The Presidential Debt Commissionâ€™s recommendations on how to slash the $14 trillion national debt come as a relief after years of what has seemed like stalled debate, not to mention stalled progress.
The plan â€“â€“Â proposed by the 18-member bipartisan commission â€“â€“ calls to increase taxes and cut Social Security, domestic and military funding. The move is projected to reduce the debt by almost $4 trillion by 2020.
On one hand, the plan has serious implications that have traditionally divided the political parties.
Thursday, the House Democrats plan to stage a vote to preserve tax cuts for incomes under $250,000 a year. Keeping them would increase deficits by more than $2 trillion over the next decade, according to the Washington Post.
The commission recommended that taxes be raised by nearly $1 trillion by 2020 by eliminating conditions of former President George W. Bushâ€™s tax breaks. It also recommended that the retirement age increase to 69 by 2075 and that Medicare premiums rise.
But these measures, harsh as they are, are necessary.
For too long have politicians put bandages on Americaâ€™s fiscal wound. Killing earmarks and withholding unemployment is not going to dry up the red sheâ€™s gushing.
Instead, though itâ€™s highly improbable, Congress must consider approving the debt commissionâ€™s plan.
Who knows â€¦ if they donâ€™t, we could pull a Mexico: three financial crises in the last 28 years.