July 1st, 2010
02:35 PM ET
4 years ago

Open-mike day at debt panel

Washington (CNNMoney.com) – Cut. Don't cut. Tax more. Don't tax more. Reform Social Security. Don't touch Social Security benefits. Don't act too soon to reduce the deficit. Don't wait too long.

And whatever happens, do no harm to the most vulnerable in society.

That's just a taste of the recommendations presented to President Obama's bipartisan fiscal commission this week during a marathon public listening session focused on how to put the federal budget on a sustainable track and reduce the growth rate in U.S. debt.

In all, 75 speakers representing think tanks, nonpartisan grassroots organizations, trade associations and advocacy groups from the right and left spoke during the seven-hour meeting. A handful of concerned citizens contributed their two trillion cents, too.

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Filed under: Financial Reform
soundoff (16 Responses)
  1. Future expat

    You can please some of the people all of the time, and you can please all of the people some of the time, but you can never please Republicans.

    July 1, 2010 02:37 pm at 2:37 pm |
  2. Barack.Hussein.Obama-America's-Benevolent-DICTATOR

    In all, 75 speakers representing think tanks, nonpartisan grassroots organizations, trade associations and advocacy groups from the right and left spoke during the seven-hour meeting. A handful of concerned citizens contributed their two trillion cents, too.

    ====================================================

    So they waste all their time listening to essentially LOBBYISTS FOR GROUPS! Oh yeah, let's bring in a few "concerned citizens" to make it look good, purely window dressing I'm sure. So these are the same groups that have bought off the politicians so they could be granted tax breaks, tax credits and loopholes to escape paying their share.

    They need to make only ONE decision. EVERYBODY must shoulder some of the pain.

    July 1, 2010 02:43 pm at 2:43 pm |
  3. BestProfitCompany = WAR

    Easy soltion but not enough "balls" to get it done. 1) cut defense spending by half!! 2) tax the wealthy top 5% (since they rob the most of the american people and got away with it!) 3) tax organize lobbiest and if they belong to a big corporate company; tax them more. 4) make pay as you go into law!

    July 1, 2010 02:53 pm at 2:53 pm |
  4. Jim S

    if we were to withdraw our troops from around the world
    Asia-Europe-Africa- how much would we see in terms of deficit reduction
    if we were to reduce gov spending on military supplies and quit funding the defence contractors who work on outdated obsolete,and useless weapon systems would we see any reduction in the deficit

    July 1, 2010 02:58 pm at 2:58 pm |
  5. snow

    When John McCain said he would form a commission to study the budget problems, nobummer laughed at him, saying he was incapable of handling the job. Now nobummer has his commission for the same reason and I guess he cannot handle the job either. Wait a minute, I knew that when he was campaigning for the Presidency. Well he is not Presidential but I guess I can only say he is the current 01 term occupant of the White House.

    July 1, 2010 02:59 pm at 2:59 pm |
  6. Ridgeway

    Cut. Don't cut. Here's a panacea for all of it Hussein. Resign and take Biden the idiot with you so we can elect someone with a brain and experience. And for sure a real American.

    July 1, 2010 03:11 pm at 3:11 pm |
  7. Victim of GOP Taliban

    This is a great idea. I like how Obama arranged for a broad discussion.
    It's too bad the Republicans would rather sabotage the nation to advance their sell-out agenda instead of being productive and contributing to this process.

    My 2 cents:

    Eliminate the War on Drugs – it will never be "won".

    Eliminate the War on Terror – it requires a political solution and volunteers, mercenaries and other methods which are 100x cheaper.

    Eliminate TSA and Homeland Security...we already have other agencies which can do this or give subsidies to airlines to do their own security screening at the boarding of each flight.

    Aggressively hunt-down corruption and waste caused by bribery / manipulation of lobbyists...which leads to billions in wasted spending especially in defense industry and corporate welfare.

    July 1, 2010 03:13 pm at 3:13 pm |
  8. Randolph Carter, I'm no expert, but...

    And come January, you'll start hearing the phrase "austerity measures" more and more in the media. The "real Americans" are being programmed by their televisions right now to hate entitlements and will be the ones screaming the loudest to cut social security, medicare, education, etc. come next spring. After all, we wouldn't want those welfare queens (boo, hiss) to keep raking in huge piles of money, would we? At least there are plenty of jobs in the military and prison systems. Bravo, military-industrial masters, you've done your job well. Have a nice day!

    July 1, 2010 03:14 pm at 3:14 pm |
  9. Henry Miller, Libertarian

    "Americans are ready to make the tough decisions," ...

    A majority said they could support ...a carbon tax, a securities transaction tax and higher taxes on corporations as well as individuals making more than $1 million.

    =================================================

    Uh, okay, a majority said they could support taxing someone else. That's a "tough decision?"

    As Russell Long once put it, what most people mean by "tax reform" is "Don't tax you, don't tax me, tax that fellow behind the tree!"[

    July 1, 2010 03:19 pm at 3:19 pm |
  10. Bob

    I think it's "open-mic"

    July 1, 2010 03:37 pm at 3:37 pm |
  11. Rick McDaniel

    A whole lot of talking, and not much doing. Seems that is how today's government operates.

    July 1, 2010 03:37 pm at 3:37 pm |
  12. Rickster

    Perhaps the most disappointing and frightening thing to democrats about what is going on in this country is that all of their pie-in-the-sky utopia ideas have been tested by Obama and we are now seeing the results. And the indisputable truth is that all of their ideas are disastrous utter failures which is just what conservatives have been saying for decades now. Wake up people.

    July 1, 2010 03:44 pm at 3:44 pm |
  13. independent

    Somebody read my suggestion over the mike:

    Capital gains tax rates should be pegged to the period of time held, starting at ulra-short, short, long, ultra-long. The ultra-short will reduce speculation and market volatility. The ultra-long will reward stability. The rates should be 50%, 30%, 20% and 10% respectively.

    In addition, dividends are not capital gains. Dividends should be taxed as ordinary income.

    Finally, earnings in qualified retirement plans should be tracked to differentiate between ordinary income and capital gains, and taxed accordingly. Currrently, all earnings in qualified accounts are taxed as ordinary income.

    Thank you.

    July 1, 2010 03:47 pm at 3:47 pm |
  14. Lynda/Minnesota

    Just a thought in passing: Why is it that those who are most opposed to (big) government are also those most likely to scream the loudest for (big) government intervention?

    Brewer, Jindal, Barbour, Perry come to mind.

    To give Pawlenty credit where credit is due, he does at least understand that the Red River will in all likelihood flood both the Fargo and Moorehead regions yearly. Therefore, he works with the MN National Guard and weather analysts to decide a plan of action long before the actual flooding begins.

    Apparently, Brewer never looked past the bill she signed into law and the complexities of enforcing it. NOW she wants the government to help enforce it. Jindal and Barbour never thought an oil spill would happen, therefore never prepared for one. NOW they want the government to help, yet haven't even begun to utilize the National Guard troops they have available.

    The Financial Market crashed, and yet, NOT ONE republican has even begun to understand or accept the consequences of their own actions in their decision to support the deregulation the Financial industry.

    The list goes on and on.

    July 1, 2010 03:56 pm at 3:56 pm |
  15. Pragmatic

    “The aim of an argument or discussion should not be victory, but progress”, said the philosopher, Joubert.

    July 1, 2010 04:01 pm at 4:01 pm |
  16. J Russ

    Give me back all the money you've confiscated from me over the last 45 years and I'll gladly withdraw from the social security system.

    July 1, 2010 04:09 pm at 4:09 pm |