Author Topic: Gang of Six deficit reduction plan (Read 4430 times)

MillCreek · « **on:** July 19, 2011, 04:55:05 PM »

So far, all I know about this proposed plan is what I read on CNN a few minutes ago, but I will be interested to learn more specifics.

MechAg94 · « **Reply #1 on:** July 19, 2011, 05:07:27 PM »

If it is actually a deficit reduction plan and not a plan to increase taxes, I will be surprised.

Monkeyleg · « **Reply #2 on:** July 19, 2011, 05:13:41 PM »

I just heard Sean Hannity ranting about it, although he didn't mention any specifics. I don't think I've ever heard him so mad.

longeyes · « **Reply #3 on:** July 19, 2011, 05:14:56 PM »

They'll have to pass it to know what's in it? Again?

Are people IN government capable of CUTTING government? Doubtful.

41magsnub · « **Reply #4 on:** July 19, 2011, 05:45:22 PM »

Quote from: Monkeyleg on July 19, 2011, 05:13:41 PM

I just heard Sean Hannity ranting about it, although he didn't mention any specifics. I don't think I've ever heard him so mad.

Hannity ranting without listing any specifics? Surely you jest!

brimic · « **Reply #5 on:** July 19, 2011, 06:58:54 PM »

Quote

If it is actually a deficit reduction plan and not a plan to increase taxes, I will be surprised.

I read somewhere something today that Coburn proposed raising taxes on the top 40% of taxpayers (pretty much everyone slightly over median income), and he's the most conservative member of that group.

Boomhauer · « **Reply #6 on:** July 19, 2011, 07:09:08 PM »

Quote from: brimic on July 19, 2011, 06:58:54 PM

I read somewhere something today that Coburn proposed raising taxes on the top 40% of taxpayers (pretty much everyone slightly over median income), and he's the most conservative member of that group.

So anyone who makes more than approx 50k gets screwed if Coburn gets his way...I bet his cohorts want to raise taxes on everybody...

dogmush · « **Reply #7 on:** July 19, 2011, 07:09:26 PM »

From a brief skim, it's crap.

I think they smoking crack with the SS and Medicare/Medicaid targets. They're also not taking anything substantial from a entitlements.

Also:

Quote

Reduce our publicly-held debt to roughly 70% of our economy by 2021

Way to aim high there guys.

Boomhauer · « **Reply #8 on:** July 19, 2011, 07:11:56 PM »

We are so *expletive deleted*ed...

brimic · « **Reply #9 on:** July 19, 2011, 07:41:07 PM »

Quote

We are so *expletive deleted*ed...

Yep. The sooner our bond rating and our economy crashes, the sooner we can recover- if ever.

brimic · « **Reply #10 on:** July 19, 2011, 07:45:30 PM »

What's our current budget deficit? Must be around 1.5 trillion? So they are going to reduce the deficit by about a third?

birdman · « **Reply #11 on:** July 19, 2011, 07:50:03 PM »

They are going to reduce tax deductions for 401(k)'s....yeah, that makes sense, why encourage people to invest, it JUST allows them to not rely in a govt handout when older, but puts valuable capital into the economy where it does some good. Also, I want to see how they do this...reducing the cap (thereby making sure it never amounts to much), or with only a partial deduction (thereby double-taxing the investment).

This my friends is the most heinous of all the aspects of this proposal, it's seems DESIGNED to keep people more dependent on the govt (it effectively shores up SS by taxing those who plan ahead), and is majorly redistributive, the negative multiplier of this alone is enormous, I have poor hopes for the future.

lupinus · « **Reply #12 on:** July 19, 2011, 08:06:59 PM »

agricola · « **Reply #13 on:** July 19, 2011, 08:25:30 PM »

Quote from: lupinus on July 19, 2011, 08:06:59 PM

sod facepalms, you need to get Wendi Deng on this "gang of six"

best slap ever

longeyes · « **Reply #14 on:** July 19, 2011, 08:40:31 PM »

All these "savings" are a joke. Save $4 trillion over ten years when the current red-ink burn rate under Obama will increase the debt by $15-20 trillion in the same time span? And where is the growth going to come from?

This is all beyond fatuous. What it really is is insulting to the American people, a barely disguised gauntlet slap from a bunch of people hell-bent on becoming a permanent noble class.

It's time for the Tea Party to re-group and re-strategize--and get militant.

