This week Senator Tom Coburn, (R-Okla) unveiled a major plan to cut the deficit by $9 trillion over the next decade, which also includes tax increases of $1 trillion, tax increases Coburn’s fellow Republicans oppose. The debt ceiling debate has become a sham and the American people are the ones that will lose after it’s all said and done. Then again, the American people are the ones that lose each and every time politicians negotiate.
Coburn’s plan is a joke of what needs to be done to get the economy and the country back on track fiscally. From raising the retirement age to 70 to start collecting Social Security to even proposing that many veterans pay more for their medical care as well as prescription drugs. There are other items of concern in his proposal such as cutting funding for community development grant, student aid, farm subsidies, housing subsidies for the poor and medicare. These things being mentioned are “hot points” for political battles. Just the mention of these items will put someone on the defensive, but let’s be for real, we need to get EVERYTHING in order fiscally if we want to survive as a nation.
Coburn’s plan also includes eliminating $1 trillion in tax breaks over the next ten years. A move that has set off an uproar from the anti-taxation group, Americans For Tax Reform. The plan will prevent taxpayers from claiming the mortgage interest deduction from their second home as well as limiting it to homes worth $500,000. He would also ease taxpayers into higher tax brackets more quickly by using a smaller measure of inflation to adjust the brackets.
Senator Coburn’s figure of $9 trillion in savings doesn’t include an additional $2.4 trillion in cuts to Social Security that will be funneled back into the program. Added to the fact of Coburn’s plan of raising the retirement age, his plan also calls for future benefits to be topped out at a less generous measure of inflation and hinder benefit increases even more for the top 40% of earners.
“I have no doubt that both parties will criticize portions of this plan, and I welcome that debate,” Coburn told reporters. “But it’s not a legitimate criticism until you have a plan of your own.” It’s too bad that many have offered some great ideas, but the powers that be won’t listen to them for the simple fact is that they don’t like the plan.
As a Libertarian, I’m tired of the political moves of the Democrats and the Republicans which will always leave the American people out in the cold while they live the high-life. There are so many unnecessary programs that the federal government is involved in. Many of which, they shouldn’t even be involved in. If the Senate would write the overdue budget, we would be able to see what and where we can cut to save the country. Too bad the democratic controlled Senate has not written a budget in over 800 days. What are they waiting for? I’ll tell you. As long as there isn’t a budget in place, they (politicians) can spend without any checks and balances. It’s just a spending frenzy that isn’t being monitored.
When politicians talk about how much money this program or that plan will save over a period of five, ten, or twenty years, it’s a joke. What they’re doing is what is known as “creative accounting. President Clinton did it during his term by saying that his administration had a surplus of $9 billion and the Democrats like to say that G.W. Bush destroyed and spent it all. In actuality there was never a surplus, it was all “projected” surplus and that is not the same thing as actually having the money in the bank.