Wednesday, December 19, 2012

6 deficit reducers better than Social Security cuts

Art by Xavier Viramontes.
The proposal to cut Social Security benefits is being slammed by congressional Democrats, union leaders and just about anyone who supports working families.

Teamster General President Jim Hoffa said yesterday:
Social Security does not contribute to the budget deficit and should remain off the table in these year-end budget negotiations.
Best to express your outrage by calling your elected representatives -- including President Obama. Call the White House comment line at 202-456-1111. Or send an emmail to Or comment on this website:

The Campaign for America's Future proposes cuts that would be more ethical and more effective than lowering Social Security benefits by adopting the so-called chained Consumer Price Index ("chained CPI"). Here are six of them:
  1. Close loopholes in the capital gains tax. $174.2 billion.
  2. Let the Bush tax cuts expire for income above $250,000. $183 billion. 
  3. Allow the government to negotiate drug prices with pharmaceutical companies. $220 billion.
  4. Create additional tax brackets for very high earners. $872.5 billion.
  5. Eliminate corporate tax loopholes: $1.24 trillion.
  6. Create a financial transactions tax for high-volume Wall Street trading: $1.8 trillion.