Cutting debt won't be easy
As a liberal, I agree that some entitlement reform has to happen together with other measures to reduce the nation's debt and it isn't going to be easy. Suppose we raise the eligibility age for Medicare over a five year period, to 67, we eliminate the cap on wages on which social security must be paid, we reduce the defense budget by 10 percent, we charge a group of experts to reform the tax code so that additional 2 percent revenue is realized by elimination of loop holes, and lastly we reform the welfare system to reduce the cost by 2 percent.
I think everyone would find something they didn't like about such a plan – and that's the point.
We can't all keep our sacred cows and achieve any results. The Congressional Budget Office would have to calculate the impact on the national debt – I can't. In some cases, an action is justified by the politics – not by any financial gain and that's OK if it garners enough votes to pass. We have to do something.
Lester C. Welch
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