Deficit panel takes aim at social security

November 11th, 2010 - 10:46 pm ICT by Aishwarya Bhatt  

Washington DC, Nov 11 (THAINDIAN NEWS) The Deficit Panel that was set up by the US President Barack Obama has proposed that the country should make cuts in the country’s social security spending and also raise the retirement age in the country. The commission wants the United States President to consider raising the age that Americans retire from 67 years currently to 69 years.

The commission which is bipartisan also proposed that the government should also consider cutting some 10 percent jobs and put the country’s military spending in check by removing some $100 billion from the current amount. The proposal also affects the country’s farm subsidies. The commission wants the subsidies to the farmers to be reduced by $3 billion.

The Chairman of the commission Erskine Bowles said that, “We’re not asking anybody to vote for this plan. This is a starting point”. The White House however refused to comment on the issue. The White House Spokesman said that, “The president will wait until the bipartisan fiscal commission finishes its work before commenting”.

Seems Americans will have to tighten their belts because harder times are coming up. Remains to be seen how they are going to bite the current bullet.

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