The Debt Commission Report
As you wake up this morning, there is a lot of talk about the leaked report of the Debt Commission. Keep in mind that this is not the final report, but a draft passed out by the co-chairs.What you need to know is pretty straight forward.Yes, the plan ends the deficit. It does so with lots and lots of spending cuts across the board. There are actually some good suggestions in the plan, but there is one inescapable fact — the proposal has buried in it one trillion dollars in tax increases.Some of what are defined as tax increases are, in fact, closing loopholes in the tax code that lobbyists have inserted on behalf of clients. But also included is getting rid of the home mortgage deduction. That would amount to a massive, massive tax increase on the middle class.The reforms suggested for social security are out and out garbage. It is not means tested. It is not “lock boxed”. Payments are cut. The age of retirement is increased by several years.This proposal is dead on arrival.But there is another point that must be made — even were all the proposals, plans, and points adopted it would do no good. Why? Because until Washington admits that it has exceeded the powers given to it under the constitution the same problems will continue to occur over and over.The Leviathan knows no bounds and, left to itself to check its own growth it will continue growing. Until we are willing to admit that Article I, Section 8 of the U.S. Constitution gives limited powers to Congress, we are wasting our time.