Stocks are just itching to go higher. Every day they open higher, but come back down when either side talks about not working with the other. We'd see an over all jump in the entire market of 10% if they can come to some kind of compromise.
Raise taxes on those making over 800 million. That should keep most of the small business' safe. Increase the maximum qualified dividends/long term capital gains to 20% instead of 15%. I would be ok with that Mr. Boehner.
President Obama when Social security was started, the average man lived to age 64, and average women to age 66, so not many people went on social security. It was called a "Widows pension" because it was designed to help support the widow who lived beyound 65 for a few years. People did not live to be an average of 84 years old. For each generation increase by a year until it gets to age 69. Future generations will see the average age creep to 100. The government can't support someone who worked for 40+ years, putting minimal amounts into social security, and then living off of it for an additional 35 years.
They are currently 100 billion away from each other in what they want to cut,and/or increase taxes. Split the difference and both of you adjust by 50 billion dollars and get this thing through by end of year!!!
Jeffrey, I like some of your ideas, but we need numbers.
How much tax revenue would be generated by raising long term cap gains to 20%?
How much would your proposed slow raising of the retirement age save and when would we save it?
The one thing I disagree with you about is that we need a deal on the cliff at any cost. If we were to follow your advice and split the difference between the current plans of the President and the Speaker, we'd generate something like $1.1 trillion in extra revenues, plus $1.1 trillion in spending cuts, OVER 10 YEARS.
In annual terms, that deal would only improve each year's deficits by about $220 billion ($2.2 trillion divided by 10 years). In practical terms, that will only decrease 2013's prospective deficit from $1.3 trillion to $1.1 trillion.
That's practically nothing. It's doing the same thing we always, always, always do and say "paying our bills is no fun; let's just borrow money and use that instead."
Our current national debt is $16 trillion. Our current annual interest payments on that debt are about $1,300 per person per year, FOREVER.
Go look at your kids. We've already spent so much money that each of them will have to pay $1,300 each year, every year, for the rest of their lives. Shouldn't we at least set a cap on how much of their money we're allowed to spend?
It's criminal to steal money from future generations. Past generations didn't steal from us.