Obama Deficit Commission Criticized for Proposals to Slash Social Security, Medicare

[notorious bum]

http://www.democracynow.org/2010/11/..._for_proposals

The co-chairmen of the bipartisan presidential deficit commission released a list of recommendations Wednesday on ways to reduce the nation’s deficit by $4 trillion by 2020. Co-chairmen Erskine Bowles and Alan Simpson have proposed raising the retirement age for Social Security to 69 by the year 2075, decreasing the cost of living benefits for Social Security recipients, imposing new limits on the Medicare health insurance program, and ending several middle-class tax breaks.

[kuronosan]

I'm confused. This is an Obama thing or a Republican thing?

[Restrat]

it's headed by both democrats and republicans

[Mizango]

Erskine Bowles! Carolina's quadfocaled trailer trash is reppin' hard up in that bitch!

[Cephius]

Fiscal policy is where so many Americans show just how stupid and ignorant they are. They vote for Republicans who promise never to raise taxes but who will cut spending and get America "back on track" financially. Well, how do they think that's going to happen? The Republicans will just eliminate a few government programs and all will be well!

Well, if taxes aren't going to go up then the benefits are going to get slashed. It's either one or the other, people can't have it both ways. I just find it amusing that the older population will vote down any and all taxes (including those that fund the same benefits they collect) and then are shocked when the alternative is... slashing benefits.

[Mizango]

Fiscal policy is where so many Americans show just how stupid and ignorant they are. They vote for Republicans who promise never to raise taxes but who will cut spending and get America "back on track" financially. Well, how do they think that's going to happen? The Republicans will just eliminate a few government programs and all will be well!

Well, if taxes aren't going to go up then the benefits are going to get slashed. It's either one or the other, people can't have it both ways. I just find it amusing that the older population will vote down any and all taxes (including those that fund the same benefits they collect) and then are shocked when the alternative is... slashing benefits.

Yeah, I just shake my head at that concept and how out of touch people really are. Want cake and eat it too, can I haz?

[notorious bum]

I would like to draw a parallel between this story and the London protests in that foreign countries don't fuck around when it comes to things like this. Raising the age of retirement to 69? holy shit, they are out in the streets making sure they put their retarded politicians in place, not waiting until next election to vote for change or whatever lame brand slogan they'll have for 2012.

DEMOCRACY my friends, the govt. serves the people, not the other way around lol

[Niiro]

I would like to draw a parallel between this story and the London protests in that foreign countries don't fuck around when it comes to things like this. Raising the age of retirement to 69? holy shit, they are out in the streets making sure they put their retarded politicians in place, not waiting until next election to vote for change or whatever lame brand slogan they'll have for 2012.

DEMOCRACY my friends, the govt. serves the people, not the other way around lol

Yea but we're talking about old people here, they can't take to the streets without their motorized scooters, and with Medicare cuts they're less likely to have them now.

justasplanned.jpg

[Hyan]

I would like to draw a parallel between this story and the London protests in that foreign countries don't fuck around when it comes to things like this. Raising the age of retirement to 69? holy shit, they are out in the streets making sure they put their retarded politicians in place, not waiting until next election to vote for change or whatever lame brand slogan they'll have for 2012.

There was this one news few weeks ago that made me laugh:

"The protests in France seem to have ended.. for this Fall."

Probably just preparing for the next year's protests starting at January!?

Although this seems to be some sort of middle-European thing. Here we'd whine and bitch but actually rally the streets? LOL, it's fucking cold out there!

[Byrthnoth]

Man, that fucking socialist, marxist, communist, fascist, nazi Obama and his socialist committee are trying to eliminate the fine capitalistic institution of social security. What a bunch of pinko bastards!

do u c wut i did thar?

