Robert Reich: When unemployment is still in the stratosphere, it would be insane to start cutting the deficit by $3 trillion to $4 trillion. That would push unemployment into outer space.
The recent debt ceiling negotiation wrestling match resulted in the United States losing its AAA credit rating and also resulted in the creation of a new committee. The Joint Select Committee on Deficit Reduction, also known as the Supercommittee or Super Congress, was created by the Budget Control Act of 2011 on August 2.
Shamus Cooke: Obama’s Deficit Reduction Commission attacks Social Security and Medicare. The retirement age would be raised from 67 to 68 (for those born after 1959) and from 68 to 69 (for those born after 2006). But current retirees will be affected too. The social security cost of living adjustment will be unhinged from the inflation index, meaning, payments will decrease via inflation.