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Name:
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MartiniMan
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Subject:
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Suppose for Just a Minute That>>
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Date:
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8/9/2011 9:35:20 AM
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We need to be realistic about where the real issues are. It is not defense spending. That only represents ~6% of GDP. Where we have real problems is with Social Security, Medicare/Medicade and Obamacare, but mostly the first two. These so-called entitlements are what is driving us off the financial cliff. If we can address these then modest cuts in the others would be all that is necessary.
First of all, I would allow those under the age of 55 to leave the social security system altogether and would not change anything for those over 55. That is essentially the Ryan plan but Dems have already lied about it to scare seniors. For those under 55, I would allow them to keep 2/3rds of their FICA and put it into a private plan with the understanding that they will not participate in Social Security. I would take that deal in a heartbeat and that would free up a tremendous amount of cash, much of which would likely go to equities which would be a huge boost to the markets.
The second thing I would do is to gradually raise the retirement age (i.e., the age you are eligible to draw SS benefits) to 70. It would take 5 to 10 years to complete this transition. Given the increase in life expectancy most people that are not financially well off work long beyond age 65 anyway. Based on the projections I have seen these two very reasonable steps would make the Social Security system solvent.
On Medicare, I would means test access to this program and make it for the most part a catastrophic insurance program. I would also privatize as much of it as possible and reduce the inefficient government bureaucracy. If you look at demographic data, those over age 60 are the wealthiest population group. Why do we have struggling young families paying for the health care of the wealthiest segment of society, including people like Warren Buffett and Bill Gates? They should pay for their routine care and insurance should pay for catastrophic care. If they can afford it there are plenty of gap policies that they can buy if so inclined.
On Obamacare, it should be repealed in its entirety as a majority of Americans want and replaced with targeted, sensible reforms to address the bigger issues with our health care system.
This is obviously a simplistic explanation but reforming these two programs and repealing Obamacare will go a long way to solving our spending problems. Until Democrats give up the scare tactics to achieve their electoral goals there is no way we can effectively reform any of these entitlement programs. That is the only reason why we need the Tea Party inspired GOP to control the House, Senate and the WH. Otherwise it will never happen. And even with them controlling the federal government it may not happen.....but at least there is a hope.
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