To tackle the deficit, sock it to the rich

By Rap Lewis

Rep. Jan Schakowsky (D-IL), a member of the federal deficit commission, has proposed a plan to tackle the federal budget deficit without weakening Social Security or socking it to workers and the middle class.

Her plan gives labor and its community allies a specific rallying point in the campaign to prevent Congress from adopting a plan along the lines of the proposal issued by commission co-chairs Erskine Bowles and Alan Simpson.

“Their proposal would have serious consequences for middle-class Americans, and that is why I cannot support it,” Schakowsky said. The Bowles-Simpson plan would cut Social Security benefits and extend the retirement age.

Schakowsky would keep Social Security benefits intact while making deep reductions in the Pentagon budget by eliminating unnecessary weapons systems and reducing troop levels. She said her plan would ensure the long-term solvency of Social Security by raising the cap on taxable income and by “establishing a modest legacy tax on wealthier Americans.”

Her plan would eliminate corporate tax breaks, end the Bush tax cuts for the wealthy, and at the same time create a $200 billion stimulus directed at tackling unemployment and creating jobs.

“Rep. Schakowsky plans to close the deficit by 2015 without doing so on the backs of America’s seniors, middle class, people with disabilities, and the poor,” said Barbara J. Easterling, president of the Alliance for Retired Americans. “This proposal will bring the deficit under control without jeopardizing retired workers.”