Quote:
Originally Posted by HDL66
The problem in a nutshell is this: We as a country have overpromised and underfunded. We cannot go on spending money and offering goodies to voters. Existing benefits--both social security and medicare--have to be scaled back, and we have to QUIT SPENDING SO MUCH MONEY. Taxing the rich isn't going to do it, folks. The top 1% already pay over 40% of the income taxes; the top 10% pay over 70%. The lower 50% pay--get ready for this--less than 3% of federal income taxes collected. How much more "redistribution" do you want?
ETA: Here are the original estimates for Medicare cost projections: "In 1967, the House Ways and Means Committee predicted that the new Medicare program, launched the previous year, would cost about $12 billion in 1990. Actual Medicare spending in 1990 was $110 billion— off by nearly a factor of 10." http://jec.senate.gov/republicans/pu...ly_31_2009.pdf
Still think that the new entitlement will cut the deficit? |
Good points but we have to also remember that the Republicans had 6 years with Congress and the White House in which they could have and should have addressed the countries fiscal problems and they failed. Special interests got in their way and they blew a golden opportunity to keep our budget balanced and revamp Social Security.
Per a news article, 2010 is now the year when Social Security pays out more than it takes in. They originally thought it owuld be 2016 but...
http://www.nytimes.com/2010/03/25/bu.../25social.html
We are headed for a day of reckoning soon with our fiscal matters and I am afraid it won't be pretty. We are going to have to make some hard choices and the cuts will be deep.