CEO Group Catfood Manifesto
Business Roundtable CEOs announce their proposal to
impose Austerity "fix the debt." This is grotesque.
(1) push eligibility age to 70 (SSI and Medicare)
(2) chained CPI
(3) some vague "means testing" for "some people"
(4) a goody for private health insurers (not again!): they get to compete with Medicare.
The CEO quotes are in a doublespeak class of their own. E.G. The ATT CEO (Randall Stephenson) likes his own proposal because it "dovetails very nicely with the demographic realities of the workforce ... We are going to need our employees to work longer just to fill the needs that we have in the work force.” [Parsing party.]
The worst (if there's room left for that) is Ralph Loveman [real name], CEO of Cesar's Entertainment on why expanding the base income to which FICA applies (**) is not in the CEO List of Fixes. It's because Increasing Taxes on Rich People Would be Bad for the Economy. Seriously. Here it is: because the income base on which Americans pay Social Security payroll tax would have to increase “very substantially [i.e. even I, Mr. Loveman, would have to pay more] to draw a sufficient level of revenue to address the long-term solvency of the program.” It's pretty obvious why Love-man did not use plain English. But still, Whoa!
(**) NOTE - Of all the fixes for the Fake Deficit this was the one that would bring in the cash in a flash (and in spades) whilst having the virtue of (belatedly -- 50 years or so) making FICA somewhat less regressive. To be fair, these are obviously two big negatives if you're in the Business Roundtable.