Co-chairmen Simpson and Bowles released some of the Deficit Commission's plans to reduce our deficit. Needless to say it contains some very unpopular elements. Start the music and let's watch the politicians dance. Interestingly, some of this bloggers ideas are actually included. Key items:
1) $.15 increase in gas tax
2) Cuts in farm subsidies, foreign aid, and defense spending
3) Increase retirement age to 69 by 2075...not gonna worry about that one.
4) Social Security and Medicare benefits reductions and a progressive system to reduce benefits for the better off.
5) Health care costs reductions
6) A three-year freeze in the pay of most federal employees and a 10 percent cut in the federal work force.
7) Eliminating all congressional pet projects or earmarks.
8) For individuals and families, the proposal would eliminate a host of popular tax credits and deductions, including the child tax credit and the mortgage interest deduction. However, it would significantly reduce income tax rates. The top rate would drop from 35 percent to 23 percent.
It must be a good plan because both liberals and conservatives are equally pissed off.