Friday, October 15, 2010

What James Galbraith says about the Catfood Commission

Economist James Galbraith has some very relevant and practical suggestions about what President Obama should do on immediate economic policy, as reported by Jane Hamsher in James Galbraith: What Obama Could Do Now FDL Action 10/15/2010.

He's dead right about the Catfood Commission:

The President should announce that cuts in Social Security and Medicare benefits are off the table for the lame-duck session, and thereafter. He should point out that the mandate of the Bowles-Simpson Commission, which is published on their web-site, did not authorize it to opine on the finances of the Social Security or Medicare systems. For this reason alone, should the Commission include recommendations to cut Social Security benefits (such as by increasing the nominal retirement age) for the alleged purpose of maintaining balance in Social Security finances, the President should urge Congress to refuse to take up such a recommendation. [my empahsis]
Every Democratic Senator and Representative should also be making the same commitment.

To quote Joan McCarter again on the subject, As Joan McCarter points out, "an awful lot of Dems are staking their races on protecting Social Security. If they manage to eke out their majorities in 2010 after making the promise to protect it, the surest way to destruction of the party in 2012 is cutting Social Security." (What the Fiscal Commission is supposed to be doing Daily Kos 10/11/2010)

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