People Smarter than Me, on the Deficit Commission Report

[Yeggo]

I don't even PRETEND to be an expert on economics, but I put together the reaction of a couple of folks who are, and whose opinion on such things I respect. I will say this: an up or down vote in Congress on each and every one of these provisions would be GREAT theater:

http://conversation101.squarespace.com/deficit/2010/11/10/people-smarter-than-me-on-the-deficit-commission-report.html

[county worker]

1. I think of it this way. Say you get 5000 / month after taxes now

Say you live on a pension and social security and are paying a mortgage and use Medicare for health care. That $5,000 will not increase because of no COLAs. Your buying power will erode because you can't keep up with the cost of living or inflation if that happens. Your doctor's bills will be higher and your Medicare deductible will increase. Your prescriptions will cost more. Your taxes will go up because you no longer can deduct the interest you pay on your mortgage.

So over time your standard of living will decrease. Meanwhile the wealthy will keep their tax cut, the wars will continue and the economy will not improve. And maybe for shits and giggles your past employer goes to court and is permitted to not pay your pension any more and the government refuses to pic up the tab.

Now if you are a young person, for get about it, you ain't getting shit! No pension or 401K, or medicare, no social security, no employer sponsored health insurance and most likely no job in your chosen field of study. So how are you going to save for retirement? If you are lucky and they still deduct FICA from your check it will go to a Wall Street broker who will take out management fees and invest the rest in some derivative that he knows will default but that he has bought insurance which will pay him when the value goes down. You will receive a letter from him saying, sorry your money is gone. Well if and when you do retire the government will mail you a cyanide pill.

[DJ13]

2. There wont BE an up or down vote on each provision

Both Pelosi and Reid plan on an all or nothing vote on the entire final proposal.

No amendments, and no stripping the really bad parts are allowed.

[dionysus]

3. therefore it will fail, and everyone will have crapped their pants for nothing.

[stray cat]

4. each one individually in the open would be great!