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WASHINGTON—The co-chairs of a deficit commission established by the White House would seek to limit federal spending on health care, gradually raise the retirement age and lower the corporate tax rate to 26%, according to a draft set of proposals released Wednesday.
The sweeping plan is likely to provoke a political firestorm. It touches many of the third rails of politics, including defense spending, Social Security and middle-class tax breaks long seen as inviolate.
My question is are "We The People" really serious about cutting programs?
Jimmy Carter stood before the American people and said, "this is the reality of what we are facing and were going to have to make sacrifices". For this, people now call that famous speech the Malaise speech, as Americans will not tolerate any sacrifice or reduction of their lifestyle willingly.
Ask America to put a sweat on and turn the T-stat down and your Presidency will end in a fiery ruin. Americans want sunshine and rainbow blown up their backsides and nothing short of that is acceptable. This is the land where everyone BELIEVES that all can be winners.
Lake Woebegone, where the sun always shines and all the children are above average.
"A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would cut Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction.
"[reduce] Social Security spending by raising the retirement age to 68 in about 2050 and 69 in about 2075. The plan also would slow the rate at which benefits grow. The savings would come between 2012 and 2020.
"...income-tax rates would be reduced to three levels: 8 percent, 14 percent and 23 percent." End tax breaks.
"The plan would cut the deficit to 2.2 percent of gross domestic product by 2015, from the current 9 percent, exceeding Obama’s goal. It would also reduce debt to 60 percent of GDP by 2024."
As long as the cuts are across the board (entitlements, union pensions, Congress spending, environmental nut jobs, shrink the federal government / lay-offs and salary reductions, etc.) I am more than happy to share in the pain...but good luck with that...
“We have harpooned every whale in the ocean and some of the minnows,” Simpson said. “No one has done this before.”
“This country’s out of money and we better start thinking,” said co-chairman Erskine Bowles. Without “tough choices,” he said, “we’re on the most predictable path toward an economic crisis that I can imagine.”
"A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would cut Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction.
"[reduce] Social Security spending by raising the retirement age to 68 in about 2050 and 69 in about 2075. The plan also would slow the rate at which benefits grow. The savings would come between 2012 and 2020.
"...income-tax rates would be reduced to three levels: 8 percent, 14 percent and 23 percent." End tax breaks.
"The plan would cut the deficit to 2.2 percent of gross domestic product by 2015, from the current 9 percent, exceeding Obama’s goal. It would also reduce debt to 60 percent of GDP by 2024."
Well it is a plan. What is the Republican plan?
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