There is a stealth move under way in Washington, D.C., to recover the billions spent on bailing out the banks and Wall Street by cutting benefits under the Social Security, Medicare and Medicaid programs. A special commission would address the federal deficit by considering cuts to entitlements programs and would fast track recommendations by an up or down vote in Congress -- with little debate and no opportunity for amendments. This is a reverse Robin Hood -- stealing from the poor and middle-class to give to the rich in a way that will have a disproportionately negative impact on women.
Fearmongering the National Debt: All the breathless talk about the national debt is seriously misleading. The truth is that the interest on the national debt is a big number (approximately $700 billion), but it is a small percentage of Gross Domestic Product (GDP). After five years, the national debt is going to be a lower percentage of GDP than many other industrialized nations have had in the past. Furthermore, the national debt will remain a lower percentage of GDP than the U.S. had after World War II. There is not a critical problem with the U.S. national debt.
Social Programs to be Cut to Pay off Debt: Unfortunately, the ill-conceived solution to this over-hyped problem is to cut benefits under Social Security, Medicare and Medicaid, which will hurt the most vulnerable in society -- the elderly and the poor (mostly women). The proposed solution will not solve the real problems that plague our economy. It is the lasting effects of George W. Bush's tax cuts for the rich, the spiraling for-profit health care costs, big bank and Wall Street bail-outs, and wars that are the cause of debt increases -- not the fact that the U.S. has entitlement programs like Social Security and Medicare. Furthermore, the deficit should not be balanced on the backs of those that could least afford the consequences. Deficits should be balanced by asking those who have the most to pay more in taxes, since they benefited the most from government bailouts.