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March 30, 2012

Canada Does What U.S. Democrats Refuse To Do: Raise Retirement Age And Take Steps To Balance Books By 2016

Topics: Political News and commentaries

Here in the U.S., as the GOP-controlled House takes steps to sharply cut federal health care spending and bring our Obama-driven trillion-dollar-plus deficits under control, steps that our left-of-center president and Democrat-controlled Senate continue to refuse to do, Canada's center-right government has called for the retirement age to be raised and for major public service cuts Thursday, in an austerity budget that aims to balance the books by 2016. Clearly, the Canadian government sees such steps as helping the country to move a step toward avoiding the risk of long-term economic decline faced by other Western countries ... including the U.S. under Barack Obama.

AFP reports:

[...] Under the plan, Canada will cut its deficit this year through "moderate" spending cuts, as the economy grows by 2.1 percent, Flaherty announced.

But much deeper cuts, including the laying off of 19,200 government staff, or 4.8 percent of the federal workforce, are planned for the coming years.

Flaherty said old age security and guaranteed income supplement benefits worth up to a total of Can$15,000 and now paid out at age 65 would be offered only at age 67, starting in 2023.

Barack Obama's budget was so outhlandishly out of touch with reality and so extravagant that not a single Democrat in the House voted for it (Obama's budget went down 414-0) and last year even the big-spending Democrat-controlled Senate unanimously rejected Obama's 'spending plan' 97-0. As for reforming Social Security and other entitlements, there's not much chance of it happening with Barack Obama in the WH and Democrats in control of the Senate.

Meanwhile, Mitt Romney, who at this point appears to be the likely GOP nominee for president, is promising less debt and smaller government ... and bold, common sense, entitlement reform that's much like Paul Ryan's plan. If Barack Obama is given four more years it's not an exaggeration to say that we need only look to Greece for us to know where we'll rapidly be headed - on a ever increasing fast-track to national insolvency.

Federal Privatization: The Ryan Plan (Nothing would change for those 55 and over ... but workers under age 55 would be offered an option of investing about a third of their Social Security taxes in personal retirement accounts. It would guarantee that the account would never be less than the amount placed into the account plus inflation. The account would belong to the individual and could be inherited. Individuals would invest a portion of their contributions in a limited number of funds managed by the federal government.)
Obama budget fails to tackle entitlements ('...entitlement costs spiral out of control as revenues are inadequate to deal with a wave of retiring baby boomers')

Posted by Hyscience at March 30, 2012 8:31 AM

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