Waitone · « **Reply #15 on:** July 19, 2011, 08:52:46 PM »

I have no idea of the provisions but I'll bet it is a variant of the DC Two Step--tax increases today and spending cuts tomorrow. Only the cuts never materialize. How any republican can agree is beyond my ability to understand. Charlie Brown and Lucy parte deux.

Scout26 · « **Reply #16 on:** July 19, 2011, 09:07:03 PM »

Quote from: Waitone on July 19, 2011, 08:52:46 PM

I have no idea of the provisions but I'll bet it is a variant of the DC Two Step--tax increases today and spending cuts tomorrow. Only the cuts never materialize. How any republican can agree is beyond my ability to understand. Charlie Brown and Lucy parte deux.

This. It's farking smoke and mirrors. Woe be unto any (R) that goes along with this plan.

Pass the Cut, Cap and Balance in the Senate and send the Balanced Budget Amendment to the states. Obama and the rest of the D's will crap themselves when they see how fast it passes and becomes part of COTUS.

birdman · « **Reply #17 on:** July 19, 2011, 09:10:05 PM »

The plan:
http://global.nationalreview.com/dest/2011/07/19/a_bipartisan_plan_to_reduce_our_nations_deficits_v7_32e9c56db3e5581a6e1f7acebeb3f160.pdf

Wow, talk about suckage

HankB · « **Reply #18 on:** July 19, 2011, 09:11:07 PM »

Today's congress can't obligate tomorrow's congress to do anything - including cut spending.

If COTUS were amended to FORCE a balanced budget, that would be a reasonable first step.

Jim147 · « **Reply #19 on:** July 20, 2011, 12:46:15 AM »

Anyone have a link to a bill? Or will this be a 8000 page secret until it gets passed?

I can't find more then an outline of what they plan to do.

jim

Scout26 · « **Reply #20 on:** July 20, 2011, 03:55:23 AM »

Quote from: Jim147 on July 20, 2011, 12:46:15 AM

Anyone have a link to a bill? Or will this be a 8000 page secret until it gets passed?

I can't find more then an outline of what they plan to do.

jim

There's a pretty good "summary" above. If you read through the "code words" it boils down to: Raise Taxes Now, Cut Spending Later. No really we promise to this time.

DON'T DO IT !!!

MechAg94 · « **Reply #21 on:** July 20, 2011, 09:29:53 AM »

Which is why Hannity was ranting I'd guess. I think most of the radio guys understand that if the R's cave on this, the tea party people will stay home next election and Obama will get his reelection because they were stupid. I think at least some of the House Republicans know this, but it seems not everyone thinks so despite polling that tells them most Americans want spending brought under control.

Ben · « **Reply #22 on:** July 20, 2011, 10:42:55 AM »

Quote from: birdman on July 19, 2011, 07:50:03 PM

They are going to reduce tax deductions for 401(k)'s....yeah, that makes sense, why encourage people to invest, it JUST allows them to not rely in a govt handout when older, but puts valuable capital into the economy where it does some good. Also, I want to see how they do this...reducing the cap (thereby making sure it never amounts to much), or with only a partial deduction (thereby double-taxing the investment).

This my friends is the most heinous of all the aspects of this proposal, it's seems DESIGNED to keep people more dependent on the govt (it effectively shores up SS by taxing those who plan ahead), and is majorly redistributive, the negative multiplier of this alone is enormous, I have poor hopes for the future.

This was one of the first things that stood out for me too. Besides the reduction for retirement deductions, they are also calling for reduced deductions for charitable contributions. Those damn charities -- taking business away from the .gov!!

longeyes · « **Reply #23 on:** July 20, 2011, 10:46:09 AM »

If the Tea Party folks "stay home" they'd better be planning for survival, of themselves and of this Republic. What we are seeing unfolding in D.C. is a drama that makes clear we are the AUDIENCE, not any longer a self-governing people. There can be no serious reforms of this government coming from inside this government. It's obvious, just for starters, we need term limits, but is this Congress going to vote term limits on itself?

SADShooter · « **Reply #24 on:** July 20, 2011, 11:49:40 AM »

That's an interesting side point. I'm ambivalent on term limits in general, but how is it the executive is term-limited and the legislative and judicial branches not? Recognizinging the specific post-FDR politics, it's not philosophically consistent.

News:

Author Topic: Gang of Six deficit reduction plan (Read 4430 times)