WASHINGTON, DC (September 12, 2012) – Today, Rep. Jan Schakowsky (D-IL) released an analysis of the deficit reduction plan proposed by National Commission on Fiscal Responsibility and Reform co-Chairs Erskine Bowles and Alan Simpson.  “Bowles-Simpson: Less Than Meets the Eye” dispels the notion that the so-called “Bowles-Simpson” proposal is a balanced approach to reduce the deficit. Instead, this analysis is an easy-to-digest resource that spells out how the “Bowles-Simpson” proposal places too much of the deficit reduction burden on seniors, the middle class, and low-income families. 

“The Bowles-Simpson proposal has become a kind of short-hand in Washington for what a balanced, bipartisan deficit-reduction deal could look like.  When given a closer look, the plan is anything but balanced,” said Rep. Schakowsky. “Bowles-Simpson is touted by inside-the-Beltway pundits who think that cutting benefits for seniors who have an average income of $22,000 a year is the type of ‘hard choice’ we need to be making. We should not and need not reduce the deficit on the backs of seniors and others who survive on a low income.”

As a member of the Commission, Rep. Schakowsky voted against the proposal and released an alternative proposal that met and exceeded the President’s goal of reaching primary budget balance in 2015.

Rep. Schakowsky’s plan proposes increased investment in jobs, infrastructure, education, and research and development to strengthen the economy and generate growth.  The plan also calls for the protection of Medicare, Medicaid and Obamacare while proposing additional steps to bring down the cost of health care overall.  The plan would raise the top tax rates on the wealthy and end tax subsidies for big oil and highly-profitable corporations that ship jobs and profits overseas.  It would eliminate wasteful military spending and focus on modern threats.  The plan proposes additional revenue opportunities to strengthen Social Security and achieve long-term solvency without cutting benefits. 

“The good news is that there is a better way,” said Rep. Schakowsky. “Real balanced proposals are not out of reach – I have proposed a concrete plan and the Congressional Progressive Caucus’s Deal for All also shows a more balanced way to achieve fiscal responsibility. Americans support raising revenues by asking more from millionaires and billionaires; they want to protect Social Security, Medicare, and Medicaid; and they don’t want to slash investments that built the middle class.  Bowles-Simpson won’t get us there.”

Read Rep. Schakowsky's Bowles-Simpson analysis

Read Rep. Schakowsky's Alternative Deficit Reduction Plan

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