Simpson Commission Did Not Tell Whole Truth-Bernanke

Posted on December 5, 2010

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This EDITORIAL from the Washington Examiner Gives us the REAL truth about this county’s financial condition and future. There is no political spin or Washinton talk. I hope alot of people read this editorial. The article also shows us that nothing has changed in the minds of the ruling class even in this grave crisis. I don’t know why we expected the truth from a government that has lied and stolen from us for years-even when we are near the end.SHAW

 

The Editorial

Here’s why President Obama’s National Commission on Fiscal Responsibility and Reform failed: It never acknowledged that the federal government’s dire economic condition is a product of excessive spending, not inadequate taxation.Co-chairmen Erskine Bowles and former Sen. Alan Simpson have received plaudits for raising vitally important issues that must be confronted, but in the final analysis they failed because their commission came up with a report that only Washington insiders would call “serious.” Their plan would require massive tax increases because it assumes the Bush tax cuts will expire and it eliminates major tax deductions, including the one for mortgage interest payments.

It also barely touches Social Security and Medicare spending, reducing them by only $442 billion in the first decade when outlays for the two programs are projected to be $20.2 trillion. In other words, the commission avoided Washington’s carcinogenic addiction to spending by focusing primarily on the revenue side of government fiscal policy — which is to say, taxes.

As Brian Riedl of the Heritage Foundation notes, “despite nearly all long-term deficits arising from soaring spending, the commission report nearly splits the difference between tax hikes and spending reductions in the first decade.” Politicians talk big about the need for “compromise,” but who’s doing most of the compromising when American citizens are told they need to pay more to cover the cost of a reckless political class that seems incapable of doing what needs to be done to boost economic growth? The Department of Labor answered that question Friday, reporting that unemployed Americans made up 9.8 percent of the job market in November.

The Obama-Simpson-Bowles commission has essentially told working Americans that their government is in trouble because they don’t pay high enough taxes.

The commission should instead have told Washington politicians they are spending too much. Rep. Jeb Hensarling, R-Texas, said it best: “You cannot change the ruinous spending path of our government if you leave the recently passed health care law virtually untouched and leave out fundamental reform of Medicare. It cannot be done.”

MORE…..washingtonexaminer.com/  EDITORIAL

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