Judd Gregg on CNBC - need to address entitlement spending

[slipslidingaway]

no link

[rurallib]

1. corporations need the money more than the sick and elderly?

[slipslidingaway]

6. Just a heads up to pay attention to what he says on this issue n/t

[bluestateguy]

2. Agreed

We need to phase out the earnings cap for FICA taxes. Why should Bill Gates pay a smaller percentage of his income for SS than everybody else?

[jwirr]

4. Love the way you think.

:party:

[TheCowsCameHome]

5. That seems so very basic. Why isn't it being changed?

I have argued that for years.

[slipslidingaway]

7. There is also a cap on how much can be paid out by SS....

should that be phased out as well???

[Why Syzygy]

3. Link to transcript:

http://www.boston.com/news/politics/2008/articles/2009/02/03/remarks_of_president_obama_and_judd_gregg/

edit: Well, I don't see that information.

[slipslidingaway]

9. He was just on CNBC speaking with Larry Kudlow, I'll look for a

transcript or video later.

Not much of a discussion, more like planting a seed.

:)

[Skidmore]

8. Huh? Which entitlement spending?

The TARP package? That was a hugh!!!1! entitlement, wasn't it?

Someone needs to point out that the wealthy of this nation feel pretty entitled and have been so for a awhile.

[slipslidingaway]

10. That TARP package sure was a hugh entitlement program!!! n/t

[slipslidingaway]

11. Only a brief transcript below, they should have more later....

http://www.cnbc.com/id/29015333/site/14081545/for/cnbc/

"Feb 4 (Reuters) -: * Sen. Judd Gregg says he will support stimulus package "because it makes sense"--CNBC * Gregg says stimulus plan needs money targeted to real estate, to restore confidence--CNBC * Gregg says he's been for stimulus package "from the get-go"--CNBC * Gregg calls entitlements the "long-term tsunami" coming our way--"

[yy4me]

12. I'm sure the first things out of his mouth will be Medicare and

Social Security. Every politician seems to think those of us old timers are leeching the system. We paid for these programs. I will never make it if they take away SS and Medicare. Neither will millions of others.

I recently lost my husband, then I was laid off. From 3 checks a month to one. At 66, the job market looks pretty bleak for me and I am physically just not up to "retraining". Our retirement savings in a few stocks have dumped. I am living on the shortest shoestring possible.

I have to go to Physical Therapy starting tomorrow because I hurt my arm and shoulder in a fall. They are hoping this will help get a frozen shoulder and tendinitis before it gets any worse. I will have to pay the annual Medicare deductible for the MD, copays for the MD and Therapist plus 20% of the total bill. Great. Just paid my Real Estate taxes, my oil delivery and now I am back to a stage in my life as it was when we were first married 45 years ago. We divided what pay we got into a very careful budget. Seems like old times. There are just more bills now and only one small income.

Entitlements?

We are entitled to not have big business and big government mess up our lives. 'Bout had it up to here with all of this Washington and Wall Street mess. Go after them and leave the small players alone.

[slipslidingaway]

13. Of course Medicare and SS are what he is talking about...

but as Skidmore mentioned above the large sums being transferred to bailout financial institutions are not considered entitlements.

Personally I do not think they need to do anything with SS right now as it can pay for itself until 2040 or so.

Those who were not working in the 80's forget that payroll taxes doubled to fund the SS Trust Fund for the large number of boomers who would be retiring.

The HC costs are a problem, but I wish they would deal with this issue as a whole, such as a single-payer system, instead of continuing to deal with each piece as a separate plan.

Sorry to hear of your recent loss and other troubles, hopefully the PT will help alleviate some of the physical pain without breaking the bank. Sending you warm thoughts.

:hug:

[slipslidingaway]

14. Here is the video link...

http://www.cnbc.com/id/15840232?video=1021431791&play=1

http://www.cnbc.com/id/15840232?video=1021431791

Starts at the 5:45 mark


"....What I was asked to do in this exercise...present my expertese on fiscal policy, but especially in the area of entitlements..."