I respectfully disagree with the budget that President Obama is expected to present today because it simply doesn’t take the right steps to putting our fiscal house back in order – especially from my perspective as a businesswoman. The fact is, we have to balance our budget, cut our spending and lower taxes for small businesses to create jobs. Unfortunately, this budget takes the opposite approach; it raises taxes, doesn’t balance and doesn’t cut enough – when we should be laser-focused on slashing wasteful and duplicative spending.
Most notably, Colbert-Busch, took aim at the President’s proposed change to a chained CPI. The change would slow the growth rate in federal payments, including Social Security disbursements. Chained CPI would also slow tax credits/deductions that generally increase with inflation. This could mean higher taxes for many filers and affect income brackets, 401K contributions, standard deductions, and other tax credits.
Not only does President Obama’s plan fail to put our finances back in order, it would cut benefits for our seniors, which is wrong. I believe that our seniors earned their Social Security by putting money away every single paycheck for a lifetime – knowing that they could count on Social Security when they retired.
Colbert-Busch is in a special election match in South Carolina’s 1st Congressional District against Republican candidate, and former South Carolina Governor, Mark Sanford. Sanford, who was endorsed yesterday by Speaker of the House, John Boehner, has yet to comment on the proposed budget.