Facing South

INSTITUTE INDEX: The deficit commission's curious plan to help those who need it least

deficit_commission_creation.pngDate on which President Obama's deficit commission will meet to consider adopting a plan drawn up by its co-chairs, former U.S. Sen. Alan Simpson (R-Wyo.) and Erskine Bowles, former Clinton chief of staff and current University of North Carolina president: 12/3/2010

Age to which the plan would raise Social Security retirement by 2050 while decreasing cost-of-living adjustments: 68

Age to which the plan would raise Social Security retirement by 2075: 69

Percentage points by which the commission would lower tax rates for the wealthiest Americans and corporations, while putting an end to taxing profits that U.S.-based multinational corporations earn abroad: 7

Year in which the plan would have Americans begin paying taxes on employer-provided health benefits: 2038

Under the proposal, the projected size of the U.S. deficit in 2015: $421 billion

Amount by which the plan's proposed tax cuts would reduce federal revenue: roughly 20 percent

Number of U.S. jobs that the plan would kill over three years, according to one analysis: 4 million

Date on which Simpson likened Social Security to a "milk cow with 310 million tits": 8/24/2010

Average amount a Social Security beneficiary receives annually: $13,900

Amount that Erskine Bowles earns annually as a director for Morgan Stanley, the global financial firm: $335,000

Amount Bowles' wife, Crandall, earns as a director at financial firm JP Morgan: $255,000

Approximate value of the JP Morgan stock owned by Crandall Bowles: $1.5 million

Month that the International Monetary Fund called for substantial increases in taxes on the financial industry: 6/2010

Number of taxes the deficit commission's plan proposes for the financial industry: 0

Number of the 18 panel members who would have to approve the plan for a possible Senate vote in the current lame-duck session: 14

Number of members who have announced their support for the plan so far: 9

Number who have said they will vote against it: 2

(Click on figure to go to source. The White House photo by Lawrence Jackson shows President Obama signing the order creating the commission while Vice President Joe Biden and co-chairs Erskine Bowles and Alan Simpson look on. )



People Referenced:


re: INSTITUTE INDEX: The deficit commission's curious plan to he

Sue, If you'd ask me, I would say, regardless of territorial constriants, or National rule of Law, 'Social Security', is deficient, in terms of being treated as a collective issue. First of all, many people, can do well without. For example, if a free business owner is well adept to manage his or her fiscal issue, among that tax and revenue computation, he or she hardly is in the need of any Security, the way a system of that kind purports to provide. Let us remember that the System doing that, incurs the cost of its operation, since it does have costs to run, on the beneficiary. In our former example, that business owner is at all odds quite capable to do the job of those commissioned to do it for him or her. Why would someone who does have the time and resources and knowledge, or if lacking, gain the knowledge, through workshops or self-study, lend himself or herslf to a sevice of another, and pay for, too? As a second example, others, for various reasons do need that service. For the latter, this Service is indispensible. The former should not be restrianed to continue with his or her business, as a matter of Law, at some point, which very vaguely sets a certain point in Life of someone, who doubtful has any idea who that person might be, in terms of having the capacity to run his or her business. Again, this is my opinion, regardless of boundries. In fact I had filled a petition to withdraw my funds, naturally at no avail, it is to the loss of the company, and it has not done anything in that direction, well past the agreed deadline. Of course, I mean the same thing regarding unemployment fund, for a free business owner is also capable to damp out any shocks incurred due to local downturn in a certain trade, or of a wider scope encompassing a larger population. Again, I am a foreigner, and I express an opinion, unbound to any rule of Law, since pension and Social Security is more or less uniform almost everywhere. Reuben Koutal. If this concession violates any Law, in your opinion, I'd be glad if you let me know, to practice caution, next time around.

re: INSTITUTE INDEX: The deficit commission's curious plan to he

The way people with gobs of money think inspires awe, along with the nausea. I really have begun to have ill feelings toward anyone who is rich. They seem to think they deserve all the wealth. I mean ALL the wealth. And they can't understand why we, the little people, won't just be thankfull for what they allow us to have and shut up and sit down. They've lived in the clouds so long that their minds don't work well. These people don't do anything that actually helps us unless they are forced to by regulations and laws. We are expendable. Make us work harder and longer for less pay year after year and then make us work even longer. Now the rich can buy their very own politician and it's perfectly legal thanks to that bastion of Democracy, the Supreme Court. Of course they still will keep their purchases secret because they can't let their customers know they've bought several law makers to keep on staff.