Are future HUGE entitlement cuts basically a foregone conclusion?

[Skwmom]

The U.S. is broke and buried under a ton of debt (which will get even bigger once the next round of bailouts occur). That sacrifice they keep talking about - I think it's coming. But it's kind of hard to talk about when you're handing trillions to the greedy jerks who created this mess.

[theoldman]

1. Your title and post do not match.

Entitlements and bailouts are two different things.

[Skwmom]

4. Hmm... trillions of bailouts have to be paid for somehow (for example, by HUGE

cuts in entitlements).

[msongs]

2. nah, the military/industrial complex funding is secure for eternity :-) nt

[CrispyQ]

3. I think social security benefits will be cut substantially.

They may have a cut off age, or not. Either way, they will try to use the current economic crisis to steal it from us.

I pointed out in another post that when our taxes are spent on We the People, they call it entitlement, but when our taxes are given to big business, it's good for the economy. :eyes:

[Kurt_and_Hunter]

5. Yes, eventually, though only the very youngest readers of this will be affected

[Skwmom]

7. I think the "chickens will come home to roost" long before that.

[Kurt_and_Hunter]

8. For medicare, perhaps. For Social Security, probably not.

[joeglow3]

6. I think the day will have to come.

I am not saying this from a political perspective. Rather, I am saying it as a tax CPA. A couple years ago (BEFORE the shit hit fan) I went to training in Chicago. One of the 2 hour presentations was on the national debt over the next 40 years. At the rate we were growing, there was a point in the not so distant future where our tax revenues could NOT even come close to paying interest and social security. They looked at all the options, including, raising taxes, letting AMT take over (i.e. do not "patch" it), cutting all defense spending, etc.). There were only 2 solutions that seemed feasible:

1. Cut entitlements drastically. Can't cut interest payments and this is the only other large piece of the pie.
2. Raise taxes drastically across the board. Works to a certain point, but raise too much and you run into a LOT more expatriation and fraud.

One other thing that came out of it was the need for the IRS to focus on enforcement. People/companies not paying the taxes (usually through not filing at all) is the single largest treasure trove.

[Skwmom]

9. The scary part is that it didn't even include the trillions spent on rewarding

the crooks that caused this mess. I think this has accelerated the pending disaster.

[terisan]

10. The administration is acting in in order of their priorities. Wall Street got full bailout

because their needs were addressed first. Our budeg will be cut because our needs are being addressed next and there is less "moneyy (debt load possible); next so-called "entitlement" reform will be presented , social security will be labeled an entitlement even though it is not and we will be told our government can't afford it and we must sacrifice.

so I think you are right. They are going to try, as did Bush, to cut benefits to social security and increase payments. They want us to sacrifice, yet they and Wall Street do not.

There are excellent reasons to not touch social security.

Voters need to be setting the priorities but we still are not doing that.

[Skwmom]

11. I think they are putting off the use of the word "sacrifice" until they

finish with the next round of bailouts.

[terisan]

12. I guess we will need to be ready. nt

[Median Democrat]

13. Some Entitlement Cuts Plus Tax Increases Are Necessary

We can thank Bush for the tax cuts and spending increases for making things worse, but the idea of Social Security going broke is misleading. Rather, at a certain point, social security taxes will not cover social security benefits. Then taxes will need to go up and benefits may need to be reduced.

My take is that people are living longer, so social security should be both strengthened, but adjusted to reflect the fact that people can work longer. I am totally against any effort to privitize social security.