The Deficit Reduction Commission's draft report is summarized here. It was released last week, to the nearly complete surprise of the chattering class. Googling "deficit reduction commission" turns up twenty links before one that points to the commission's site. Since Google sorts links by the number of people who have clicked through them, this shows that most people don't care to get facts from original sources.
The commission has had this epiphany: if you have to move toward a balanced budget -- and that's what deficit reduction is, after all -- you have to reduce the tax breaks and bene's for the middle class. There are simply way too few high-income earners from which to raise a few percent of the nation's total economic production. People who make more than $1M per year have only about $500B in total income, so confiscating all of that we aren't already taking in taxes would only raise about a third of an Obama deficit.
Sherry says the Deficit Reduction Commission is just recognizing Dillinger's Law, named for the bank robber who, when asked why he robbed banks, replied "Because that's where the money is."
[And yes, I know it wasn't Dillinger, or Willie Sutton either. It's just Common Knowledge -- search down for "Common Knowledge and read on from there].
