Wednesday, November 10, 2010
The First Cut is the Deepest
Today's Wall Street Journal has an article detailing a plan by a White House commission to cut the federal deficit. Check it out: Deficit Panel Pushes Cuts. The plan includes horribly unpopular cuts to entitlement programs like Social Security and Medicare, defense spending, and middle class tax breaks. Being fairly conservative, I suppose I should jump at the chance to criticize President Obama's crew for another terrible plan. Yet, after reading some of the details I have to admit that I think this plan is a big step in the right direction. Unfortunately, I am certain this plan will not come to fruition because we Americans only support cuts that do not impact us. People will eagerly rally to support a "balanced budget", but if you want our votes you had better not plan to do anything that will negatively impact our pocket books. Likewise, too many politicians are eager to jump on the bandwagon of this sentiment and portray anyone who proposes cuts to entitlements as a villain. I may not be eligible for Social Security or Medicare, but as I member of the middle class I am willing to accept losing some tax breaks. I will gladly pay my portion to help get out of this economic hole we are digging. Medicare/Medicaid, Social Security and Defense make up nearly two-thirds of federal spending. It only makes sense that they should have proportional cuts to reduce the deficit. It's frustrating that most seem to burst with the desire to fix the economy, but are only willing to give up someone else's piece of the pie.
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