I have read the proposal from Obama’s bipartisan debt commission and this is definitely a program written by Washington Beltway hacks from either party. It is weak in its Debt reduction. Our National issue is part deficit and part debt. Simpson et al spent lots of time throwing small BILLION dollar figures at you to make you think they were cutting the snot out of the Government. But we are talking TRILLIONS here, folks. Not a billion here and a billion there.
They propose a gas tax increase of 12 cents as if that is chump change. But a 12 cent increase in gas right now would take this state to 3 dollars. It was 2.35 two months ago. So every fill up of a 15 gallon tank will cost you $1.80. If you fill up once a week that is over 93 dollars a year on gas alone and that does not even factor in inflationary issues (and they are happening now).
A derivative of the word Progressive was in that document at least twice in reference to either taxing or, in the case of Social Security, spending. First off Congress should pass laws that affect everyone equally. Progressive anything is unfair at its core. I want to dispel one big argument about fairness here. If I make ten dollars and you tax me at 10% I pay 1 dollar on every 10 earned. If I make a million dollars and you tax me at a 34% rate I am paying $3.40 on every 10 dollars earned. How can anyone make an argument on it’s fairness?
The commission also wants to keep the biggest redistribution of wealth in the tax code in place. The Earned (or as I call it the UNEARNED) income credit. This little gem is the holy grail of the left. It gives people who make less than basic income a tax return well in excess of what they paid. How is this fair in any scenario. From my perspective it gives no incentive for growth to the poor.
The reductions in Government do not even touch the real issues. These guys proposed baby steps when dramatic action is needed. Slashing Government is what is needed. The United States Government is the number 1 employer in this country. That fact alone would have our founders turning over in their graves. We need to pull back on regulations created without Congressional oversight. This republic is governed by the three branches of Government and the agencies should not act without direct approval of those bodies
I read this proposal and it is a weak framework for failure as it does not fully address the federal debt in large measure. It is a deficit band aid at best. Without addressing in large bold strokes our national debt we are selling ourselves to China. Anyone want to visit Tienanmen Square?
No wonder they could not get the votes.