By Dave Anderson:
There are two major elite driven deficit reduction commissions with proposals to 'reform' or loot Social Security. Both commissions seem to enjoy inflicting unneccessary and needless pain on the elderly, or at least the not quite voting on anything and everything near elderly.
The first proposal is from Simpson-Bowles. Note the size of the shortfall closed...
The benefit cuts and tax increases under this plan would be larger than neccessary to close the 75 year acturial gap. This might not be too surprising considering the plan is formulated by a Blue Dog Democrat and a standard issue conservative Republican who dislikes the New Deal.
However, the other plan is advanced by Rivlin-Domenici, and Rivlin has a reputation of not being a Blue-Dog. One might expect the long term plan advanced by this "serious" team would not include Social Security overkill. One would be wrong, as Bruce Webb at Angry Bear summarizes the Social Security Administration's scoring of their proposal:
the results are very similar to the Simpson-Bowles Plan with the bottom line being a 75 year improvement in actuarial balance of 2.48% in the face of a current imbalance of 2.01%, that is there is a certain amount of over-kill if the problem is considered simply as one of solvency.
This proposal would have a 24% overkill in additional tax increases and benefit cuts if the proposal was actually seeking to 'solve' the solvency problem.
It seems like our elites get off on inflicting pain on the ritually helpless. As long as there is a safe word between consenting adults in a private residence, I have no problem with that, but as a matter of public policy, this is sick and wrong.
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