Watering Hole: December 6, 2010 – Say It Ain’t So, Kitty

First, they came for my retirement 401K/IRA.  Then, they devalued my investment properties.  Now, they want to dismantle the only thing between me and living on the streets.  They want my Social Security.

Instead of focusing on a commission to create jobs which would increase tax revenues and increase demands for goods, Obama decided that it was better to go along with the Tea Party’s and Club for Growth wishes reducing Government spending so he opted for a Deficit Commission instead.

So how does the recommendations from the Deficit Commission (Cat Food Commission) effect seniors?  Here’s how…

The plan calls for eliminating most popular tax breaks, while preserving smaller breaks for mortgage interest on primary residences, charitable contributions and employer-paid health insurance. While broadening the tax base, it would lower individual and corporate tax rates from a maximum of 35% to no more than 29%.

It includes higher Medicare copayments and reduced Social Security benefits for many future retirees, as well as an increase in the retirement age from 67, where it’s headed in 2027, to 69 by 2075. Both defense and domestic spending would be slashed, and new rules put in place to lock in those reductions.

Really?  They want you to work until you drop dead on the job.  If you do manage to survive,  there could be a boost for the cat food industry.

Fortunately for Americans, the recommendations did not receive the 14 votes that were needed to move these recommendations to Congress for a vote.  Some members of the commission had this to say:

… co-chair Erskine Bowles (transcribed more or less verbatim). Saying that the the threat of these deficit is “real”, he said: “The solutions will be painful, and there is not easy way out but at the end of this journey America will be a better place.”

The bi-partisan insanity was represented by Senate Budget Chair Kent Conrad: “Other than the terrorist threat to America, this is the greatest threat to America.”

That’s a bit frightening.  In my opinion, high unemployment with few available jobs is a greater threat to America.

This is our Open Thread.  Feel free to Speak Up!

(All politics are local)

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