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Presenting The Complete Generic Fluff That Is The "Gang of Six Plan To Reduce Our Nation's Deficit"

Tyler Durden's picture




 

Well it's not a 3 page term sheet. It is a 5 page talking point bulletin full of ridiculous fluff with nothing substantial.

Here is the only immediately actionable prerogative which comes from, you guessed it, Chained CPI and Social Security:

Enacting a $500 billion down payment that would secure immediate deficit savings, while establishing a fast track process for the committees in Congress to specify further savings

  • Impose statutory discretionary spending caps through 2015.
  • Implement numerous budget process reforms.
  • Shift to the chained-CPI (a more accurate measure of inflation) government-wide starting in 2012, along with the following specifications for Social Security: (1) exempt SSI from the shift for five years, and then phase in the shift over the next five years; and (2) provide a minimum benefit equal to 125% of the poverty line for five years. (According to CBO, the shift to chained-CPI would result in the annual adjustment growing, on average, about 0.25 percentage points per year slower than the current CPI.)
  • Repeal the CLASS Act.
  • Enact concrete policy changes that lock-in additional savings, including freezing Congressional pay and selling unused federal property.
  • Require GAO and the Department of Labor to report to Congress on establishing a more effective unemployment insurance trigger.

Gangofsix Plan

h/t Crown Thomas

 

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Tue, 07/19/2011 - 15:36 | 1471525 SilverRhino
SilverRhino's picture

>> selling unused federal property.

 

THERE IT IS .... ASSET SALES!!!!! ..... wannabe oligarchs have been waiting for this for a while.

Tue, 07/19/2011 - 16:54 | 1471828 RockyRacoon
RockyRacoon's picture

How much can we get per Congressman?   Oh, wait, those aren't "assets".

Wed, 07/20/2011 - 08:22 | 1473235 Bob
Bob's picture

Nice catch, SR!

Tue, 07/19/2011 - 15:47 | 1471577 sasebo
sasebo's picture

All this meaningless crap & fourbits will buy you a cup of coffee at your local McDonalds.

We want a crash, a BIG CRASH.

Tue, 07/19/2011 - 16:03 | 1471625 John Rotten
John Rotten's picture

All this time and this is the best these drama queen assclowns can come up with?  My sub-teenage niece could come up with something better on the back of a cocktail napkin in less time with far less drama.  Damn them all!

Tue, 07/19/2011 - 16:23 | 1471695 sbenard
sbenard's picture

This was no grand compromise! It was a sellout!

Tue, 07/19/2011 - 16:32 | 1471727 sumosamurai
sumosamurai's picture

Oh yes. The infamous "I'm not George W. Bush" award. -lol

Tue, 07/19/2011 - 17:23 | 1471960 The Alarmist
The Alarmist's picture

Gee, they take the deficit from $400B per annum to $1,600B in less than three years, and they say that cutting it by $500B is a really grand gesture.

BTW, whatever did the Republican whores do with the "Let's take spending back to 2008 levels" mantra that helped them re-take the House in 2010?

 

 

Tue, 07/19/2011 - 21:08 | 1472540 Buck Johnson
Buck Johnson's picture

yada yada yada, All it is is a bunch of fluff just as you said.

Wed, 07/20/2011 - 02:38 | 1472995 Yen Cross
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