A new debt proposal from a fiscal commission appointed by President Barack Obama is proposing deep cuts in federal spending including Social Security and Medicare. The proposal also suggests significantly reducing income tax rates and eliminating practically all tax breaks such as the mortgage interest deduction. The plan also calls for raising the Social Security retirement age first to 68 and eventually to 69. Enacting the proposal is supposed to reduce the deficit to 2.2% of GDP by 2015.
Both Democrats and Republicans are already balking at different provisions in the proposal. You can view lawmaker’s reactions to the debt proposal here. Or you can view the actual debt commission report.
Comments
3 responses to “New Debt Proposal Would Cut Social Security and Medicare”
Actually- you need to read the proposal. It is on my website. It is tough- but not what the news says. Actually sounds reasonable if we are going to balance the budget….
I have a link to the proposal in the post. I have looked at the proposal and I think what I’ve written is accurate. I do agree with you that the proposal is reasonable. There is now way we are going to be able to balance the budget without some sacrifices.
Making sacrifices lead to change and that is definitely something we need. Medicare is a bit of a joke these days anyway and I don’t know any senior who doesn’t have supplemental medical insurance because it covers so little. It’s a wonder people survive.