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Simpson Bowles Congress

A Wall Street Gambling Tax: The Remedy to Inequality

Dean Baker | Posted 09.01.2012 | Business
Dean Baker

As the presidential election builds up steam, the Washington elites in both parties are actively scheming to find ways to cut Social Security and Medicare benefits for retired workers. The media have widely reported on efforts to slip through a version of the deficit reduction plan developed by Morgan Stanley director Erskine Bowles and former Senator Alan Simpson. The Washington insiders hope to spring this one on us after the election, when the public will have no say. That is the sort of anti-democratic behavior we expect from elites who naturally want to protect their own interests. For the 99 percent there are much better ways of dealing with whatever deficit problems may arise down the road.