Quote:
Originally Posted by Azure
They haven't come close to the cuts yet. Nobody knows what the Super Committee will do.
Just suddenly cutting $4 trillion is a bit rash and will often lead to problems. What you need is a group of smart people to sit down and find out where you can cut.
Also, if you eliminate the war in Iraq, war in Afghanistan, and the Bush tax cuts, you have $5 trillion right there.
The Bush tax cuts at the very least shouldn't have happened. There are better designed tax cuts, or better designed tax 'credits.'
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I don't think you can count the Bush tax cuts as they are already set to expire. They should be already counted. As for the wind down in of the wars am not sure they will amount to that much savings unless the army is downsized by quite a bit.
Everybody knows that Social Security and Medicare needs to be fixed if they are going to continue into the future. This seems like a perfect time and excuse to address these issues.
I would think that the government should look at cutting 400 billion out of existing programs this year with the view of continueing to do that for the 10 years. That is at least a little more honest. The savings from the wars ending and expiring tax cuts should be over and above. Really if you think about it the goal shouldn't be to reach S and P's standards but, rather work towards getting back in the black without hurting the economy.
Tax hikes will help the budget but, not the economy. I don't believe they will amount to much unless you effect those mid size businesses which America is counting on for job creation.