What: Just 34 percent of senior U.S. noncommissioned and commissioned officers making at least $50,000 per year said that they are very confident of their military retirement funding.How: The congressional supercommittee’s failure to reduce the deficit could trigger $500 billion in Department of Defense spending cuts. And a high-level DOD panel is looking at switching the military retirement system to riskier 401(k) plans. Read More
To no one’s surprise, members of the Joint Select Committee on Deficit Reduction, aka the supercommittee, announced Monday that they had failed to agree on a $1.2 trillion debt reduction plan. As a result, no additional spending cuts or tax hikes will go into effect this year. True, there are $1.2 trillion in mandated spending sequestrations that will begin to take effect in 2012, but these are almost guaranteed to be repealed by a future Congress. Read More
When Senate and House negotiators crafted their deal to create the so-called “supercommittee” on federal spending reduction, they forgot that one of the key reasons for Congress’ abysmal public-approval ratings is the lack of transparency in the legislative process. Read More
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With the congressional “supercommittee” on deficit reduction now complete, the stage is set for a very high drama indeed. Now comes the moment when Americans must confront the costs of remaining the world’s sole superpower, the guarantor of an international system that has created a generation of great-power peace, widespread prosperity and unprecedented human liberty.
The committee members must take action to avert the train wreck awaiting the Pentagon. Read More