Love them or hate them, the co-chairs of the National Commission on Fiscal Responsibility and Reform have released their draft proposals to slow the quickly growing national debt. Many politicians say the ideas will never, ever be approved by any future Congress. With proposals that call for major cuts in domestic and military spending, bumping the age to qualify for (decreased) Social Security benefits, and a simplified but much broader tax base with fewer exemptions, the plan is guaranteed to be unpopular among politicians and voters alike. But as unpalatable as these notions are to politicians, is it time to start getting serious about painful cuts?
For specifics, the Takeaway checks in with personal finance guru Alvin Hall to discuss how the average American would fare under the new laws.