- Joined
- Aug 9, 2010
- Location
- Coral Springs, Florida
Well I won't hold my breath but a commission has agreed to a deficit cutting plan that has gained the number of votes to head to congress for consideration. I briefly read over a summary of the plan and it actually looked somewhat logical. It involved spending cuts and some tax increases and also includes extending the retirement age by one year. Many of the tax increases result from removing or limiting certain exemptions.
No doubt its going to hurt but I'd rather have our own plan implemented before we end up having measures put on us by our creditors (i.e China). Now I'm sure this plan will get butchered and watered down as members of congress try to insert their own little exemptions but it finally looks like someone at least hit the panic button on our deficit problem. I hope Congress can pull its head out of its butt and get this done. Hopefully we won't need a full blown deficit crisis to crash our economy and send us into a depression before they act on some deficit reduction plan.
No doubt its going to hurt but I'd rather have our own plan implemented before we end up having measures put on us by our creditors (i.e China). Now I'm sure this plan will get butchered and watered down as members of congress try to insert their own little exemptions but it finally looks like someone at least hit the panic button on our deficit problem. I hope Congress can pull its head out of its butt and get this done. Hopefully we won't need a full blown deficit crisis to crash our economy and send us into a depression before they act on some deficit reduction plan.