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News Link • Economy - Economics USA

Deficit panel leaders propose curbs on Social Security, major cuts in spending, tax breaks

• Washington Post
The chairmen of President Obama's bipartisan deficit commission on Wednesday offered an aggressive plan to rebalance the federal budget by curbing increases in Social Security benefits, slashing spending at the Pentagon and other agencies, and wiping out more than $100 billion a year in popular tax breaks for individuals and businesses. 

3 Comments in Response to

Comment by Ross Wolf
Entered on:

Obama Deficit Panel or Death Commission? Proposed Slashing Social Security / Eliminating The Mortgage Home Interest Deduction.  

While Obama speaks compromise, not raising taxes in 2010, his Chairman of the President’s alleged bipartisan deficit commission on Nov. 10th offered a throat-ripping plan to balance the federal budget. The proposal includes eliminating homeowner tax deductions for paid mortgage interests and slashing increases in Social Security. Obama’s deficit commission could spell death for countless senior Citizens that now barely survive on Social Security and others on fixed incomes. Apparently Obama’s deficit commission did not take into consider U.S. Government’s recent printing of huge amounts of U.S. Dollars, will reduce the dollar’s buying power for everyone, foreseeable to cause inflation that will ravage older Citizens on Social Security and others on fixed incomes? As the Dollar buys less products that will cause more Americans in manufacturing, construction and service jobs to become unemployed, further exasperating consumer spending.

Obama’s “Deficit Panel Proposed elimination of the home mortgage interest deduction—is a sure beat to decimate what is left of the real estate industry and collapse the current bank system. Why would most Americans want to incur the additional costs of home ownership if they couldn’t deduct the mortgage home interests; it would make more sense to rent. If Obama’s deficit commission succeeds in eliminating mortgage interest deductions, homeowners will have to use (after tax dollars) to pay their mortgage payments; that will devour homeowners’ discretionary income making home ownership unaffordable, causing millions to default. Home buyers to offset the elimination of mortgage interest deductions, will find it necessary to have smaller mortgages; it is problematic home buyers would increasingly make low ball offers on houses, driving down home property values and property taxes local communities depend. Local communities will go broke or become dependent on federal assistance, Taxpayer dollars. Banks recently were bailed out because real estate values crashed, causing the value of millions of homes to be worth less than their mortgages. Imagine if the current huge inventory of unsold homes was triple or worse because home mortgage interest deductions were eliminated making home ownership unaffordable: could banks disintegrate as their inventory of outstanding mortgages secured by  (homes) would increasingly become worthless as homes would be unaffordable for most Americans; taxpayers could not cover millions of home loans and empty houses U.S Government has insured.

Obama’s so-called deficit panel’s proposals to balance the federal budget amount to economic death for America.

Comment by Olde Reb
Entered on:

 the $400 CD "How to stop the IRS" looks like a pig in a poke.   Who is the author?  What is the source of it ??

Comment by Anonymous
Entered on:

http://www.TheAmericanRepublic.com/How_To_STOP_The_IRS.html.


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