When President Obama signed the tax deal last December that extended the Bush tax cuts in exchange for a Social Security payroll tax holiday, he seemed confident it was in the best interest of the economy and the American people. “This is real money that's going to make a real difference in people's lives. That's how we're going to spark demand, spur hiring, and strengthen our economy in the new year,” he said.
The Senate Finance Committee held a hearing this morning on the various budget gimmicks that Congress is considering, including in a vote on the debt ceiling. As the Prospect previewed earlier this week, the chief proposals up for debate were the Corker-McCaskill CAP Act, which reduces government spending to an arbitrary 20.6 percent of GDP, and President Obama’s debt fail-safe trigger, which invokes certain spending cuts and tax increases if the debt-to-GDP ratio doesn’t start improving in 2014.
Gallup released some counter-intuitive numbers this morning in a new poll that finds that people over 30 favor Paul Ryan's deficit plan over the one proposed by Obama, with even higher support from those over 50. This is the same Ryan plan that proposes to turn Medicare into a voucher system in 10 years, when most of this demographic will just be entering the system, increasing the average beneficiary’s costs by 40 percent.