Industry Articles
Industry Articles Home > Improving Quality of life for Seniors News
|
Economic bloggers call for reductions in Social Security, Medicare payments 2010-03-17 The nation's most well-respected economic bloggers believe that cuts to Medicare and Social Security benefits are a necessary budget-balancing measure. According to Kauffman's quarterly Economic Outlook survey, benefit-payment reductions are the most popular suggestion for balancing the federal budget. This year, the Obama Administration estimates, the budget deficit will be about $1.6 trillion. The least popular idea for budget balancing was an increase in the payroll tax, CBS Money Watch reports. About 80 percent of the bloggers surveyed said payroll tax hikes would be a bad move. But in the face of mounting losses in its largest entitlement programs, the government is going to have to make some tough choices in the future. There are, in essence, two ways to go: Benefits can be cut or taxes can be raised - and neither option will be popular among the electorate. Some experts suggest that increasing the retirement age will add billions of dollars to the government's entitlement-program coffers. Others say the government should eliminate the mortgage-interest deduction it allows taxpayers to take; doing so would save billions more. Among some economic experts, though, benefit-payment cuts are popular - and it remains to be seen whether policymakers will take their advice.  |
