It's back. No matter how many times working people reject the Bowles-Simpson "B-S" budget plan that cynically claims it would "promote economic growth "—but would actually snuff out the recovery and cut lifelines for working families—it keeps coming back to the table.
Erskine Bowles and Alan Simpson released another tired plan today that would cut Social Security COLAs to pay for lower tax rates for corporations and the wealthiest Americans, among other things.
A group of 350 prominent economists, including economic experts from the AFL-CIO, issued a joint statement warning that the type of austerity measures favored by Republicans and suggested by the bipartisan commission, led by Erskine Bowles and Alan Simpson, would further harm the economy and weaken the social safety net that millions of working families rely upon. They argue that the seemingly obsessive focus on the deficit obscures what the country really needs to focus on—creating jobs.
Why do deficit reduction plans always "seem to involve cutting taxes for the top 1% of U.S. income earners while cutting Social Security retirement benefits (average monthly check: $1,230 ) for everyone else?" asks Los Angeles Times columnist Michael Hiltzik in his latest column.
A vicious rant against seniors by Alan Simpson, co-author of the 2010 federal commission on the deficit report that calls for raising the Social Security retirement age, should give pause to those embracing the so-called Simpson-Bowles plan—especially Democrats. It’s time for them to not only repudiate Simpson’s most recent tirade against seniors, but they should also reject his even more devastating attack on seniors—and their children and grandchildren—by pledging not to cut Social Security.
Three years into the nation’s brutal recession, America’s workers continue to suffer from massive joblessness, skyrocketing foreclosures and weak buying power. But Wall Street—with corporations sitting on $2 trillion in cash—hasn’t paid for its role in causing the near-collapse of the U.S. economy.