Front Office Football Central - View Single Post - The Obama Presidency

DaddyTorgo · 09-01-2010, 10:41 PM

What the 2010 Trustees’ Report Shows about Social Security — Center on Budget and Policy Priorities

By far the most important fiscal decision that Congress will face between now and the end of 2010 is whether to extend the Bush tax cuts that are scheduled to expire at the end of the year. President Obama has proposed to let those cuts expire for Americans making over $250,000 a year. Some legislators have called for extending all of the tax cuts permanently; others have called for extending the high-income tax cuts temporarily on the grounds that they provide economic stimulus, though the Congressional Budget Office ranked this as the least effective of a large number of stimulus proposals. The revenue loss over the next 75 years just from extending the tax cuts for people making over $250,000 — the top 2 percent of Americans — would be about as large as the entire Social Security shortfall over this period (see Figure 1). Members of Congress cannot simultaneously claim that the tax cuts for people at the top are affordable while the Social Security shortfall constitutes a dire fiscal threat.

09-01-2010, 10:41 PM	#10990
DaddyTorgo Hall Of Famer Join Date: Oct 2002 Location: Massachusetts	What the 2010 Trustees’ Report Shows about Social Security — Center on Budget and Policy Priorities By far the most important fiscal decision that Congress will face between now and the end of 2010 is whether to extend the Bush tax cuts that are scheduled to expire at the end of the year. President Obama has proposed to let those cuts expire for Americans making over $250,000 a year. Some legislators have called for extending all of the tax cuts permanently; others have called for extending the high-income tax cuts temporarily on the grounds that they provide economic stimulus, though the Congressional Budget Office ranked this as the least effective of a large number of stimulus proposals. The revenue loss over the next 75 years just from extending the tax cuts for people making over $250,000 — the top 2 percent of Americans — would be about as large as the entire Social Security shortfall over this period (see Figure 1). Members of Congress cannot simultaneously claim that the tax cuts for people at the top are affordable while the Social Security shortfall constitutes a dire fiscal threat.