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Is Entitlement Reform more important than tax increases to the Wealthy? |
Is Entitlement Reform more important than tax increases to the Wealthy? Yes. The Bush Tax cuts pulled us out of the Clinton Recession, greatly reduced unemployment and pushed the Dow-Jones to record new levels. The Entitlement programs, however, are growing by leaps and bounds. It won't be long before more people are drawing money from the Feds than are paying taxes. Baby boomers are starting to enter the Social Security system and they will ultimately create a situation where the S.S. system will no longer be able to "LOAN" money to the general fund. Medicare and Medicaid are out of control. Illegal aliens are drawing money from Social Security, Medicare and Medicaid and there are over 20,000,000 illegal aliens in the country. Congress is wringing their hands, saying "Oh Sh*t" but are taking no action. They won't act until they are replaced. Replacement is your job and mine. Source(s): Bad News For The "Tax Cuts Cause Deficits" Crowd A new report (pdf) out by the GAO looks at how two different simulations affect future budget deficits. The first one assumes that spending continues at the same rate of recent years and the Bush tax cuts are extended. The second assumes that the Bush tax cuts expire after 2010 and that increases in discretionary spending is held to increases in inflation, a rate much lower than recent years. Unfortunately for the tax-cuts-cause-deficits folks, the reports states, "Although the timing of deficits and the resulting debt build up varies depending on the assumptions used, both simulations show that we are on an unsustainable fiscal path." Looks like spending is the number one culprit of deficits. And the two biggest culprits, based on numbers in the report, are Social Security, Medicare and Medicaid. The lesson: Entitlement reform, not tax increases. -David Hogberg Yes!.. Since 2000 alone, Medicare benefits per beneficiary have grown 2.6 times faster than the wages of the workers paying these benefits. Getting control of exploding healthcare expenditures should have been and should now be the Bush administration鈥檚 top priority. Instead, during its first term the administration presided over the largest expansion of Medicare in decades through it鈥檚 decision to cover the sizeable share of the elderly鈥檚 prescription drugs costs. The costs of this new program will soon appear in federal spending. Just ask the Congressional Budget Office. It projects that spending on Medicare per beneficiary, measured in today鈥檚 dollars, will grow at an annual rate of 4.6 percent for the next decade, or by 57 percent by 2014. The projected growth of Medicaid benefits per beneficiary is only slightly smaller. Permitting these programs to grow at these incredible rates even for just a decade will pretty much seal America鈥檚 fiscal fate. Every year we raise these benefit levels, we are telling all 77 million baby boomers they will receive those higher benefits when they retire. Each year of excessive benefits growth generates a huge increase in the nation鈥檚 implicit entitlement liabilities. Making good on these promises will require massive and politically infeasible tax hikes. Barring a drastic cut in these entitlement programs, or a rapid and radical overhaul of their financing structure, the federal government will be forced to print money to 鈥渕eet鈥?its bills. This will lead to incredibly high inflation and interest rates that have wreaked economic and political havoc in scores of countries over the years. Forget reform, try elimination! How long before the rich pick up and move away from all of these leaches?? They're both important. In the medium term, you're not going to reduce enitlements all that much as they're viewed as "3rd rails". Yes. Entitlement programs must be systematically terminated. The tax code must be simplified, such as flat tax of national sales tax. Our government punishes those that are successful and rewards those who are not. Yes!! The Entitlement Budget for this year exceeds $ 1 trillion [$1,000,000,000,000] Medicare, Medicaid, Social Security and Agricultural Subsidies are growing like wildfire. 80% of the Agricultural Subsidies are being paid to Farmers whose note worth is over $ 1,000,000 or to massive Corporations. The myth of the poor farmer is just that, a myth. While the Bush Tax Cuts were an enormous boost to the economy, they can't keep up with Entitlement Spending. We must act quickly and reduce Entitlements and make more drastic tax cuts, |
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