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(20,729 posts)
Sun Nov 18, 2012, 05:40 AM Nov 2012

Whose sacrifice? The So-Called Grand Bargain Would Fleece the Middle Class [View all]

So now that the election is done at last, we can get down to the hard work of striking a “grand bargain” on the budget by cutting spending and raising taxes, and thus avoid the looming “fiscal cliff...” The next media pundit who calls for shared sacrifice must describe in detail just what he or she is prepared to give up...Right now, “shared sacrifice” means that many wealthy, powerful people share the opinion that the rest of us should sacrifice.

Mr. Friedman, for instance, calls every few minutes or so for President Obama to “endorse the Bowles-Simpson plan” for closing the budget gap. In fact, it’s a stretch to say that any such “plan” even exists. The Bowles-Simpson committee that Mr. Obama set up never actually managed to reach an agreement. Instead, the two committee chairmen, former Clinton chief of staff Erskine Bowles, a North Carolina Democrat, and former Republican senator and professional loose-cannon Alan Simpson of Wyoming came up with a plan between them that they trumpeted—with the help of a fawning media—as a great, bipartisan accomplishment.

It is, instead, a prescription for hunting down every last remaining vestige of the middle class in this country and beating it to death with a stick.

Under the Bowles-Simpson plan to reduce the deficit, the top federal income tax rate would be dropped to 24 percent, the top corporate rate would be cut from 35 percent to 26 percent, and almost all deductions would be eliminated, including those for home mortgage interest, and employer health-care plans.

Meanwhile, military pensions, student loan subsidies, Medicare and Social Security would be slashed, while other revenue would come from new, regressive levies such as a 15 percent increase on gas taxes...

The grand bargain is in fact a grand and arbitrary cancellation of the social covenant that’s brought this country unprecedented prosperity and social justice over the last 80 years, and it’s being pressed by a small coterie of wealthy, overwhelmingly white men who will themselves contribute about the equivalent of a working person’s laundry money for the week...No one voted for it, and not even most political activists understand fully what it means or how likely it is to pass...


We could have just elected MIT ROMNEY HockeyMom Nov 2012 #1
What part of mission accomplished do you fail to understand? Fumesucker Nov 2012 #2
It was a rigged game all along. There was no "our side". And plethoro Nov 2012 #9
more anti-Obama hyperbole. Left wing extremists are as bad as rightwing ones. graham4anything Nov 2012 #3
Yes, and a progressive tax structure is socialism! Fumesucker Nov 2012 #4
Eliminating these tax deductions is a progressive change to the tax code mathematic Nov 2012 #10
Mine was an argument from another thread Fumesucker Nov 2012 #11
you of course forgot the remainder of my reply- ZERO TAXES FOR THE FIRST $75,000 MADE, with graham4anything Nov 2012 #13
We both know what you wrote Fumesucker Nov 2012 #15
you lie! I love socialism. REAL socialism. Get your facts straight or stop lying. graham4anything Nov 2012 #17
Predictable bullshit Third Way propaganda. You want FACTS? woo me with science Nov 2012 #5
Thanks for that link! Lars39 Nov 2012 #6
Spot-on woo, k&r, n/t. appal_jack Nov 2012 #18
These are the facts, Jack +++ DirkGently Nov 2012 #19
and, i might add the globalists newspeak Nov 2012 #20
+1 leftstreet Nov 2012 #22
Is this the cause of it all? daybranch Nov 2012 #7
This is simply more talk. We are nearing rakes and shovels time........nft plethoro Nov 2012 #8
We don't need a grand bargain. JDPriestly Nov 2012 #12
I would raise the capital gains tax, and the estate tax. Only the rich are mostly affected by it. graham4anything Nov 2012 #14
I'm sorry. I have been sacrificing Horse with no Name Nov 2012 #16
The Bowles-Simpson plan is dead gravity Nov 2012 #21
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