The leaders of both political parties suggest that more deficit reduction is needed and that it would help the economy. Not surprisingly, polls suggest that most Americans believe that cutting spending will help the economy, not harm the recovery. The reality is that spending is not out of control, the deficit is already plummeting, and we should be focused on fixing the economy to make it work for working people, not on austerity driven by wrong-headed deficit hysteria.
Conservatives are trying to extort unpopular cuts in vital programs by holding the economy hostage. In total, the White House has agreed to spending cuts that total $1.5 trillion (or $1.7 trillion including interest savings) over 10 years. And the New Year’s “fiscal cliff” deal will raise $600 billion in taxes over 10 years. But all that has only encouraged them. Now they have triggered the biggest set of austerity bombs in history to go off this spring if they don’t get their way. Holding America hostage is a ridiculous way to negotiate a budget. It is time to say, "No more."
We don't have an "entitlements" problem; we have a broken health care system. The rising costs of publicly funded health care programs like Medicare will consume a larger portion of the budget in the future if nothing is done. But the real problem is runaway health care costs generally, driven by the entrenched corporate interests – the drug and insurance companies and the private hospital complexes – that have made our health care the most expensive in the world.
There are a lot of myths about “Simpson-Bowles,” the plan being circulated by former Republican senator Alan Simpson and former Clinton administration official Erskine Bowles that is being touted as a balanced, reasonable way to reduce the federal deficit. In reality, it is neither balanced nor reasonable. Here is what you should know about the Simpson-Bowles plan.
Social Security is under political siege, thanks to a disinformation campaign by conservative opponents and a few widely held misunderstandings about how the program works and its impact on the federal deficit. Here are some basic facts you need to know about Social Security and what it will take to strengthen the program for future generations.
FACT:Social Security is not contributing to the deficit.The 2010 annual report of the Board of Trustees stated that the combined Social Security trust funds ran a surplus of $122 billion last year, with a reserve of $2.5 trillion. more »
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The following are key statements made by Barack Obama as president and prior to his presidency about Social Security.
