Many new Republicans were elected on a platform of shrinking the federal government. The first big test of their sincerity it coming, with a vote on whether to let the US borrow more money to increase the national debt. Deficit commission co-chair Alan Simpson says he 'can't wait.'
Should Erskine Bowles and Alan Simpson have more directly tackled health care or the possibility that growth may address debt more effectively than frugality?
Retirement age would rise to 69 by 2075 as one of the reforms proposed in a draft plan from President Obama's deficit commission.
The chairmen of Obama's debt commission have outlined a plan designed to show that progress is possible in reducing the national debt – if Americans agree to make tough compromises.
Democrat Erskine Bowles, chief of staff to President Clinton, and Republican Alan Simpson, former senator, have crafted a deficit reduction and tax code reform plan that spreads the spending cuts across the government with innovative ideas for increasing revenues.
Under the proposal, Medicare spending, Social Security, the Pentagon's budget, and earmarks would be curtailed in a plan that cuts $3 in spending for every $1 in tax increases.
The secret to cutting rates and increasing revenues? President Reagan knew it, as do President Obama's fiscal commission co-chairs, Democrat Erskine Bowles and Republican Alan Simpson.
Social Security is a touchy subject. Alan Simpson, co-chair of Obama's deficit commission, has a colorful mouth and lots of things to say about Social Security. Put the two together and 'poof!' another political brush fire for Obama.
Social Security turned 75 on Saturday. But with fiscal problems looming, are its future birthdays numbered?