Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The republicans should have called the Suicide Hot Line. It will be too late when the middle class tax cuts expire and unemployment benefits are cut.
It is amazing how far out of their way they are going to see that the Democrats stay in power for the next twenty years plus. I guess they are just tired of being in office.
Congress can take action in January and make it retroactive.
Congress can take action in January and make it retroactive.
Which is probably what will happen. But at a higher price to the economy and the Dow than would have been paid two weeks ago.
And there's no reason to think the Kooks will be any less intransigent next year - they'll simply be easier to outvote and ignore, as long as Boehner's willing to bring a bill to the floor and pass it with Dem support.
That this is the sticking point is ridiculous. Social Security needs to be reformed and it will not be without pain. This is a minor one in the grand scheme of things.
Quote:
The Bureau of Labor Statistics defines the consumer price index as a “measure of the average change over time in the prices of consumer items – goods and services that people buy for day-to-day living.â€
Traditionally, CPI (technically CPI-U, the consumer price index for all urban consumers) was considered an upper bound on a cost-of-living adjustment because it did not reflect the changes in consumption patterns that consumers make in response to changes in prices between item categories. For example, if the price of pork increases while the price of beef decreases, consumers might shift away from pork to beef. CPI takes into account a modest amount of substitution within item categories but not substitution between categories.
What is “chained CPI�
Chained CPI is calculated using a formula that reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. In the pork vs. beef example, chained CPI would rise, but not as much as CPI that is based on fixed purchase patterns and does not take into account substitution between categories.
How would social security benefits be affected by a change to chained CPI?
Social security benefits (and many other government payments and pensions) are adjusted by a cost-of-living allowance (COLA) for inflation to take into account the rising cost of goods and services. To the extent a lower measure of inflation—such as chained CPI—is used instead of CPI to calculate the amount of the adjustment, social security benefits would increase more slowly.
What tax provisions would be affected by a change to chained CPI?
Many tax provisions, including the tax rate “brackets,†are indexed for inflation using CPI. A change from CPI to chained CPI would result in an increase in taxes over time.
What would be the revenue effects of a change to chained CPI?
Official estimates of the change to chained CPI from CPI over a 10-year period resulting from lower benefit payments and higher taxes are not yet available. However, the effects could be substantial
The Bush tax-cuts mainly caused the deficit. Social Security does not contribute to the deficit. So naturally, to fix the deficit we need to lower Social Security benefits.
That this is the sticking point is ridiculous...This is a minor one in the grand scheme of things.
It's a major one in the political calculus, and it's pretty clear McConnell was trying to jam it in and bounce Reid at the last minute. Didn't work, any more than Boehner's big political gamble did. The Reps keep trying to bluff with a weak hand, but everyone knows they've got nothing, so it's a pish-poor bluff which keeps getting called.
I think every person who signed that Norquist pledge should be tried for treason.
They are supposed to do the work of 'the People', not pledge their allegiance to one person.
They are traitors!
They aren't traitors to the citizens who choose to send them to Washington as Representatives. That they don't agree with your President doesn't change their mission. They're exercising the intent of their employers.
The Bush tax-cuts mainly caused the deficit. Social Security does not contribute to the deficit. So naturally, to fix the deficit we need to lower Social Security benefits.
The government took in MORE money AFTER the Bush tax rates.
Anyway, lack of money does not cause a deficit. Spending more than one makes causes a deficit.
And Soc Sec is spending more than it makes. Therfore it is running a deficit. Whether it is reported that way doesn't matter.
I could make a million a year. If I spend 2 million I am in debt.
Or I could make 20grand a year. If I spend 15 of it I don't run a deficit.
Doesn't matter what the tax rates as far as deficits are concerned.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
