03 August 2011

Entitlements still in limbo

First of all, I am glad that the U.S. will not default on its debt, as was a huge concern for many of us.

That said, I'm not too happy about the "deal" that President Obama and Congress reached to prevent the potential economic catastrophe.

While President Obama kept talking about "compromise", I saw very little compromise on the the side of the GOP. The Republicans and their rich corporate benefactors got almost everything they wanted. All they conceded was entitlement reform (for now), so they will not be taking food out of Grandma's mouth or medicine out of her cabinets - yet.

But the "deal" also calls for the creation of a special bipartisan "super committee" of 12 members of Congress who will study the issue further and make recommendations for further budget tweaks. Obama said that everything is on the table for the "next phase", and that likely includes further scrutiny of Social Security, Medicare, and Medicaid.

Let's hope that the super committee doesn't turn out to be a death panel.

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