President Obama’s bipartisan deficit reduction panel delivered their report a week after the mid-term elections.
According to the Associated Press, “The plan would gradually increase the retirement age for full Social Security benefits — to 69 by 2075 — and current recipients would receive smaller-than-anticipated annual increases. Equally controversial, it would eliminate the current tax deduction that homeowners receive for the interest they pay on their mortgages.”
Admittedly the year 2075 is six-and-one-half decades from now in terms of collecting social security benefits. However, it is perplexing that this panel could recommend something of this sort to be mandated on Main Street USA when elected officials can work, at the public’s expense, until any age they like.
How much would be saved if legislation was enacted immediately to require public servants to retire at age 65? Probably quite a bit, as members of Congress who have served 40 or 50 years most assuredly earn substantially more than a freshman Senator or House member.
And, how about taking a look at benefits of these public servants.
And their expense accounts.
And their retirement packages (including their COLAs).
If a committee was truly bipartisan (and, more importantly, non-political) that issue would be addressed at once.
Someone should dig up all the facts and figures and publish a report concerning each and every expense that comes directly out of the pocket of the taxpayer to keep our elected members of society gainfully employed.
The other point in that AP paragraph had to do with eliminating the tax deduction for interest paid by a homeowner.
Absolutely brilliant. Not!
One has to wonder if the group considered how that one act could potentially destory the housing market.
Aside from hoping to earn equity by owning a home, people are also attracted by the additional benefit of being able to deduct that interest.
This report should simply be sent to the circular file.
The members presenting such an atrocity should be escorted (quickly) away from Capitol Hill.
Over For Now.
Main Street One