The National Commission on Fiscal Responsibility and Reform is sounding the alarm around deficit spending. While many economists are calling for more spending to energize the economy, this commission is using exaggerated rhetoric to heighten deficit fear. They are talking about cuts to Social Security, Medicare and middle class benefits like the home mortgage deduction.
The time is now to build opposition to these recommendations and urge Congress and the administration to cut programs that will not make the economy worse for most Americans. When I testified before the commission I urged:
* Cuts in military spending as this makes up half of U.S. discretionary spending and is filled with waste and bloat.
* Cuts to corporate welfare, especially to the oil and gas industry which is scheduled to received billions in tax breaks despite massive profits.
* Taxes on the purchase of stocks, bonds and derivatives where even a tiny micro tax could raise tens of billions annually.
* Taxes on the estates of the wealthiest 2.5% of Americans which could raise more than $10 billion annually.
Read my full testimony http://www.prosperityagenda.us/node/4344
These are just a few of the areas where cuts in spending and taxes on wealth could balance the budget and avoid the need to cut Social Security and Medicare or tax the middle class. Social Security is in good financial shape for upcoming decades and merely raising the cap on Social Security taxes will make the program secure for the 21st Century. Medicare’s challenge is not the Medicare program but the cost of health care. Cuts to Medicare will make health problems and the cost of health care more expensive. The real solution for health care is ending the waste of the private insurance industry by making improved Medicare available to all Americans.
In addition, please share this message with everyone you know.
The commission is preparing its report for after the election. But, with the mid-term elections coming this is the time when voters have the most power. We need to ask elected officials to protect Social Security and Medicare by cutting spending for weapons and war, and tax dollars to corporations first. We also need to urge them to consider taxes on wealth before considering taxes on workers.
We need to build this movement now. We cannot wait until after the election.
Please take action today.
And, please support our ongoing efforts by making a donation today.
Thank you for your support.