Today apparently was the day Clementine realized for the first time that everyone hates her father.
Totally quotable Clementine
Considering the suggestions of the Commission on Fiscal Responsibility and Reform
Alan Simpson and Erskine Bowles, the co-chairs of the President’s National Commission on Fiscal Responsibility and Reform issued a 50-page draft proposal a few days ago, outlining what they’d recommend that we do to reign in government spending and significantly cut the nation’s deficit. They maintain that their proposal, which cuts military spending, reforms the tax code, and pushes back Social Security eligibility, among other things, would balance the budget by 2037.
Here’s a bit of the overview from the New York Times:
…The plan calls for deep cuts in domestic and military spending, a gradual 15-cents-a-gallon increase in the federal gasoline tax, limiting or eliminating popular tax breaks in return for lower rates, and benefit cuts and an increased retirement age forSocial Security….
The plan would reduce cost-of-living increases for all federal programs, including Social Security. It would reduce projected Social Security benefits to most retirees in later decades, though low-income people would get higher benefits. The retirement age for full benefits would be slowly raised to 69 from 67 by 2075, with a “hardship exemption” for people who physically cannot work past 62. And higher levels of income would be subject to payroll taxes…
Outgoing Speaker of the House, Nancy Pelosi, called the proposal “simply unacceptable.” Richard Trumka, the head of the AFL-CIO, took things a bit further, stating that Simpson, Bowles and company had just told the working men and women of America to “drop dead.” Economist Paul Krugman said in his New York Times column that it would be unethical to push back the retirement age, as working class Americans aren’t making the same gains in longevity that the rich are. He then went on to say the following:
…It’s no mystery what has happened on the deficit commission: as so often happens in modern Washington, a process meant to deal with real problems has been hijacked on behalf of an ideological agenda. Under the guise of facing our fiscal problems, Mr. Bowles and Mr. Simpson are trying to smuggle in the same old, same old — tax cuts for the rich and erosion of the social safety net…
And, it’s not just that the Commission is suggesting that the retirement age be pushed back for those of us following the baby boomers, and that taxes be cut across the board, that’s got people upset. They’re also suggesting that the mortgage interest tax deduction be trimmed or eliminated, which would hit the middle class disproportionately hard. Here, on that, is another clip from the New York Times:
…The proposal, part of a draft by co-chairmen Alan K. Simpson and Erskine B. Bowles, suggested that the tax code could be streamlined, and income tax rates drastically lowered, by eliminating the $1.1 trillion in annual tax expenditure entitlements — subsidies and breaks given to targeted businesses and individuals. The commission chairmen also offered the option of capping the deduction at $500,000 on mortgages, rather than the current limit of $1 million.
The prospect brought an angry outcry. House Speaker Nancy Pelosi blasted the commission’s suggestions, saying it would force middle-class homeowners to subsidize tax breaks for the wealthy. Officials in the real estate and mortgage industries warned that ending the deduction could cripple an already ailing housing market…
Others, however, think that these are the kinds of difficult decisions that we’re going to need to make if we’re ever going to lift ourselves out of the financial hole that we’ve gotten ourselves into. Here, to illustrate that point, is a segment from my favorite morning news chat show Morning Joe.
I’m willing to keep an open mind and consider anything, but I have to know that the interests of the middle class are being considered, and not just those of the wealthy. And, for what it’s worth, it doesn’t exactly help instill confidence in the process when I hear that many of the staffers on the Commission are being funded by organizations dedicated to the cutting of entitlement programs. While I’m perfectly willing to put off my retirement for a year for the good of the country, if that’s what it takes, I agree with Krugman when he says that that we shouldn’t balance the budget on the backs of America’s working class. And, if it’s true that this whole Simpson/Bowles thing was built upon the premise that the rich needed to pay less in taxes… well, then, I think we’d better start over again. I don’t mind paying my share, but others better be willing to do the same. And, if I’m giving up my mortgage deduction, then we’d better also start closing up the legal loopholes that allow our most wealthy among us to move their money out of the country in order to avoid paying taxes.
Jon Stewart responds to Rally to Restore Sanity criticism
I don’t know that it changed my mind about the rally, but I very much liked listening to Stewart and Maddow discussing their respective shows and how they see themselves and the work that they do. I know it’s an hour long, but, if you haven’t seen this yet, you should really check it out.
How can anyone look at this and say that our American justice system works?
And, as long as we’re talking about the prison industrial complex, did any of you catch the story on private prisons that ran on NPR the other day? It’ll make you want to riot in the streets… You won’t, of course… But you’ll want to.
[The above image came courtesy of Reddit.]