The Huffington Post (NAT)
Dimon, Simpson, Geithner: This Week's Three Horsemen of the Corporate-Politics Apocalypse
Richard (RJ) Eskow
Nancy and Eric are two of the most courteous and thoughtful people I know, and Simpson's snarling personal attack on them stands in stark contrast to their own civility. Simpson, of course, served as the co-chair of President Obama's "Deficit Commission" - which addressed Social Security, too, even though Social Security doesn't contribute to the deficit.
And the President who routinely chastises other for failing to disagree in a civil manner has yet to rebuke Simpson for his discourtesy.
Geithner praises Simpson-Bowles framework as the way forward
“This debate about what’s the right path to fiscal sustainability—it really began with Bowles-Simpson and that’s where it’s going to end,” Geithner said during an interview with Andrea Mitchell of MSNBC at the Council on Foreign Relations Wednesday. “The framework the president laid out is very close to that basic design.
Daily Kos (Blog)
Rather Than Slashing Social Security How About Lifting the Cap?
Incredibly, most people still don’t realize that workers who earn more than $110,100 don’t contribute on their full income and that simply removing that tax loophole for high earners would close the vast majority of Social Security’s modest long-term funding gap. Legislation introduced by Senator Bernie Sanders (I-VT) and Rep. Peter DeFazio (D-OR) would apply the same payroll tax already paid by more than 9 out of 10 Americans to those with incomes over $250,000 a year. Making the wealthiest Americans pay the same payroll tax already assessed on those with lower incomes should be a no-brainer and it is the solution Americans prefer rather than cutting already modest Social Security benefits.
The Christian Science Monitor (NAT)
What really pays for Medicare?
Many Americans believe that Medicare is financed like Social Security – mostly through payroll taxes – but that's not the case. Payroll taxes only cover a third of Medicare's cost, with other revenues and borrowing accounting for the rest.
The Washington Post (NAT)
Fiscal cliff: Another shot at a grand bargain?
Some budget experts think the expiring tax breaks and looming spending cuts could set the stage for a big bipartisan deal on taxes.
LA Times (NAT)
Public agrees on deficit as a problem, but not on solutions
Even if the economy fully recovers, however, the second part of the deficit – the built-in part -- would remain. It results from a simple fact of life – the average age of the U.S. population is going up, meaning that more retirees are eligible for Social Security, Medicare and other benefit programs for the elderly, which currently make up about half of every dollar the federal government spends.
Simpson-Bowles: It’s Back, and Better Than Ever
Whoever wins the U.S. presidency in November will potentially have to deal with combined tax increases and spending cuts that could extract 3 percent to 4 percent of gross domestic product from the economy -- a potentially catastrophic fiscal blow to the recovery from the deepest recession in 80 years.
How high should the retirement age be?
Social Security is already in deep trouble.
The trust fund pays out more in benefits than it takes in from workers' payroll taxes. It's estimated there will be a $165 billion shortfall this year and that the program will only be able to pay promised benefits in full through 2033.
Part of the problem is Social Security is an outdated system. Back in the 1930s when it was created, most people didn't live past 60. The point was never to pay Social Security to a retiree for decades.
Taylor Marsh (Blog)
Pres. Obama Blows His Moment, Laments Loss of “Grand Bargain”
So, Governor Romney disagrees with my vision. His allies in Congress disagree with my vision. Neither of them will endorse any policy that asks the wealthiest Americans to pay even a nickel more in taxes. It’s the reason we haven’t reached a grand bargain to bring down our deficit — not with my plan, not with the Bowles-Simpson plan, not with the so-called Gang of Six plan. – Pres. Obama
National Journal (NAT)
Romney's Potential 'Gang of Eight'
If Romney is savvy, the first people he'd reach out to would be Sens. Mark Pryor, D-Ark., Mary Landrieu, D-La. Mark Begich, D-Alaska, Kay Hagan, D-N.C., Tim Johnson, D-S.D., and Jay Rockefeller, D-W.V. Add independent Angus King to the Senate - he's the frontrunner in this year's open seat Maine Senate race - and pragmatic Virginia moderate Mark Warner and there's a caucus of at least eight clear swing votes that could line up Romney's way.
Business Insider (NAT)
How Long Will ‘Walking Pneumonia’ Economy Linger? Rogoff’s Sobering Reality Recommended
Social Security Reforms to Ensure Long-Term Solvency and Reduce Poverty: Ensure sustainable solvency for the next 75 years while reducing poverty among seniors. Reform Social Security for its own sake, and not for deficit reduction.
