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| Obama: Social Security, Medicare may face cuts |
| 2009-01-08 |
| President-elect Barack Obama said today that reforming massive government entitlement programs -- such as Social Security and Medicare -- would be "a central part" of his effort to control federal spending. Obama made the pledge but provided few details as he named Nancy Killefer as his administration's chief performance officer, creating a new White House position aimed at eliminating government waste and improving efficiency. Noting that the Congressional Budget Office had just estimated he would inherit a $1.2 trillion federal deficit for fiscal 2009, Obama promised to cut unnecessary spending. "We expect that discussion around entitlements will be a part, a central part of those plans," Obama said. "And I would expect that by February in line with the announcement of at least a rough budget outline we will have more to say about how we're going to approach entitlement spending." For the first time, Obama gave a ballpark price tag for his massive economic plan aimed at generating jobs and jolting the country out of recession. Aides have said it could cost as much as $775 billion over two years. Outside economists have suggested as much as $1.2 trillion would be needed. "We expect that it will be on the high end of our estimates but will not be as high as some economists have recommended because of the constraint and concerns we have about the existing deficit," Obama said. |
| Posted by:Fred |
| #19 All he has to do is take everyone 401K and IRA and place it in to a Government Social Security like Ponzi scheme and he'll have a huge bankroll of money to spend as he see's fit. And with mandatory contributions your grandkids will pay for it - just like they're be paying for your social security. |
| Posted by: CrazyFool 2009-01-08 20:52 |
| #18 Wait a minute, "The One" has promised every American the same health care coverage the congress enjoys. He said he'll find the money by getting the doctors to computerise their medical records. Maybe they can farm out their office staff work to India. A patient walks into an empty doctor's office. A voice says this is Sally in Mumbai, please sign in and the doctor will see you in a minute. Later a voice is heard, Hello I'm nurse Joan in Mumbai, please take the blood pressure kit from the table and test yourself. When you are finished type the results into the computer. Still later, a voice says, Hello, I'm doctor Elizabeth in Mumbai. Please approach the video cam on the computer, open your mouth and say aah. Very interesting, take two aspirin and call back if it doesn't get any better. Finally a voice says, please swipe your National Health Insurance card in the reader at the door and it automatically open and let you out. तुम फिर से फोन शुक्र |
| Posted by: GolfBravoUSMC 2009-01-08 19:38 |
| #17 They told me that if George Bush was elected Social Security would be cut. Only they didn't tell me it would be after he left office. |
| Posted by: Deacon Blues 2009-01-08 19:31 |
| #16 reforming massive government entitlement programs -- such as Social Security and Medicare -- would be "a central part" of his effort Mandatory limits on life expectancy? |
| Posted by: DMFD 2009-01-08 19:00 |
| #15 And we're here to help you with your 401Ks, too! |
| Posted by: KBK 2009-01-08 18:22 |
| #14 EU6305, yes, and he still gets his pension and place in the history books, so.....BFD. |
| Posted by: Cornsilk Blondie 2009-01-08 18:15 |
| #13 He can't possibly be that stupid. Think of all them Baby Boomers approaching retirement who are gonna be pi$$ed as hell. Think four and out. |
| Posted by: Ebbang Uluque6305 2009-01-08 13:59 |
| #12 What Lagom said. |
| Posted by: .5MT 2009-01-08 13:45 |
| #11 DoDo, And when that doesn't work: Benefit Cuts. I think they'll start out trying to pinch the business end, but they'll find that too hard and just grease the old folks eventually. |
| Posted by: bigjim-ky 2009-01-08 13:24 |
| #10 Only Nixon could go to China. |
| Posted by: Lagom 2009-01-08 12:18 |
| #9 "Reform" does not necessarily mean benefit cuts. To the Democratic party "Budget reform" is tax increases, "Stimulus" is trillion dollar deficits, "Medicare reform" is squeezing doctors and drug companies, and "social security reform" has always been higher payroll taxes. |
| Posted by: DoDo 2009-01-08 11:39 |
| #8 While I may agree that something has to happen with regards these programs, if Obamba touches this, he's going to find his ass on fire, just like GWB. The one rising quickest is Medicaid. Choke it. But then again, if he forces thru national health care, Medicaid isn't needed, but the outalys from Treasury will be 100 times as much. He has larger problems than he knows, but curtailing SS/Medicare will ignite a firestorm. He better think along the lines of cutting foreign aid to zero. Nothing to UN. Taxpayers favor this. Having the rug pulled out from under them at the time of life when they are most vulnerable is not going to be palatable. |
| Posted by: Woozle Elmeter 2700 2009-01-08 11:13 |
| #7 Over 2,000,000 people who DO work, lost their jobs this year. That's got to put Tax revs in the crapper. So Bambi and the sh*tballs in DC will of course punish people who have already worked all their lives and live on a pittance so they can hand more money to people who have not, nor ever will work and pay taxes. Bravo! I don't find the notion of a suitcase nuke going off in DC nearly as horrifying as I used to. In 4 more years, I doubt I'll find it all that worrisome at all at the rate we're going. |
| Posted by: bigjim-ky 2009-01-08 10:39 |
| #6 I don't see this actually happening until the train wreck is upon us. Congress won't touch So. Sec. reform until they can't dither any longer. And dithering is still possible no matter how certain the wreck will be. |
| Posted by: Spot 2009-01-08 10:15 |
| #5 And my grandmother was all afraid of republicans cutting her social security. Dhimocrat payback is a bitch. |
| Posted by: DarthVader 2009-01-08 09:58 |
| #4 Can't wait to see the spin on this one. I'm sure it will involve "the collective good" or some other lefty slogan that gets his supporters all hot and bothered, and will be promoted as further proof of his genius. |
| Posted by: Cornsilk Blondie 2009-01-08 09:26 |
| #3 There is basically no way that Obama can avoid slashing both SS and Medicare. Tax revenues are going to be in the toilet, and almost half of it is already spent on the big three, SS, Medicare and Medicaid. And yes, Defense is going to take it in the shorts as well. No way around it. |
| Posted by: Anonymoose 2009-01-08 08:40 |
| #2 This could get interesting. Only insofar as I'm going to guess that Obama's decided to ignore the private investment option and is just going to jack up the needed taxes. Mike |
| Posted by: Mike Kozlowski 2009-01-08 05:47 |
| #1 The SS/Medicare third rail. This could get interesting. |
| Posted by: tipover 2009-01-08 01:44 |