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Congress Said to Delay Automatic Budget Cuts Until March

ttwtt78640 said:
Lifting the current wage cap is another thing that would extend the viability of the SS/Medicare system, with little pain being inflicted on the affected workers (except for those "self-employed"). Obama, however, did the DUMBEST thing possible, which was the "temporary" cut in ALL FICA withholding taxes. Yes he did!
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Two points:

1.) I agree with increasing the wage cap to a degree. Yet policy makers must be careful to restructure the outflows at the highest income/benefit levels to avoid unforeseen surges in liabilities. As I previously mentioned, the highest income participants receive the longest duration of benefits as a function of mortality alone.

2.) Any tax cuts can be made up during future periods of low(er) unemployment, of which the macroeconomy will be more capable of dealing with such cost increases.
 
AdamT said:
How would WWII have worked out if we'd had a balanced budget amendment?
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A balanced budget amendment could include an exception for national emergencies like war declared on the US as well as a rainy day fund provision to help lessen such a debt.Severe penalties like prison time and loss of office could also be put in place for politicians trying to create bills to use these rainy funds for other uses.
 
jamesrage said:
A balanced budget amendment could include an exception for national emergencies like war declared on the US as well as a rainy day fund provision to help lessen such a debt.Severe penalties like prison time and loss of office could also be put in place for politicians trying to create bills to use these rainy funds for other uses.
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LOL. That is EXACTLY what makes the "pay go" rules into a standing JOKE in congress now. They even declared the 2000 census spending, a 200+ year tradition, as an "emergency" expense, not subjected to "offsets". Everything is now a "crisis" or an "emergency" and even for those few NORMAL spending increases they are "paid for" by borrowing and spending NOW but using 10 year "future offsets" (not even counting the interest expense, and staring in the NEXT congress' budget), that amount to nothing more than unenforcable promises to HOPE that some future congress actully makes any cuts. They even count spending INCREASES as cuts now, since they were a bit less of an increase than some prior PROPOSED spending increases were. LOL
 
Kushinator said:
Two points:

1.) I agree with increasing the wage cap to a degree. Yet policy makers must be careful to restructure the outflows at the highest income/benefit levels to avoid unforeseen surges in liabilities. As I previously mentioned, the highest income participants receive the longest duration of benefits as a function of mortality alone.

2.) Any tax cuts can be made up during future periods of low(er) unemployment, of which the macroeconomy will be more capable of dealing with such cost increases.
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The means test idea would largely offset the benefits paid to highest end recipients, but Obama cutting FICA withholding was INSANE.
 
Prof. Peabody said:
The Democrats would like very much for this to happen. 1) They promised cuts that never materialized........again. 2) They can blame the Republican controlled Congress. We need a balanced budget amemdment to the Constitution.
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You don't read too well. This is from the link.

The Republican-led House passed a bill in May to avert defense spending cuts and plans to vote in July on a measure to extend the expiring tax cuts. Neither measure will advance in the Democratic-controlled Senate. President Barack Obama opposes both proposals.
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ttwtt78640 said:
The means testing idea is a good one for SS/Medicare perhaps with a limit of 250% of the maximum SS benefit as the "test". The increasing of the retirement age, however, ignores an important FACT. While SOME jobs are able to be done by people over 70, many are not, so as you raise the MINIMUM retirement age you drastically increase those that would qualify for much HIGHER benefits by attaining a "disabled" status. Allowing a construction trades worker to retire at age 65-69 makes SENSE, but raising that age a bit would give many of them a 30% RAISE in their INITIAL SS benefits as they can then legitimately claim to be "disabled" from working in that profession. Lifting the current wage cap is another thing that would extend the viability of the SS/Medicare system, with little pain being inflicted on the affected workers (except for those "self-employed"). Obama, however, did the DUMBEST thing possible, which was the "temporary" cut in ALL FICA withholding taxes. Yes he did!
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You continually refuse to understand that raising taxes on those that spend all their income is self-defeating, the additional money just comes right out of spending and GDP. Taxing income NOT spent has no such problem. The prograssive tax system is the basis for our growth and prosperity since WWII and the further we dilute it's effects the worse our economy has become. Facts and data don't lie.
 
Alright, I think I just became pro-second amendment. Who wants to go to Congress, have a mock trial and then hang these sons of bitches?

I'm driving.
 
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