The Deficit Commission from Mars
The bipartisan deficit commission has recommended cutting Medicare, Social Security and defense spending. It reads like a report from Mars, says economist Dean Baker.
Economist Dean Baker on the federal deficit commission: Senator Alan Simpson, the chairman of the bipartisan deficit commission, spent much of his life scolding people for being dependent on Social Security and Medicare and complaining that they didn’t save enough. Now, based on the draft proposal released yesterday, it appears that he and his co-chairman Erskine Bowles never departed from this attitude in steering their thinking. Given the state of the economy, the co-chairs’ report reads like a document from Mars. Just to remind those of us who earn their living on planet earth (outside of Wall Street), the country is suffering from 9.6 percent unemployment.