Debt (cat food) commission leaders paint gloomy picture - AP

[Tierra_y_Libertad]

Funny, no mention of cutting the Sacred Cow Defense budget.

http://news.yahoo.com/s/ap/20100711/ap_on_bi_ge/us_governors_debt_commission

Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.

Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs. "The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson. China alone currently holds $920 billion in U.S. IOUs.

Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt. "Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else," he said.

Bowles also said Congress had to be ready to accept the commission's findings. "What we do is not so hard to figure out; it's the political consequences of doing it that makes it really tough," he said.

[Ruffhowse]

1. The solution is simple....

Three simple words.....tax the wealthy. If only because, you know, that's where all the money is.

[shireen]

14. +++1

exactly!

[Hannah Bell]

2. fuck them. liars. US citizens finance the majority of US debt.

$2.5 trillion of it borrowed from the social security trust fund.

TOTAL foreign debt is about 4 trillion. China does not finance the majority of US debt. The Chinese government finances even less; foreign debt includes treasuries, etc. held by foreign nationals/residents.

In fact, some of the supposed "Chinese debt" is probably held by americans.

http://www.ustreas.gov/tic/mfh.txt




they're yapping about chinese debt as a fear tactic ("the chinese will control us!") to push their agenda of cutting the safety net. pure & simple. fucking liars.

the percent of foreign debt the us holds is a POLICY CHOICE. the increase began under reagan. we could change that today if desired.

THE FUCKERS WANT THE DEBT BECAUSE IT EMPOWERS THEM.

[Hannah Bell]

11. foreign borrowing as a % of total debt BEGAN TO INCREASE WITH REAGAN.

i.e. it's a POLICY CHOICE, not an inevitability.

brought to you by the same neo-lib SOBs who are fucking up everything else in creation.

[LiberalLoner]

3. Are they basically saying they are eliminating medicare for all but the most impoverished?

Am I reading that right? No more medicare over 65 for, say, 90% of us?

[LiberalLoner]

8. Because the house already agreed to institute all recommendations this panel made right?

[Frustratedlady]

20. Then, they should stop medicare and retirement funds for Congress

They all get into politics for the money and power. They turn off the spigot, it's off for everyone.

[Name removed]

4. Deleted message

Message removed by moderator. Click here to review the message board rules.

[DCBob]

10. Who's Barry??

[Systematic Chaos]

15. Stupid troll post is stupid.

And trollish.

GWB sucks canal water through a straw, and this is his 3rd term with a new black face in the White House, and that bothers you twits to no end.

Buh bye.

[TBF]

5. We could reconsider starting wars all over the place (both overtly and covertly)...

Just a thought.

[msongs]

6. war spending is discretionary, take a big whack out of that nt

[Birthmark]

7. Man, they really do want to kill Social Security, don't they?

It must stick in their craws that a government program is successful.

[rzemanfl]

9. Make our American billionaries and multi-millonaires buy that

debt and then let them redeem it against their estate taxes like the old "flower bonds."

[depakid]

12. Sounds like they're not only bent on destroying the middle class

but civil society as well.

Thanks Barack, for opening the door to a pack of ideologues.

[jtuck004]

13. Galbraith just flat destroyed the reason for the Catfood Commission

to even exist, along with all their phony assumptions, here.

But hey, since we're talking, can we get rid of the "special interest" deduction that capital gains holders receive? And start building schools, especially for girls, in Afghanistan and Iraq, change the military role to one of protecting the schools.

Build us all up, instead of trying to tear vulnerable people down.

Maybe all the old and sick folks, along with everyone who wants people like Alan Simpson to leave SSI and Medicare alone, could start wearing a big Red Cross on their arms. 'Cause in war, you aren't supposed to harm the ones with the big Red Cross...

Or maybe Obama could go on tv and tell the teabaggers he is going to rip SSI a new one, and he isn't scared of a bunch of tea-drinking fools ;) That could put a crimp in their plans...

[Davis_X_Machina]

16. Sun rises in east -- AP n/t

[tsuki]

17. Multimillionaires demanding cuts from the working class. All hail

the overlords.

[Tierra_y_Libertad]

23. Generals demanding more time, more money, and more cannon fodder.

[w4rma]

18. Worthless lying con-artists. (nt)

[Hannah Bell]

19. +100

[sabrina 1]

21. He is lying. Alan Simpson is a liar. And I hope no one is

falling for this "Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.

Number one, SS is solvent. And the nation doesn't spend money on it, those who paid into it made it solvent. And it is NOT discretionary spending, it is necessary spending, and it is owed back to the people who paid into it.

He is contradicted by some of the best economists in the country, people who SHOULD have been on this Commission. The man is, as Krugman said, spewing 'Zombie Lies' about Social Security.

I sincerely hope Democrats are going to fight this Commission because this would be the end of them as a party if they allow these lies to stand.

[Hannah Bell]

26. social security & medicare are financed by workers from special taxes, not from income taxes.

they're not part of the general budget. the general budget has nothing to do with them.

[sabrina 1]

27. Yes, I know but Simpson is attempting to make people believe

that 'those old geezers' as he called SS recipients, are the cause of the deficit because 'the government is supporting them'. And many people will believe it if the Democrats do not come out strongly against him, as Krugman and Galbraith have done and put a stop to his lies.

[Hannah Bell]

31. yes, my remark wasn't addressed to you particularly, but to the peanut gallery reading.

to point out simpson's deliberately fraudulent framing.

[sabrina 1]

36. No problem, I kind of thought that. Simpson is attempting to tie

the deficit to Social Security and that is a lie. I hope Democrats start responding to his lies as economists have. And I hope they start doing it now. The fact that they haven't so far, is not a good sign. I think they need to start hearing from the people so they understand that we know that Simpson and his cat food commissioners are lying.

[Stinky The Clown]

22. Senator Simpson, please come and Kiss.My.Ass.

Fuck you, Senator Simpson.

[AzDar]

24. Raise the fucking cap and end the fucking wars.

Problem solved. You're welcome.

[Marr]

25. If the deficit is really this big a threat, then people who want to lower taxes on the wealthy

are traitors.

Oh wait-- they have an excuse for that. See, lowering taxes on the super wealthy 'spurs the economy'.

[socialist_n_TN]

30. When did the ecomomy get spurred?

We've been fed this line of shit for 30 years now and our standard of living has gone DOWN. If people buy this crap, they deserve it.

[slipslidingaway]

28. knr - a means test for Medicare and curtailing mortgage deduction...

glad everything is on the table.

:(

[Odin2005]

29. CUT THE DEFENSE BUDGET, YOU FUCKERS!!!

[Greyhound]

32. Flat out fucking liars.

ETA; I forgot to add thieves.

[leftstreet]

33. There SHOULD be 'political consequences!'

"What we do is not so hard to figure out; it's the political consequences of doing it that makes it really tough," he said.

Yeah, no shit. You let this happen you SHOULD lose your jobs.

[Rex]

34. I don't care what these fucking asshole say, they've been robbing us

blind and giving all our money to corporations FOR YEARS!!!! Fuck them I hope they rot in hell.

[slipslidingaway]

35. kick - "instituting a financial trigger mechanism for gaining Medicare coverage..."

"Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage..."