Since the so-called federal deficit-reduction supercommittee failed to reach a conclusion on steps to reduce the red ink, I would like to offer some ideas:
No cost of living adjustment for Medicare beneficiaries, effective immediately, but with no increase in the Part B benefits concerning Medicare coverage for a period of three years.
This COLA freeze includes all members of the workforce, private- and public-sector, including the military. Also, there are to be no exemptions in this freeze.
People reaching Social Security retirement age will be required to wait one additional year before requesting their accrued Social Security benefits. As these people retire they will have to wait at least three years for any COLA increase from the date of their retirement.
Term limits of two terms for any state offices. Further, the president of the United States should be elected for a single term of six years so we are not disrupted with continuing elections and solicitation for funds.
When someone retires from office after possibly serving two terms, they will only receive a pension for the length of the terms served (i.e. a four-year term earns four years’ worth of pension.)
All government employees will use the same insurance coverage as the public. If a senator or representative is 65 or older, they must pay for Medicare coverage and use this for health-care services.
A flat tax is to be implemented for any person or family earning $250,000 or more with three or more children. Wage-earners making less than $250,000, with three or less children, can continue to use the same available exemptions currently in place per the tax codes.
Businesses will continue to pay Social Security benefits for each job outsourced as if the U.S. job they eliminated is still in place. If a company returns the outsourced job with the same pay and benefits to their employee(s), then the company can be provided with a tax credit.