Comments by ImJustABill

SD pension mess hits Journal's front page

Well admittedly yes it is easy for me to say raise SS age - I'm just a guy typing away on a computer. The hard job is actually balancing the budget. That is really hard. But I would say many (frankly most) political leaders also do something easy: They tell the public that we can balance the budget without big cuts to social security, defense, and tax increases. Somehow future economic growth will magically fix everything. In 2013 we had roughly a 700B deficit. So to fix that we need some combination of revenue increases and spending cuts that add up to 700B. I'm proposing something like 100B increase in personal income taxes - shifted mostly to the wealthy. 100B increase in corporate taxes 300B cut to defense (roughly half of defense budget) 100B cut to social security (through age of eligibility increases) 100B cut to discretionary spending (no idea if this is possible or not). I would certainly not want to do this overnight - probably needs to be phased in over 5 or 10 years. This is just a rough idea of what I think a potential starting point for budget revisions could be. I'm sure others others would have a different distribution of spending cuts / tax increases. But as I see it a $700B+ deficit means we need a lot more revenue AND a lot less spending. Sorry, I know that means a lot of people will be hurt unfairly, but as I see it the damage has already been done by decades of bad policies.
— August 17, 2014 8:37 p.m.

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