Kansas City (KS)
Jeb Bush: Our debt crisis requires a ‘grand bargain’
Jeb Bush’s recent field trip to Washington was not pleasant, but it was clarifying — a civics lesson in democracy’s darker side.
The Orange County Register (CA)
Social Security isn't wealth redistribution
The recent article by Walter E. Williams, “Social Security is not your money” [Opinion, June 13], is just plain silly. Williams asserts that Social Security participants have no legal right to benefits promised by the Social Security Administration. He further contends that SSA has not “set up a Social Security account for you.” What nonsense. Anyone can request and receive from the SSA a report on his or her account.
The State Journal-Register (IL)
Social Security move now scheduled for June 25
The Springfield Social Security office will move to its new location, 3112 Constitution Drive, as of June 25, the office announced Thursday.
Counterpunch: Tells the Facts, Names the Names (Blog)
Trying to Kill Social Security
It seems like every few months alarms are sounded warning US workers that Social Security is going bankrupt. Oftentimes, the follow up to these alarms includes a warning that the only way to save the system is by turning all or part of the funds involved over to Wall Street investment houses like Goldman Sachs. Usually the alarms are sounded by right wing politicians from the Republican Party. In recent years however, this cacophony of lies has been assisted by more and more Democrats.
The New York Times (NAT)
Census Data Finds Who Votes, and Who Doesn't
Minnesotans like to vote, but Texans and West Virginians are less enthused about it, data released Tuesday by the Census Bureau shows.
The New York Times (NAT)
U.S. to Stop Deporting Some Illegal Immigrants
John H. Cushman
Hundreds of thousands of immigrants who came to the United States illegally as children will be able to obtain work permits and will no longer have to fear deportation under a new policy announced by the Obama administration.
National Journal (NAT)
More Than a Gabfest
George E. Condon Jr.
Obama did not create the G-20—President Clinton did at the finance-minister level in 1999. And he did not call the first G-20 leaders’ summit—President Bush did in November 2008 as the depth of the economic crisis was becoming evident. But Obama did make this fledging grouping of 19 countries and the European Union the official, go-to world body for American diplomacy on economic matters, a fundamental shift from almost four decades of U.S. policy giving top ranking to the G-7 (and later the G-8) group of industrialized democracies.
National Journal (NAT)
Just Like the Gipper
Mitt Romney needs to approach Reagan’s 1984 level of support among white voters to defeat Obama in the fall. And he might do just that.
Koch brothers: Inside the Koch World convention
Kenneth P. Vogel and Tarini Parti
The Koch brothers’ political operation has increasingly come to resemble its own political party — and later this month in San Diego, it will hold what amounts to its most ambitious convention to date. Many of the dozens of rich conservative invitees are expected to write huge checks to a pool of cash distributed among Koch-approved groups,...
The Washington Post (DC)
The scariest sentence I’ve read today #wonkbook
'Because there has been time to prepare, some economists say, Greece’s departure from the euro will not be as much of a shock as the collapse of Lehman Brothers in 2008, which provoked a global financial crisis.'
Three Frightening Phrases You Should Understand
When economists talk about their fears, they constantly use three phrases: "fiscal cliff," "muddle through" and "hard landing." Each is related to a different problem in a different region of the world: the U.S., Europe and China. And there are worries that all of these crises will explode soon.
Complaint claims school district discriminated against Latino students
Two advocacy groups have filed a federal complaint alleging a North Carolina school district discriminated against three Latino families.
The Economist (UK)
Lexington: Waiting for Robbo
WHAT is the biggest problem that faces Barack Obama in his quest for re-election? Most people would say the economy: stuck in thin-blooded, job-deficient recovery mode, and liable to take a turn for the worse if the news from Europe gets much gloomier. But another, even more immediate, spectre looms. Next week or the week after, the Supreme Court will issue its ruling on Mr Obama’s most significant achievement as president, the sweeping reforms he passed in 2010 to America’s health-care system. And there is a good chance that Chief Justice John Roberts and his court will strike them down.
Why we need pension reform – Global Public Square Blogs
A day after Governor Scott Walker won his recall election, the New York Times wrote, "The biggest political lesson from Wisconsin may be that the overwhelming dominance of money on the Republican side will continue to haunt Democrats.
Taxing the rich: What's fair?
Joseph J. Thorndike
All major tax changes have followed public debates about tax fairness. Now we're having another one about how much to tax the rich.