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Fixing the Fiscal Cliff Will Hasten Entitlement Crisis

jeconomist Wrote: Nov 22, 2012 8:12 AM
The article misstates the impact of the fiscal cliff on entitlements. The problem isn't that taxes were cut. The problem is that all entitlement taxes are driven on jobs. As taxes rise and spending falls, it is jobs that are lost. That is a major problem for Social Security, and the people who believe that the system can pay full benefits until 2033.
Stan306 Wrote: Nov 22, 2012 9:59 AM
I have about 10 to 15 years before retirement. I believe that they will begin to pro-rate the SS benefits based on income more and more. By the time I retire - if I have been able to find some way to provide for myself even marginally... there will be no SS benefits for me.
Mike14760 Wrote: Nov 22, 2012 9:52 AM
Taking money from the private sector in taxes and giving it to government does not work. Government is very inefficient. The most effcient use of moneyis by the people who earn it. Business makes wealth, Government destroys wealth. Not every problem can be fixed by government. We need a low flat rate tax of say 11 or 12% with no deductions and a 12% flat rate corporate tax. We also need to get rid of intrusive regulations.
The coming fiscal cliff's mix of tax hikes and spending cuts are projected to seriously hamper economic growth over the next two years, and Congressional leaders would be wise to negotiate fixes for the problems. One of the more popular potential fixes, however, is only going to hasten the coming entitlement crisis by worsening the finances of Social Security.

A one-year extension of the employee-side payroll tax cut was passed in December of 2011. It's scheduled to lapse along with the other fiscal cliff policies in 2012. This is a particularly popular tax cut because it goes by and large...