The initial revelations about the recommendations of the Deficit Reduction Commission
drew the expected response from all sides and revealed that the public is unwilling to accept any solution to the ballooning deficits if they require any present discomfort. The need to raise taxes drew howls of rage from the right. The need to rein in welfare type benefits, Social Security, Medicare caused the Left to go
ballistic. Each constituency was saying "tax him,not me", and "cut his benefits, not mine". It is highly unlikely that the bunch of "Cowardly Lions, Congress", led
by "compromiser in chief, President Obama" will summon the courage to move the public
toward the unpleasant choices that must be made. But the choice will be made, by events, the bankruptcy of the nation.
For example The Social Security deficit could be eliminated for many decades if
eligibility for benefits were to be means tested. Does anyone see this as likely?
In coming days, as the arguments surface, I will have more to say on the subject.
This should start the dialogue.
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2 comments:
Social Security helps millions of senior citizens live with the self-respect that comes with financial independence . it fills the void left by depleted savings, unsecure 401K accounts , uncertain private pensions and rampant inflation. It would be reprehensible and not logical to add a means test to it.
JACQUES
Maxx you are so correct for most people. But there are millions of wealthy folks for whom S.S. benefits are not an essential, or even consequential portion of their
retirement income. If their benefits were devoted to reducing the S.S. deficit that would be noble contribution to the solvency of the nation. Marty
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