Fact of the matter is, fewer people are paying in than drawing out. Something needs to be done about social security, because we implemented the system in a nonsensical way that (while it worked for decades) is now becoming obvious. Social security only really works if you pay in at the same (or greater) rate than you pay out. The timing of the program and the baby boom made this reasonable for years, but now they're getting old and fewer people are paying in than taking out. Obviously it would have made sense to have people pay into an account with their cohort and then take out of the same account when they're old enough to qualify (sort of a retirement fund shared among people as old as you), but then there would have been no money for pre-social security people upon implementation.
Anyway, political problems of the past come back to haunt us. Until the system is fundamentally changed in some way, it will be highly population dependent. This bill isn't a solution, it's a bandaid. Also, I doubt it'll pass. People who paid in to support the pre-SS crowd will be pissed when they don't get theirs. Fortunately, enough time has passed since Social Security's inception that we're likely to be able to make a real solution now (organize it by birth year or something).

[Olo401]

Screw the Cat Food Commission. The ONLY good recommendations they had were to slash defense spending and subsidies for big oil companies.

The way to fix Social Security was laid out by Al Franken five years ago when he was still hosting his radio show: Adjust the withholding income amounts so that the first $30k of income each year is not subject to FICA, then from $30k-130k is subject to FICA at the current rates for both employee and employer, then a gap with no FICA until $1million, and above that is subject to the current rate only for the employee, not the employer. Do that and Social Security will run a surplus every year, which can be applied to help pay for Medicare/Medicaid/SCHIP or to pay down the debt.

[aurik]

Read my lips, no new taxes.

There's some good ideas they brought up. Too bad it'll never get anywhere because people get downright irrational when you talk about taxing them and/or reducing the benefits they currently receive.

Also I thought killing agri subsidies and placing additional taxes on gasoline to generate revenue were good thoughts. And killing the mortgage interest tax credit.

[notorious bum]

Don't worry buddy, this economy might have missed you so far, but your feelings of indifference will soon be remedied by reality after the next inevitable market collapse.

[Headspace]

When can we just have death panels?

[notorious bum]

What was it like 30k people die every year due to no healthcare in this country? Thank god for health insurance reform....

[Acturus]

Fact of the matter is, fewer people are paying in than drawing out. Something needs to be done about social security, because we implemented the system in a nonsensical way that (while it worked for decades) is now becoming obvious. Social security only really works if you pay in at the same (or greater) rate than you pay out. The timing of the program and the baby boom made this reasonable for years, but now they're getting old and fewer people are paying in than taking out. Obviously it would have made sense to have people pay into an account with their cohort and then take out of the same account when they're old enough to qualify (sort of a retirement fund shared among people as old as you), but then there would have been no money for pre-social security people upon implementation.

Social Security used to have a surplus. But other governmental agencies have been allowed to dip into the surplus with IOUs. Part of all of it is that those other agencies have no intention of paying back the debts owed to the Social Security fund, nor does the Federal government want to insist that they do so.

[Ashmada]

Forgive this confused european, but... medicare, isn't that the thing he set up himself a few months ago?

I mean, yeah, if there's a deficit problem and he can't raise taxes with the 'publicans in the chamber, he does have to slash somewhere, but his own just released healthcare plan? There was nothing else to cut?

"The protests in France seem to have ended.. for this Fall."

Probably just preparing for the next year's protests starting at January!?

Although this seems to be some sort of middle-European thing. Here we'd whine and bitch but actually rally the streets? LOL, it's fucking cold out there!

Well, you know, the protests in france is another example of people not understanding (or, rather, not willing to accept) a change that's needed.
Pensions all over Europe are a growing issue, so the governments have to either extend the age of retirement or cut into the pensions themselves... the french won't accept either, thus protests.

In the UK, that's another matter, the measures are rather extreme, but in france it's a reasonable 60->62 change.
Might be hard to swallow, but it has to happen.

[Rhinox]

No. Medicare has been around since the 60's

[Kerberoz]

Forgive this confused european, but... medicare, isn't that the thing he set up himself a few months ago?

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