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redneckgaijinEarlier today, Rep. Ron Paul proposed that the Treasury forgive the federal debt it holds- that is, essentially write off interest due to the bonds in the Social Security trust fund.
And now the Republicans are demanding that, if a new deficit commission's proposals are not adopted, that Social Security be cut.
Oh, please, please don't throw me in that briar patch, Bre'r Democrat...
The Democrats are very very right to reject this option. It's win-win for Republicans; if they don't like what the commission reports, they can kill it- and get what they really want anyway.
And Obama has already backed the "chained CPI" option as part of his Grand Master Bargain that fell through. He's quite OK with it. The man who picked Alan "Million Teats" Simpson to co-chair a debt commission obviously has neither love for Social Security, nor empathy for those wholly dependent upon it.
Look for Obama to tell the Democrats to sit down and shut up about revenues- and to accept the Social Security cut trigger scheme without a fight.
Without a fight, after all, is what Obama does best.
EDIT: Yep, here we go.
Oh- and no revenue (that is, no higher taxes or closed tax loopholes/deductions).
Silly me, I thought I voted for a DEMOCRAT in 2008.
And now the Republicans are demanding that, if a new deficit commission's proposals are not adopted, that Social Security be cut.
One of their proposals would alter the way the government calculates inflation. It would thus reduce automatic increases in tax bracket levels and Social Security cost of living adjustments -- in effect a regressive tax increase, and a Social Security cut, each of which would result in modest savings.
Democrats reject this so called "chained CPI" option because they fear Republicans would happily block a balanced spending cut/tax increase package in favor of an automatic Social Security cut.
Republicans have also proposed "automatic sequestration" -- across the board spending cuts, including to entitlements -- with no corresponding revenue increases.
Oh, please, please don't throw me in that briar patch, Bre'r Democrat...
The Democrats are very very right to reject this option. It's win-win for Republicans; if they don't like what the commission reports, they can kill it- and get what they really want anyway.
And Obama has already backed the "chained CPI" option as part of his Grand Master Bargain that fell through. He's quite OK with it. The man who picked Alan "Million Teats" Simpson to co-chair a debt commission obviously has neither love for Social Security, nor empathy for those wholly dependent upon it.
Look for Obama to tell the Democrats to sit down and shut up about revenues- and to accept the Social Security cut trigger scheme without a fight.
Without a fight, after all, is what Obama does best.
EDIT: Yep, here we go.
* Debt ceiling increase of up to $2.8 trillion
* Spending cuts of roughly $1 trillion
* Vote on the Balanced Budget Amendment
* Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
* Committee must make recommendations before Thanksgiving recess
* If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.
Oh- and no revenue (that is, no higher taxes or closed tax loopholes/deductions).
Silly me, I thought I voted for a DEMOCRAT in 2008.
