On November 28, billionaire Warren Buffett will tell the world on ABC television that rich people should pay more in taxes. “I think that people at the high end - people like me - should be paying a lot more in taxes. We have it better than we've ever had it.”
Buffett supports House Speaker Nancy Pelosi's plans to increase income taxes for those couples with $250,000 gross income - and so do I. And this may be the right time to endorse Pelosi for her effective and dignified leadership as Speaker of the U.S. House of Representatives. Capable and honorable, trapped in a situation of terrible unemployment, she can’t be held personally responsible for the political annihilation of the Democrats. Allowing the bankers to precipitate the crisis, was a national flaw.
President Obama’s deficit commission proposes raising the age at which one can receive Social Security benefits to 69 by 2075. A great many people in their 60s have lost or are about to lose their jobs and have little hope of finding another. Raising the retirement age would extend the period of receiving no income for many people approaching 70. The commission would end deductibility of health benefits and mortgage interest while raising the gasoline tax, levying tax increases on the middle class while giving tax cuts to the wealthy.
Americans should not be stampeded into cutting increasingly critical Social Security protections. It's time to ask those who have reaped the benefits of runaway tax cuts and growing income inequality to pay their fair share, not cut Social Security. It's time to require income taxes on all earnings above $106,800. Doing so would fully address the projected shortfall for 75 years.
Showing posts with label social security. Show all posts
Showing posts with label social security. Show all posts
Monday, November 22, 2010
Sunday, November 14, 2010
Showboating the Federal Deficit
President Obama created the National Commission on Fiscal Responsibility to suggest solutions to the nation’s fiscal problems. The commission was to be bipartisan; incorporating Democratic and Republican ideas with the obvious effect that the Democrats, at that time controlling the Senate, the House of Representatives and the White House was surrendering their political advantage in advance of negotiations.
Then the President appointed two chairmen of the commission; Erskine Bowles, the Democratic co-chair has a big business background and a small government agenda; and Alan Simpson, the Republican co-chair, had been a US senator whose voting record was solidly cautious conservative.
It is no surprise that these Obama chairs led their commission to endorse proposals that would solve the long-term deficit by cutting back Social Security, Medicare and other social welfare programs. Thus the poor, the sick and the elderly would pay for the tax breaks and bailouts for the already wealthy.
In addition, the co-chairs are proposing a mixture of tax cuts and tax increases - tax cuts for the wealthy, tax increases for the middle class. They suggest eliminating tax breaks that mean a lot to middle-class Americans, including the deductibility of health benefits and mortgage interest, raising the age of social security eligibility, increasing the Federal Gasoline Tax, etc.
The suggested changes would erase nearly $4 trillion from projected deficits through 2020 and stabilize the accumulated federal debt now hovering about $14 trillion. Half of this enormous debt is directly attributable to the tax reductions installed by President George W. Bush and the growing cost of the US military establishment that rules the world. Our country spends more on its military than all other nations in the world combined. We have more than 1000 military bases on the soil of 175 of the 192 member states of the United Nations Most of these countries buy US Treasury Bonds in spite of the big US deficit. Is there an element of compulsion here? Does China actually represent a military threat to the United States? For all the saber-rattling during the Russian-Georgia crisis, did anyone really think Americans were going to die for South Ossetia? The U.S. Navy has eleven large carrier battle groups structured to fight the Imperial Japanese Navy. The Imperial Japanese Navy?
Yes, the Bowles-Simpson panel seeks a cut in the military budget of $100 billion per year. Anybody want to bet on that reduction passing this Congress or any other Congress representing 435 congressional districts each with at least one juicy contract from the Pentagon?
They must be kidding.
Then the President appointed two chairmen of the commission; Erskine Bowles, the Democratic co-chair has a big business background and a small government agenda; and Alan Simpson, the Republican co-chair, had been a US senator whose voting record was solidly cautious conservative.
It is no surprise that these Obama chairs led their commission to endorse proposals that would solve the long-term deficit by cutting back Social Security, Medicare and other social welfare programs. Thus the poor, the sick and the elderly would pay for the tax breaks and bailouts for the already wealthy.
In addition, the co-chairs are proposing a mixture of tax cuts and tax increases - tax cuts for the wealthy, tax increases for the middle class. They suggest eliminating tax breaks that mean a lot to middle-class Americans, including the deductibility of health benefits and mortgage interest, raising the age of social security eligibility, increasing the Federal Gasoline Tax, etc.
The suggested changes would erase nearly $4 trillion from projected deficits through 2020 and stabilize the accumulated federal debt now hovering about $14 trillion. Half of this enormous debt is directly attributable to the tax reductions installed by President George W. Bush and the growing cost of the US military establishment that rules the world. Our country spends more on its military than all other nations in the world combined. We have more than 1000 military bases on the soil of 175 of the 192 member states of the United Nations Most of these countries buy US Treasury Bonds in spite of the big US deficit. Is there an element of compulsion here? Does China actually represent a military threat to the United States? For all the saber-rattling during the Russian-Georgia crisis, did anyone really think Americans were going to die for South Ossetia? The U.S. Navy has eleven large carrier battle groups structured to fight the Imperial Japanese Navy. The Imperial Japanese Navy?
Yes, the Bowles-Simpson panel seeks a cut in the military budget of $100 billion per year. Anybody want to bet on that reduction passing this Congress or any other Congress representing 435 congressional districts each with at least one juicy contract from the Pentagon?
They must be kidding.
Subscribe to:
Posts (Atom)
