in the distance is insane, particularly when there are much more serious issues that need to be dealt with in a much shorter time frame, particularly Medicare.

 

[Cancel 2016.2]

You crack me up. If you want to get concerned about an unsustainable program why don't you turn your attention to Medicare. There's a problem that needs fixing now. Social Security is doing just fine, thank you.

No, it is not doing just fine. This is the first year the outflows exceed the inflows. That wasn't supposed to happen for another 6 years. The downturn in the market escalated the time frame as the loss of jobs created a revenue short fall (based on expectations).

Medicare is obviously a problem as well and will continue to be so. Another example of government run programs that are failures.

To fix SS, we need to:

1) Privatize all accounts under age 50 (note to morons... this does NOT mean the funds ALL have to go into the stock market.... that is just a scare tactic by the idiots on the left that wish to leave the funds in the CONTROL of the idiots in DC. The Ponzi scheme needs to be put to rest NOW.

2) Implement taxes on incomes over $250k (or $300k or whatever number makes sense). Sorry, but no way to avoid it at this point. The idiots have put off the problem too long. The only other option is to reduce bene's or extend the retirement age.

In addition to the above... I would suggest we adjust the level of taxation on SS. The AGI number has not been adjusted for inflation for at least the last 30 years. Adjust it to todays dollars. This will provide greater protection for seniors who rely upon SS as a primary source of income. Then tax those that get SS bene's that have an AGI over $250 50% on their SS income. Sucks... but again our idiots in DC have led us down this insane path.

 

[Onceler]

Because there is a lot that can be done over the next 27 years to ensure that those cuts to scheduled benefits will not happen. Worrying today about a problem that far off in the distance is insane, particularly when there are much more serious issues that need to be dealt with in a much shorter time frame, particularly Medicare.

I'm all for addressing Medicare. That doesn't mean you don't deal w/ a timebomb like SS, particularly when privatizing can provide immediate benefits for deficit reduction.

The math doesn't work: again - combine exponential population growth, with increasing life expectancies and costs of living, and there is no other conclusion to draw save for SS is an unsustainable program.

It's a shame, too, because SS just takes up a bigger portion of the pie every single year - crowding out other vital programs and making America fiscally weaker as a nation in the process....

 

[Phantasmal]

No, it is not doing just fine. This is the first year the outflows exceed the inflows. That wasn't supposed to happen for another 6 years. The downturn in the market escalated the time frame as the loss of jobs created a revenue short fall (based on expectations).

Medicare is obviously a problem as well and will continue to be so. Another example of government run programs that are failures.

To fix SS, we need to:

1) Privatize all accounts under age 50 (note to morons... this does NOT mean the funds ALL have to go into the stock market.... that is just a scare tactic by the idiots on the left that wish to leave the funds in the CONTROL of the idiots in DC. The Ponzi scheme needs to be put to rest NOW.

2) Implement taxes on incomes over $250k (or $300k or whatever number makes sense). Sorry, but no way to avoid it at this point. The idiots have put off the problem too long. The only other option is to reduce bene's or extend the retirement age.

In addition to the above... I would suggest we adjust the level of taxation on SS. The AGI number has not been adjusted for inflation for at least the last 30 years. Adjust it to todays dollars. This will provide greater protection for seniors who rely upon SS as a primary source of income. Then tax those that get SS bene's that have an AGI over $250 50% on their SS income. Sucks... but again our idiots in DC have led us down this insane path.

You privatize SS and it will be one of the biggest bail outs our country has yet to come! This is giving the money to the Robber Barons of Wall Street! Have you all lost your minds? I just don't get this!!!!!
Just take SS out of the hands of the government being able to borrow from it, problem solved. People our age are going to start dying off very quickly with this terrible health system we have! the lack of doctors who take Medicare! There will be plenty of money for the future years!