Big Red Car here. Going to be a bright warm day here in the ATX. Gotta love it. On Earth as it is in Texas!
Part and parcel of the business of “right sizing” our financial affairs were such things as the Simpson-Bowles Commission, sequestration and promises of entitlement reform. We agreed to tackle entitlement reform as part of the alchemy of raising taxes. Remember that? Come on, it’s early but you are clearly awake. So, yes, you remember that now don’t you?
Haha, Big Red Car, you are really a pisser today, Old Sport.
Entitlement reform progress
When one thinks of the current discussion of entitlement reform — Social Security, Medicare, Medicaid, disability, subsidized housing, unemployment — one thinks of the following recently launched initiatives:
Well, as YOU can clearly see, there has been NO discussion of entitlement reform of any substance with the President, the Administration and the Congress preferring to focus on gun control (fail), immigration (fail), jobs (fail), the economy (fail), scandals (fail) and privacy (fail).
What has to happen
As we all know, entitlement reform is going to ultimately have to embrace the following concepts:
1. Reductions in the level of benefits;
2. Increase in the eligibility age for the attainment of benefits likely beginning with the folks who are 55 years old and younger today;
3. Means testing for the receipt of benefits — some folks who have paid in forever are going to get nothing — tough love, indeed;
4. The ability to opt out of the system but with the continuing requirement to pay a tax into the system; and,
5. More transparency and communication as to the health of the system.
Today, we simply lack the political cojones to tackle this problem head on in the light of day. We are collectively cowards willing to go over the cliff rather than doing the heavy lifting. Shame on us all.