Change You Can Believe In - Obama Debt Panel - Cut Medicare, Social Security

Democrats have consistently been the party most often known for their dedication to social entitlement programs, however, times appear to to have changed. Bloomberg is reporting that Obama's Debt Panel has called for cuts to Social Security and Medicare - to the tune of $3.8 Trillian.

The co-chairmen of the panel appointed by President Barack Obama suggested reducing Social Security spending by raising the retirement age to 68 in about 2050 and 69 in about 2075. The plan also would slow the rate at which benefits grow. The savings would come between 2012 and 2020.

“This country’s out of money and we better start thinking,” said co-chairman Erskine Bowles. Without “tough choices,” he said, “we’re on the most predictable path toward an economic crisis that I can imagine.”

There are other solutions that have been offered by previous administrations, most recently, George We. Bush suggested that Social Security be privatized, allowing those who would receive benefits the option of participating in a retirement savings plan similar the the one used by employees of the Federal Government. His suggestion was met by near hysetria from the Democrat Party at the time (2004 his second term).