Obama’s Proposed Social Security Cuts Are Wrong

Last week, The White House released a summary of President Obama’s budget. The proposal aims for a 3 to 1 spending cuts to tax increase ratio to reduce the deficit over the next 10 years. But the biggest headline from Obama’s budget plan is the $230 billion he wants to cut from Social Security.

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Sequestration: Blame President Obama? – Only Congress Can End It

There’s plenty of talk about who is to blame for the sequestration, the automatic spending cuts set to kick in on Friday. Obama blames congress. Prominent Republican members of congress, like Speaker John Boehner, blame the president. Bob Woodward wrote an op-ed in The Washington Post putting the blame squarely on White House. “My extensive reporting for my book ‘The Price of Politics‘ shows that the automatic spending cuts were initiated by the White House,” said Woodward. It was the “brainchild of [Jack] Lew and White House congressional relations chief Rob Nabors — probably the foremost experts on budget issues in the senior ranks of the federal government.”

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On The Debt And Deficit, Forget About Shared Sacrifice

A common argument in support of raising taxes on the rich is the idea of shared sacrifice. The United States has a lot of debt, and somebody has to pay for it. And after all, if cuts to programs like Social Security and Medicare are on the table, then how exactly are the rich supposed to sacrifice if not for increased taxes?

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The Debt Ceiling Has One Purpose – Extortion

Even though Republican lawmakers, Fox News pundits and conservatives at large believe the debt ceiling puts a limit on federal spending, that doesn’t make it so. The debt ceiling (or limit) is a 1917 law (part of the Second Liberty Bond Act) that gave the executive branch power to take on debt without congressional approval. So it sounds like Mitch McConnell and other Republicans are right when they say President Obama wants to do away with the debt limit so that he has the free rein to spend all he wants, right? — Wrong! Only congress can authorize new spending. However, it is up to the Treasury Department to actually pay the bills, and Treasury is part of the executive branch. And when the federal government is running a deficit, that means some bills are paid by loan (government bonds).

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