News & Comment

Elections are important. They represent the pinnacle of democracy. But what comes after this election might be even more important. Beginning with the lame-duck Congress that will return to Washington the week after the election, our leaders will start making the most fundamental and consequential decisions about budgets, taxes, and the role of government in our society that they have made in generations. Some call it the "fiscal cliff." Others call it "taxmageddon." Whatever the label, Congress and the president will decide many things: the future of the Bush tax cuts, whether to extend the payroll tax holiday for millions of Americans, and whether to avoid scheduled cuts in spending that would radically pare all sorts of domestic programs. Key things are at stake, such as protecting our water and air, and food assistance for hungry Americans. As these deliberations unfold, we must adhere to three priorities. read more »

If you support strong and effective government, then the unfamiliar glow you felt after last Thursday's debate was the satisfaction of seeing your opinions forcefully defended by a national candidate. There hasn't been much of that going on lately. But a deceptive question was asked in the Vice Presidential debate, while other important ones still haven't been asked of any national candidate. read more »

Man, that felt good. And it was fun, too. Vice President Joe Biden certainly looked like he was having a good time. In fact, Republicans' biggest complain seems to be that Biden was having too much fun. He laughed too much. That Republicans can't find much to attack in what Biden said during the debate — or much to defend about what Paul Ryan said — speaks volumes about the difference between the two major parties. That difference was reflected in the two men who represented the parties last night, and how they each came to be there.Joe Biden was chosen to be on the Democratic ticket because of what he knows. Paul Ryan was chosen to be on the Republican ticket because of what he believes. That was the "BFD" of the VP debate. And the "D" is for "difference." read more »

In the vice presidential debate Thursday night, Paul Ryan seemed to indicate that a Romney-Ryan administration would support the idea of giving younger Americans the option to move their Social Security benefits into private retirement accounts. The Wisconsin congressman and House Budget Committee chairman talked up the concept when asked about his and Romney’s backing of President George W. Bush’s failed Social Security privatization plan. read more »

President Obama definitely had a bad night when he faced Gov. Romney in Denver for the first presidential debate. However, for many listeners the worst moment was not due to his atypical inarticulateness. Rather the worst moment was when he quite clearly told the country that there was not much difference between his position on Social Security and Gov. Romney's. He also expressed his desire to "tweak" Social Security to improve its finances. This is very bad news to the tens of millions of people who depend on Social Security now or expect to in the near future. It's also bad news to the hundreds of millions of people who have been counting on the Social Security system to provide a degree of financial security to their retired or disabled family members. read more »

Here is Mitt Romney’s proposal to cut Social Security benefits, from the Romney campaign website: First, for future generations of seniors, Mitt believes that the retirement age should be slowly increased to account for increases in longevity. Second, for future generations of seniors, Mitt believes that benefits should continue to grow but that the growth rate should be lower for those with higher incomes. In other words, cuts in benefits. In the first debate, I was waiting for President Obama to go to town on this. Instead, Obama had this to say: "You know, I suspect that, on Social Security, we’ve got a somewhat similar position." He’s got a similar position to Mitt Romney’s? On Social Security? Does this man just want to hand the presidency to Romney on a platter? read more »

Pete Peterson, the billionaire former private equity mogul, is quietly funding a noisy bus tour to whip up debt hysteria across the land. The “Ten Million a Minute Tour” headed by the Peterson Foundation’s former CEO, David M. Walker will end this week in Washington, DC after traveling coast to coast to alert America about the myriad of alleged dangers posed by government debt and deficits. Really, it should be called the “Million an Hour” cavalcade because that’s about how much Peterson and company made, in part, through obscene tax loopholes designed for private equity firms and hedge funds. If there really is a debt problem, then Peterson and his fellow tax-evading financial moguls have contributed mightily to it. But America does not face a debt crisis. Nor are we likely to face one in the next 100 years. In fact, we are the last country on Earth that needs to worry about its public debt. read more »

I think President Obama spoke the best line in the debate last night. Call it a "zinger" if you want. "If you're 54 or 55, you might want to listen." Again and again Mitt Romney talked about how under his Medicare plan there would be no changes for "current retirees." He stressed that, without explaining what that means. "What I support is no change for current retirees and near-retirees to Medicare." read more »

Republicans came into this campaign believing that it would be a referendum on President Obama, and that still-high unemployment would hand them victory on a silver platter. But given the usual caveats — a month can be a long time in politics, it’s not over until the votes are actually counted, and so on — it doesn’t seem to be turning out that way. Yet there is a sense in which the election is indeed a referendum, but of a different kind. Voters are, in effect, being asked to deliver a verdict on the legacy of the New Deal and the Great Society, on Social Security, Medicare and, yes, Obamacare, which represents an extension of that legacy. If the polls are any indication, the result of that referendum will be a clear reassertion of support for the safety net, and a clear rejection of politicians who want to return us to the Gilded Age. But here’s the question: Will that election result be honored? read more »

They call it the "fiscal cliff," but it's Social Security that's going to be pushed over it, unless we speak out now. The forces of austerity in Washington are using the prospect of automatic spending cuts and tax increases at the end of the year to pressure Congress into a "grand bargain," slashing Social Security benefits in the name of deficit reduction. read more »