Hate to be this snarky, “This week in DUH Magazine.”
President Obama’s Fiscal Commission, co-chaired by Alan Simpson and Erskine Bowles, released its report today.
Talking Points Memo has a great breakdown of the proposed measures to reduce our national deficit. All in all the combined measures boil down to two things: Collect more taxes and reduce spending. Get Out!
Jokes aside, I give some of the specifics of this proposal excellent marks for common sense approach. However, as TPM notes, these are some firmly planted third-rail issues, such as defense spending, tax brackets, tax credits and reductions and social security/medicare. As the chairmen of this panel wrote in their slide presentation, “The Problem is Real – the Solution is Painful.” Some of the solutions I completely agree with, but the real bulk of the long term fix is changing our tax codes and that will be very interesting to see where that fight goes.
For those of you have the time, the entire presentation with charts, facts and figures is here.
*UPDATE – Pelosi no likey.
*UPDATE UPDATE – Ezra Klein’s take is dead on: The report has good ideas, but what we really need to know is how we could get measures passed through Congress.