July 21, 2011
The deficit reduction plan of the so-called 'Gang of Six'
Dean Baker, co-director of the Center for Economic and Policy Research (CEPR), issued a statement on the latest budget plan that Obama seems to be enthused about, although there is still some confusion about what the plan calls for since it is still in outline form. Baker's statement is worth reading in full but here is his conclusion:
The budget plan produced by the Senate's "Gang of Six" offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled.
It is striking that the Gang of Six chose to respond to the crisis created by the collapse of the housing bubble by developing a plan that will give even more money to top Wall Street executives and traders.
Obama seems to be actually proud that he is going along with the long-sought-after dream of the oligarchy to cut the safety net of older and poor people, saying that the plan is 'broadly consistent' with what he has been advocating, adding that "We have a Democratic President and administration that is prepared to sign a tough package that includes both spending cuts, modifications to Social Security, Medicaid and Medicare that would strengthen those systems and allow them to move forward, and would include a revenue component."
The wingnuts seem to be mobilizing against the plan too so it may not go anywhere.