New GOP Plan Would Save Military From Sequestration By Cutting Social Security

[Triana]

WASHINGTON -- A pair of House Republicans have a new bill that would spare the military from sequestration by cutting the Social Security benefits of many Americans who already experience painful federal budget cuts.

Reps. Jim Bridenstine (R-Okla.) and Doug Lamborn (R-Colo.) are introducing the Provide for the Common Defense Act on Tuesday. The legislation would cancel out the next two years of sequestration cuts for the Pentagon by putting a heavier burden on senior citizens and federal workers.

Specifically, the plan would change the way cost-of-living adjustments are calculated for Social Security, using a measurement called "chained CPI." The result would be less money in the pockets of beneficiaries. It would also increase federal employee retirement contributions and means-test Medicare premiums. Critics of means-testing argue that such a change would undermine the popularity of the program, turning it into welfare for lower-income Americans.

"Washington has a spending problem, but incessantly and mindlessly cutting national security will not get us out of our fiscal mess," said Lamborn in a statement. "President Obama must realize that out-of-control entitlement spending is drowning our country in debt. Our bill cancels national security sequestration for two years by enacting a few Obama-endorsed reforms that will actually produce over $300 billion in savings over ten years. Two-thirds of the savings will go toward debt reduction."

THE REST:

http://www.huffingtonpost.com/2013/12/03/military-sequestration_n_4377517.html

[H]Social Security does not and has not ever added ONE DIME to the goddamned debt![/H]

[bigdarryl]

1. The deficit has gone DOWN!!! under President Obama

[Bandit]

6. Down yes, but still at record levels, and the DEBT continues to soar...

The Deficit is still twice as much as Bush*'s first record deficit..The ONLY way we will EVER get our DEBT under control is to raise taxes on those that can most afford it. Not continue to spend hundreds of billions on a Defense budget that is more than all other country's defense budgets combined.

[jeff47]

7. Our debt isn't a problem.

I realize the numbers are large. It's still not a problem.

Government debt becomes a problem when it crowds out private investment, or when the interest payments are astronomical.

Neither one is happening.

Private investment is so well satisfied that money is just sitting parked in the bank instead of funding expansion. And the US Treasury is selling debt at a negative real interest rate: Loan the government $100 and get back $98 - and people are buying it.

We should be running up a lot more debt now to put idle people to work. We can pay it off when the economy is running along nicely, as long as we don't have morons (aka Republicans) running the show.

[Bandit]

9. I don't buy that

Imagine the growth we could have if we had no Debt? Right now ar record lows for interest rates we are still paying more than most all social programs combined. If interest rates hike up a percentage or two we could be in serious trouble.

[jeff47]

11. It's nice to know you don't buy the fundamentals of economics.

Imagine the growth we could have if we had no Debt?

Based on what?

Let's pretend the debt goes "poof". Republicans will still block any public investment. And the crappy economy means there's no reason for increased private investment - that's why the money's sitting in the bank even with our current debt.

If interest rates hike up a percentage or two we could be in serious trouble.

And if Japan's interest were to rise, we might have a reason to start being concerned. They have a much, much, much, much worse debt "problem", with an enormous demographic problem that they can not solve with immigration due to social problems. Yet their interest rate is also incredibly low.

We have a canary in our coal mine. It's singing happily. We should not be acting as if it's fallen over dead.

Those demanding that we do are desperately looking for an excuse to cut social spending. They need the cuts now because in a "normal" economy they wouldn't have ugly enough numbers for their desired "fixes". So they keep talking up the danger and comparing us to countries with utterly different economic issues (ex: Greece doesn't have its own currency). Don't fall for the bullshit.

[daleanime]

17. +1

[on point]

24. So restore taxes on wealthy to old levels until they pay down debt run up by trickle down

[RobertEarl]

18. Loan the gov $100 get back $98?

SS loans the gov money everyday. SS is losing $2 on each $100?

That ain't gonna work out too well.

[jeff47]

25. No, the bonds SS buys are positive return.

Inflation-protected securities have a slightly negative yield, due to the "inflation-protected" part.

Essentially, the people doing the inflation-protecting are expecting deflation such that $98 will be worth more when the bond pays out than $100 is worth today....or they were. That $98 is from the depths of the recession. I haven't looked recently but the gap is probably much, much smaller.

[RobertEarl]

26. How positive?

$102 for very $100?

One of the things the bad guys look at is that the gov is in debt to SS about $2.6 trillion.

If they can cut back on SS payments they think they can likewise reduce the indebtedness of the gov. Maybe even steal some more!

[jeff47]

28. Depends on when the bonds were bought.

They Social Security administration is constantly buying bonds. Not too long ago there was a bit in the news about Social Security no longer taking in more in taxes than it pays out. What's kept the trust fund still growing the last few years is interest.

[NuclearDem]

2. The fascism is getting less and less veiled.

Deliberately screwing the disadvantaged and the weak and funneling that money towards the military.

[bowens43]

3. fuck the miltary... the military budget should be slashed by at least half

[AlbertCat]

19. Even slashing it by 1/3...

The freakin' military wouldn't even notice.

Especially if the cuts were carefully applied....like to things like bombers to fight the USSR

And the dough could be used for much more useful things.

Workers and contractors that lost they jobs because of cutting useless fat? Surely they could work on, like , infrastructure or something. It's not like there's nothing that needs doing around here.

[djean111]

4. I don't think many really care about the deficit, it is just an excuse to cut Social Security.

And how very fucking helpful that chained CPI can be touted as "Obama-endorsed".
The military wastes trillions of dollars with impunity.
If Obama wants the next Congress and president to be Dem, he needs to get out in front of this and say it won't fly.

[Triana]

5. You KNOW that's true. n/t

[jeff47]

8. If they actually cared about the deficit, these same people wouldn't be voting for tax cuts. (nt)

[seveneyes]

10. What good is a military if there is nothing left worth fighting for?

The ones proposing destroying the things we have fought to achieve are not thinking this clearly through.

[bvar22]

12. OMG. They are desecrating the scared memory of St Ronnie the Reagan!

SACRILEGE!!!
They should be stoned at the gates of the Republican Party!

#t=26

I wish our Democratic Party Leadership would STEP UP and fight for Social Security
like St Ronnie.
.
.
..
.
[font size=1]How far we have fallen.[/font]

[nashville_brook]

13. likely this is what Steny Hoyer will sign on to...

http://www.democraticunderground.com/1014662486

[Yo_Mama_Been_Loggin]

14. These guys sound bound and determined to self-destruct.

Old people vote more often than any demographic.

[happyfunball]

15. Call it what it is

So basically I pay the same amount to the government but get less benefits.

So if my effective taxes are the amount I pay in taxes less the amount of benefits I receive, then my effective taxes have gone up.

The Republicans are trying to raise taxes.

I say paint them with that brush.

[AAO]

16. All I can do is swear at the fuckers! Damn them to HELL!

[blkmusclmachine]

20. "Grand bargains" and all ...

[IDemo]

21. out-of-control entitlement spending

[Tierra_y_Libertad]

22. The Democrats should adopt the reverse of the GOP plan.

Alas, they haven't the stones to do so.

[on point]

23. = WRONG DIRECTION ! Other way round = RIGHT DIRECTION

[woo me with science]

27. So the President's budget would cut SS, and the Republican plan would cut SS.

Elizabeth Warren, Bernie Sanders....We need you.