President-elect Barack Obama pledged yesterday to shape a new Social Security and Medicare "bargain" with the American people, saying that the nation's long-term economic recovery cannot be attained unless the government finally gets control over its most costly entitlement programs.
That discussion will begin next month, Obama said, when he convenes a "fiscal responsibility summit" before delivering his first budget to Congress. He said his administration will begin confronting the issues of entitlement reform and long-term budget deficits soon after it jump-starts job growth and the stock market."What we have done is kicked this can down the road. We are now at the end of the road and are not in a position to kick it any further," he said. "We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else's." ...
Five days before taking office, Obama was careful not to outline specific fixes for Social Security and Medicare, refusing to endorse either a new blue-ribbon commission or the concept of submitting an overhaul plan to Congress that would be subject only to an up-or-down vote, similar to the one used to reach agreement on the closure of military bases.
But the president-elect exuded confidence that his economic team will succeed where others have not.
"Social Security, we can solve," he said, waving his left hand.
Jan 16, 2009
Once Again, What Does This Mean?
From the Washington Post:
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4 comments:
Blah Blah Blah.
"He said his administration will begin confronting the issues of entitlement reform and long-term budget deficits soon after it jump-starts job growth and the stock market."
After I dig us into a deeper hole I'll do something.
"Five days before taking office, Obama was careful not to outline specific fixes for Social Security and Medicare, refusing to endorse either a new blue-ribbon commission or the concept of submitting an overhaul plan to Congress that would be subject only to an up-or-down vote, similar to the one used to reach agreement on the closure of military bases."
Knowing Democrats their solution will be to lift the cap on the Social Security portion of the FICA tax.
Yeah, so? It's a proposal, and it achieves part of the solution (assuming the gap between income and outgo is the issue). Stop whining and come up with counter-proposals.
"Stop whining and come up with counter-proposals."
Not whining, I'm CSRS, so I don't pay the Social Security FICA.
First bump the minimum retirement age up from 62 to 63 or 64,
Make FRA 70.
No DRCs, you don't apply tough.
No ARF. You work and make over the limit and don't get benefits for a month too bad.
No LSDP
No sure if that's enough, but it's a start and better ideas than slamming workers and employers with more taxes.
For several decades, Congress kept creating more types of Social Security benefits (wife's, widow's, children's, disabled widow's, parent's, etc.) without once asking, "how are we going to pay for this?". Now, everyone is asking that question. Part of Congress' answer should be: "As of (insert date here), we will no longer entitle anyone to benefits for which SSA taxes haven't been paid in advance by those would receive them."
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