Saturday, July 31, 2010

Debt crisis mathematical projections could stimulate talk of means testing for seniors

The Saturday July 31 Washington Post has an editorial that appears to me to have serious implications for the “means testing” debate (Boehner's proposals, discussed here earlier) regarding future entitlement reform, especially for Social Security and Medicare. The print title (p. A14) is “Dangerous curve ahead: The more we delay, the harder it will be to avoid a debt crisis”, with online title “CBO’s deficit forecast shows the need for early action”. The link is here and there is a secondary link to a graph “Federal debt as a percentage of gross domestic product” with a matterhorn-like (“Paramount mountain”) slope at the end. It looks like a great illustration for SOL algebra tests!

Rescinding Bush tax cuts for the wealthy and allowing alternative minimum taxes to continue only go so far. CNN has discussed the possibility that Bush tax cuts from 2001-2003 for everyone could expire soon (at the end of 2010). Obama has said that families making less than $250000 a year would not see increases. Per child tax credits could drop. Estate taxes (as noted here in May) could come back.

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