Reality Bites: Here come the Social Security payroll tax hikes and benefit cuts- gird yourself Gen X

As usual, Gen X is about to get royally screwed. We are the tiniest generation so the pols feel free to frak us over at any given opportunity.The Boomers suck up all the benefits and live high on the economic hog (sorry guys but it’s true) and drive up the debt and Gen Y, (the spoiled ones that Obama considers his ‘base’, you know the ones WE have to carry on our insurance until they are..27!!!) are going to cut our Medicare and Social Security and send us off on an ice floe….

Boomers– 1946-1964 (inclusive), 75.8 million

Generation X = 50 Million /ages 38 – 45

Generation Y = 78 Million /21 – 40

After spending trillions they are getting ready to talk tough on the deficit, HA! and WE the lucky lucky Gen X can expect to see higher payroll taxes, higher retirement age (neat trick since the healthcare plan wont give us a damn knee replacement to work these extra years after the cuts!) AND lower Social Security benefits. Right on schedule as predicted…

WSJ:

The White House is considering a bipartisan commission to tackle the nation’s swelling deficit, as it seeks to show resolve on a problem that threatens its broader agenda.Top White House officials, including budget director Peter Orszag, met Tuesday with Senate Budget Committee Chairman Sen. Kent Conrad to discuss establishing such a commission, which has been pushed by Mr. Conrad, a North Dakota Democrat, and his Republican counterpart on the committee, Sen. Judd Gregg of New Hampshire.

Senior congressional officials said the idea was gaining traction. Two officials said the White House was likely to make its own proposal for a panel, which could have less power than the proposed Conrad-Gregg commission. White House aides said no final decision had been made.

The idea is to bring Republicans and Democrats together to make tough decisions about how to cut costs or raise revenue in areas including Social Security, Medicare and taxes. For the White House, establishing a commission would show that the Obama administration is serious about tackling the deficit while postponing any real moves until after the 2010 elections….

* Reality Bites clip courtesy of carocia, soundtrack courtesy of juanperezextreme

November 25, 2009. Tags: , , , , , , , , , , , , , , . Economy, Film, Healthcare, Obama Administration, Politics, Popular Culture. Comments off.

Update and Correction: Team Obama adds 8% to Pentagon FY 09 budget.

UPDATE AND CORRECTION from HA by way of CQ:
If enacted, that would be about a $14 billion increase above the $513 billion allocated for fiscal 2009 (PL 110-329), including military construction funds, and it would match what the Bush administration estimated last year for the Pentagon in fiscal 2010. But it sets up a potential conflict between the new administration and the Defense Department’s entrenched bureaucracy, which has remained largely intact through the presidential transition.

Some Pentagon officials and congressional conservatives are already trying to portray the OMB number as a cut by comparing it to a $584 billion draft fiscal 2010 budget request compiled last fall by the Joint Chiefs of Staff.

The $527 billion figure is “what the Bush people thought was the right number last February and that’s the number we’re going with,” said the OMB official, who declined to be identified. “The Joint Chiefs did that to lay down a marker for the incoming administration that was unrealistic. It’s more of a wish list than anything else.”

Defense budget experts have said the draft by the Joint Chiefs, which was never publicly released, was designed to pressure the Obama administration to drastically increase defense spending or be forced to defend a reluctance to do so. Defense officials in past outgoing administrations have left inflated budget estimates for incoming officials in the hope of raising the spending baseline. In fact, the draft budget was never scrubbed by Bush’s OMB, which had told federal agencies to submit draft budgets based on “current services.”

One key issue is the administration’s decision to reduce supplemental appropriations by folding into the base Pentagon budget the non-war-related spending that has cropped up in supplemental bills.

The Pentagon refused to comment publicly on why it would need the higher amount. Defense Secretary Robert M. Gates has said the fiscal 2010 defense budget must contend with the realities of the bad economy and stop the trend of steep increases in military budgets since the Sept. 11 terrorist attacks.

Gates also has said the department would deliver Congress a formal request for a second tranche of fiscal 2009 war funding “in the coming weeks.” He sent Congress an estimate for that tab that totaled $69.7 billion.

WWII Home Defense

WWII Home Defense

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January 31, 2009. Tags: , , , , , , , , , , . Finance, NAVY, NAVY CARRIER SQUADRON, Obama Administration, Politics, Terrorism. 1 comment.

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