Obama to lay out debt reduction plan, they eye the Medicare and SS eligibility age

Yes we are getting hints of what may be proposed in the new, improved and more aggressive debt reduction plan.

President Obama's debt reduction plan is set to land Monday in the laps of the 12 members of the Congress' bipartisan debt committee.

In recent weeks the president has said his plan would offer specific proposals that can achieve savings "more ambitious" than the committee's $1.5 trillion target. He said it would be "balanced," involving both spending cuts and tax increases. And he promised it would "stabilize debt in the long run."

This means going from 10 years to 8 in the reduction expectations.

Also the two entitlements Medicare and SS will be in the table.

Many Democrats' blood pressure will hit the roof if Obama proposes raising the eligibility age for Medicare

Fiscal hawks, on the other hand, would applaud an increase in the retirement age for both Medicare and Social Security because if done gradually and in a way that protects workers in physically demanding jobs, it's a comparatively easy way to contribute to the programs' long-term solvency.

He also wants to implement the Buffett Rule one that will be hard to sell on the Republicans.

On Sunday, for instance, a White House official said the president would propose what he'll call the "Buffett rule" -- a new top tax rate for millionaires to ensure they pay roughly the same average rate of federal taxes on their income as middle class families do.

Legendary investor Warren Buffett has urged Congress to tax the super-rich more, since many of them earn a bulk of their income from investments, which are taxed at a lower rate than wages.

Yes, Obama is getting very aggressive on his debt reduction plan.

money.cnn.com...

Step 1: Manufacture a crisis
Step 2: Public clamors for government to take their Medicare and SS so they can fix the mess.
Step 3: Profit

reply to post by pirhanna


I see that taxing the wealthy and bring them to the same level in taxes as the middle class is not a bad thing as they get all kind of tax brakes, putting a burden on the working class.

But targeting the Medicare and SS because they keep dipping in the pot is nothing but hypocrisy.

Our industrial base is gone and is not coming back.

I say tax everybody the same. Poor person pays 9 percent. Rich people pay 9 percent. What is the matter with that?

All created equal,

All taxed equal.

Originally posted by pirhanna
Step 1: Manufacture a crisis
Step 2: Public clamors for government to take their Medicare and SS so they can fix the mess.
Step 3: Profit

Step 1: Collect underpants.
Step 2: ??
Step 3: Profit.
the underpants gnomes business model.

also, what is it you would say was the "created crisis"?

reply to post by wiredamerican


For some reason that is the way that it should be, but the tax burden on the nation falls in the middle class, but right now with the middle class turning slowly into the working poor those that used to support the economy are not in big numbers anymore.

Tax revenue has gone down since the economic crisis and is about to get worst.

Too much spending no enough taxes.

reply to post by marg6043

Tax revenue has gone down since the economic crisis and is about to get worst. Too much spending no enough taxes.

Ok then, the logical answer would be to switch the universal 9 percent tax to 16 percent tax. If the population accepts the 16 percent than they are happy with the spending.

If the people start rioting, they will be forced to cut spending and go back toward 9 percent tax.

The only logical reason I can see a tax curve payment scale is because of corruption.

reply to post by wiredamerican


You know something is wrong in this nation when Buffett himself comes out and tells about the disparities of taxation in this nation.

That is why Obama wants to introduce the "Buffett rule".

reply to post by marg6043

That is why Obama wants to introduce the "Buffett rule".

Or he wants ammo for the 2012 election because he knows the Republicans are going to say hell no.

On the SS and medicare, he knows that in the end Americans will settle for that option because something is better than nothing.

2cents

reply to post by marg6043

That is why Obama wants to introduce the "Buffett rule".

You hit the nail on the head on that one.

I do wonder if this was set up or just a happening that was fortunate for both parties.

reply to post by jam321


And like you say is nothing more than political game in order to win the approval of the working class in the nation as pre election year.

Yes I also was thinking about that too. you can not trust politicians anymore.

I wonder how much of that disparity has Buffett given back.

The National debt does take donations after all.

reply to post by jam321


Well he did got some tarp money when one of his investments had problems, so that is tax payer money that he took, also he has been infusing the markets to keep them afloat, or let say to keep his investments looking good.

reply to post by marg6043


Ill give him props for comitting political suicide with the far left on the medicare / ss age issue. I think the lawmakers on some topics should be allowed political cover to get something that is needed, yet extremely unpopular, done.

Medicare / Social security does need to be redone and fixed, and thats not going to happen so long as anyone that goes near it is targeted for turning their back on the old folks.

Better to fix it now, and muddle through with stop gap to help those on it now, so its available to those who need it long term.

Well the final debt reduction plan is out now released yesterday after looking at the pros and cons, Obama is leaving Medicare and SS alone (Democrats would not have it) and has increased the time line again to 10 years, with proposing tax increases of 1.5 trillion on the wealthy.

So he really wants to go after the wealthiest.

Now lets see what the Republicans have under their sleeves, If they refuse to increase taxes on the wealthiest with cuts on Medicare and increase age on the SS then we got a big problem in this nation with that Political party, sorry to say more so than with the Democ-rats.

Hopefully to be the final bill,

www.mediacomtoday.com...

reply to post by marg6043


The medicare / SS talks, according to President Obamas speech today, is on the table but due to the nature of that topic its seperated from the initial plan.

Placing that topic into a comprehensive debt plan would mean we wouldnt have a debt plan.

Im pleasently surprised that they are recognizing the need to remove divisive issues in order to pass legislation. Can come back and work on SS / Medicare later on without being held hostage on other issues.

reply to post by Xcathdra


I know, meanwhile the markets are down today and news coming from EU zone are not good, still I can not way what is going to happen to the final bill.

And what are we the tax payer going to get or not.

I wonder if the Republicans will block the taxes on the rich at the expenses of cuts on Medicare and SS.

reply to post by marg6043


I think the American people are not going to be forgiving to any candidate / incumbent who continues to hold these topics hostage.

If the plan of the Republicans is to tie this up to blame Democrats in the elections, its not going to work.

reply to post by Xcathdra


I wonder also if Obama is trying to do too much to bring his approval ratings up and prepare for the next battle of election year.

Things are no looking good, now he is mandating Freddy and Fanny to do a massive refinance for trouble homeowners, after the BoA dump the toxic mortgages on the federal owned companies this will fall on the tax payer as usual.

But can it help the economy? no really.

It seems obama is working to hard ot fix things that are not that easily fixable.

Then the Fed has been bailing out the EUzone since last week and they do not have to tell the tax payer how they are using the money neither needs approval from Obama or congress.

reply to post by marg6043


Thank you for the update...
I think before they adjust the eligibility age they need to show us,..the People what they have done to correct the abuse taking place in the welfare system. Not make it more difficult for deserving recipients,but control abuse..

example...Just recently a gentleman stopped me while entering grocery store to see if I wanted to buy some food vouchers.....

star and flag for keeping us informed.