We Need Job Creation, Not Talk of Debt-to-GDP Ratios | Debate Club | US News Opinion

#facts from Dean Baker.--SS   

We Need Job Creation, Not Talk of Debt-to-GDP Ratios | Debate Club | US News Opinion:

This would be a small matter if Bowles and Simpson were not proposing real pain to real people. Their cuts to Social Security and Medicare will be a major hit to tens of millions of seniors who even now have a median income of just $20,000 a year. The change to the Social Security cost of living adjustment alone, which amounts to a 3 percent cut over the lifetime of a typical beneficiary, would be a much larger hit to the income of the typical senior than President Barack Obama's tax increases were to the high income people affected by them.