"Raising the retirement age would inflict further hardship among a group of workers who are likely to face health and economic problems in their 60s." –Doug Hart, President, Arizona Alliance for Retired Americans
As the National Commission on Fiscal Responsibility and Reform Co-Chairs continue to release details of their plan to address the nation’s debt, many other proposed solutions are also being offered. On Tuesday, Rep. Jan Schakowsky (D-IL), a member of the same Fiscal Commission, released her own deficit reduction plan, after rejecting the proposal of the commission’s co-chairs. Rep. Schakowsky plans to keep Social Security benefits intact, while making deep reductions at the Pentagon by cutting what many consider unnecessary weapons systems and reducing troop levels. She calls for a rise in corporate taxes on companies that outsource jobs, as well as controlling excessive pay for chief executives. Over half the proposed budget cut - $430 billion annually in 2015 - would be achieved by eliminating various corporate tax breaks, ending the Bush tax cuts for the wealthy, and creating a new energy tax through the cap-and-trade system. At the same time, a proposed additional $200 billion economic stimulus would create jobs and combat unemployment. Schakowsky’s plan calls for “sustained, long-term economic growth by ending the trend of concentrating more and more wealth in the hands of the rich and less and less in the hands of the middle class.