Monday, 26 December 2011

Deficit battle won't cause fight between old and young

Deficit battle won't cause fight between old and young

(Reuters) - Now that the Super Committee has ground to a halt, the threatened "sword of Damocles" is poised to slash $1.2 trillion in federal spending. As we move to this next phase of the budget wars, deficit hawks will rev up one of their most phony arguments -- namely, that protecting entitlement programs rewards the old at the expense of the young. The debt ceiling deal last summer calls for automatic cuts to start in 2013, absent a Super Committee deal, with the reductions split evenly between defense and domestic spending programs -- but Social Security and Medicare are mostly exempt. ... read more..

No comments:

Post a comment