Tuesday, October 02, 2012
Cutting Social Security benefits is a really, really bad ideaDean Baker raises a very important point that is likely to become an immediate issue right after President Obama is reelected, should that be the outcome of the Presidential campaign (Does President Obama Want to Cut Social Security by 3 Percent? TruthOut 09/17/2012):
One of the items that continuously comes up in reference to the budget deficit is President Obama's support for the plan put forward by the co-chairs of his deficit commission, Morgan Stanley director Erskine Bowles and former senator Alan Simpson. On numerous occasions, President Obama has indicated his support for this plan.Cutting Social Security benefits is a seriously bad idea.
Digby has been keeping track of this whole toxic Grand Bargain idea ob Obama's to cut benefits on Social Security, Medicare and Medicaid. In Dispatch from the Grand Bargain trenches Hullabaloo 09/21/2012, she sums up some of the recent reports of backroom dealing over this.
This idea of cutting benefits on Social Security, Medicare and Medicaid has an amazing amount of support in elite consensus, as we see from the praise for the ridiculous "Simpson-Bowles" recommendations, which really are recommendations from Simpson and Bowles themselves, because the Commission they headed didn't actually approve them. But Obama has been explicitly talking about using those as a basis of negotiations with the Republicans. Given Obama's eagerness to compromise with Republicans, it's a really bad thing if he takes "Simpson-Bowles" as the starting point for negotiations.
But the fact that our political elites and punditocracy love the idea, cutting benefits on Social Security, Medicare and Medicaid is a really, really bad idea.
Tags: austerity economics, grand bargain
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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