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.
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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in mandated spending sequestrations that will begin to take effect in 2012, but these are almost guaranteed to be repealed by a future Congress.
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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.
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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.
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