Monday, August 01, 2011

Debt deal is Okay!

The debt deal that is currently being rushed to in the last few days before a default. This deal supports 1 trillion in cuts first over the next decade then having a joint committee that would look into another 1.5 trillion in more cuts. Medicare and Social security will not be cut right now. But in the joint committee I have no doubt in my mind that they will be subjected to be cut. The sad part about this deal is that currently no tax increases have been apart of the deal, not even tax increases on the richest Americans! The U.S can end the deficit without cutting too much into medicare or social security. Eliminating the Bush tax cuts entirely would generate 300 billion dollars a year, (and to make the number look bigger) 3 trillion over 10 years. That is more than this entire debt deal. True this tax cut being eliminated will not eliminate the deficit, but if we raise the social security and medicare age, look at ending fraud in Medicare, cutting the military by billions, Cut the pentagon, reform the tax code, and look at ending subsidies to big oil and ethanol, create a carbon tax and cut discretionary spending. I hope that the the joint committee looks into proposals that will not harm Americans too much, because in order to destroy the deficit the U.S needs to make sacrifices, but let's look at easy sacrifices before elderly people need to give there social security payments to big oil companies. This deal isn't perfect, but right now I think it may just be the compromise U.S must accept, as tax increases could still be a part of the deal in the joint commitee and currently medicare and social security is safe.

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