Deficit Panel

Oh boy!! This is truly exciting news!! Obama is going to create another blue ribbon panel to try and figure out how the U.S. is going to deal with it's spending problem.

The deficit spiked to an extraordinary $1.4 trillion last year and could top that figure this year as the struggling economy puts a big dent in tax revenues. Even worse from the perspective of economists and deficit hawks, the medium-term deficit picture is for deficits to hit around $1 trillion a year for the foreseeable future.
Obama and his economic team have said repeatedly that this is not sustainable. He told lawmakers during his State of the Union address that he would go around their vote and appoint a version of a deficit commission.

Obama's version of the commission is a weak substitute for what he really wanted: a panel created by Congress that could force lawmakers to consider unpopular remedies to reduce the debt, including curbing politically sensitive entitlements like Social Security and Medicare.

Read it here; http://www.foxnews.com/politics/2010/02/16/obama-appoint-deficit-commission/

This idea sounds familiar...Hmmm??....where have I heard this one before??? Oh yeah!! It was Ronald Reagan who appointed a commission 28 years ago to tell us Social Security would be insolvent in 30 years....unless serious changes were made.

Darn it!! I wish someone would have listened to that panel 28 years ago.