President Obama’s death debt panel has made some bold recommendations for trimming America’s growing debt. Guess what? They all suck for you.
The plan would throw out hundreds of tax breaks for items such as capital gains and child care. It would raise the gas tax, slash defense spending and bring down health-care costs by clamping down on medical malpractice suits. The Social Security retirement age would rise to 68 in about 2050 and 69 in about 2075.
Three-quarters of the savings would come from spending cuts, with the remainder from tax increases
I risk being unpopular(er) for saying this, but this proposal actually makes a lot of sense. Think about it: with enough cuts to Medicare, you probably won’t live to retirement age anyway. That takes care of the whole ‘paying you money when you are old’ thing. It kills two birds with one stone, kind of like feeding the homeless to the hungry (I shouldn’t give them any ideas).
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