Friday, March 18, 2011
Harry Reid says he will not touch Social Security for 20 years. If we wait until 2030, benefits will have to be reduced by a quarter. For all the Democrats talk about agreeing that entitlement reform is necessary, the only point I have heard them bring up is raising taxes. Even if we confiscate all the wealth from every single person in America, we would STILL not be able to fund entitlements in the long run. It is impossible to keep them in their current forms. As far as I can tell, the Republicans are the ones putting out the serious reforms, while Democrats are pointing to the ACA as "seriously reforming Medicare" and pushing for raising taxes. The ACA and increased revenue alone will not be a solution to our problems. I say take out all the corporate and individual tax loopholes (even the ones Dems like- like renewable energy tax credits, but leave the EITC and other tax credits for low income individuals and we would probably have to keep the employer sponsored health care tax preference as it is a huge part of the ACA, but it is worth noting that this is the most expensive tax expenditure so when Dems point out HUGE tax expenditures this is the biggest one), lower taxes while still raising revenue (this is possible if loopholes are taken out), and reform entitlements in a way that will seriously cut spending. People will argue that this will shift the cost to the most vulnerable citizens, but a financial crisis would be way more devastating to the poor and working poor than serious entitlement reform. I'm ready to fight on this one Patrick.