Monday, October 31, 2011

Will 'Generational War' Replace 'Class War'?


http://www.businessweek.com/finance/occupy-wall-street/archives/2011/10/generational_war_may_replace_class_war.html

It’s looking dicey for the Congressional “super committee” that’s charged with slicing $1.2 trillion from the federal budget. If it falls on its face, as many people believe, expect the talk about “class war” to be joined by charges of “generational war.”

A failure by the committee to come up with a plan in the next three weeks — or Congress to pass a plan by Dec. 23 — forces massive cuts in discretionary programs while protecting the two entitlement programs nearest and dearest to the hearts of older Americans: Social Security and Medicare. Because those two programs together accounted for more than 40% of federal expenditures in 2010, the bulk of the cuts will fall on spending for defense and — according to some analyses — children and education.

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