Looks like Bernanke is going after our Soc. Sec.

I don't really have to translate this, do I?

"Prompt attention to questions of fiscal sustainability is particularly critical because of the coming budgetary and economic challenges associated with the retirement of the baby-boom generation and continued increases in medical costs.
The recent projections from the Social Security and Medicare trustees show that, in the absence of programmatic changes, Social Security and Medicare outlays will together increase from about 8-1/2 percent of GDP today to 10 percent by 2020 and 12-1/2 percent by 2030. With the ratio of debt to GDP already elevated, we will not be able to continue borrowing indefinitely to meet these demands.

Addressing the country's fiscal problems will require a willingness to make difficult choices.
In the end, the fundamental decision that the Congress, the Administration, and the American people must confront is

how large a share of the nation's economic resources to devote to federal government programs, including entitlement programs.

The code word they use is "entitlement" programs.
The last of the FDR safety net is Soc. Sec.
And this is the latest in many trial balloons to be floated to cut Soc. Sec.and Medicare.
Notice that all the fraud in the programs is never mentioned.
Kissinger's "useless eaters" are going to get the axe.
And I am one of them.

Link:
http://market-ticker.org/

And, Deninnger points out the screaming obvious:
"The problem is that Bernanke is enabling these sky-high deficits by intervening in the Capital Markets - that is, by buying both agency and Treasury bonds!"

Tough shit if the wealthy dont want to pay.

with a 90% tax bracket for the rich and a 50% tariff on all imports. Banks and Wall St. didn't get so rich, but, oh well.

but raising bracket percentages for the rich is also a good one.

and if that ain't enough put a tax on stock trades. It wouldn't have to be much.

Right now SS tax is only on wages. Think how much revenue would be provided if all income was taxed at SS rates. Including dividends and capital gains. Make the wealthy pay their fair share.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5772378

If I'm not mistaken, Henry's taken care of quite a few of them already.

gipper's "voodoo economics," continued by GHWB and junior, thereby starving the beast so social security and Medicare could be slashed. We have met the enemy and it was we. :P

...how we've got money to pay for guns and planes--and now we have money to bailout these
banks---but suddenly, when Grandma needs her $500 per month check, that's she's been promised
since birth----ooooooooops, we can't afford that!!!

:D

SS or Medicare are not entitlements, they are insurance programs, but WTF! They are going to balance the budget on the back of the old, young, sick and poor.

People over 50 need to get organized. They them to CUT THE EMPIRE BUDGET INSTEAD!

Bush spent the SS trust fund on WAR! Tell the Pentagon if they want money GET IT THEIR FUCKING SELVES!

Quit robbing SS WAR PIGS!

Honestly...no matter how many people march to DC physically or via calls, letters, etc.The Government has gone too far in wiping us out to give a damn.
I honestly think the only thing we can do is a state by state, or maybe even a county by county, re-building of our politcal process
or
drop out of the Federal economy all together, as some communities are aleady doing.

"Freedoms just another word for nothin left to lose"

And in medicare the differences between geographic regions are so big that even after you control for income, age, race, etc. one region might spend 2x as much as another in medicare spending, but have the same health outcomes.

So there is drastic room for improvement in medicare. Plus if we eliminate medicare advantage and allow price negotiations on drugs that'll save us $35 billion a year. Only question is are we willing to do all that and save medicare $150 billion or more a year?

I hope.

His last and most current talking point is this one: "When I began running for office in 2007, the two huge items on my agenda were the wars in Iraq and Afghanistan. The unravelling of the markets in Fall '08 was a totally unexpected event." (Paraphrasing his comments from three weeks ago.)

Anyway, Obama has made it clear that he LOVES Bernanke and Geithner. He loves how they are working hard. He sorta puts out there that the economy is above his comprehension.

And Bernanke has kept the traditional powers of the Federal Reserve head - he HAS NO OVERSIGHT.

Bernanke is the king, and Geithner is his right hand man. Together they are the ones determining the fate of the Ship of State in terms of all things economic.

Remember Rumsfeld was still around after Bush let him go.


I consider Paulson the architect of the bubble schemes this decade. He's gotta be somewhere ensuring his own bubble is kept too big to burst.

But there is no reason why he wouldn't be around.

With the Herd Worshiping their Rock Star, they are not paying attention to the reality that is around them.

"The unraveling of the markets in Fall '08 was a totally unexpected event."

While I know you are paraphrasing here, if he really thinks this is going to sell to those who see, he is full of it. That's about as big of a lie as WMD's in Iraq.

Obama will concentrate on "his wars" and dangling the various carrots, likely never delivering on any of them, while the Financial Mafia, headed by Helo Ben and Goofy carve up what's left of what was once our country.

And The Sheep will Graze and Thunderously Applaud.

Those who can see will be marginalized and demonized as Racists, Debbie Downers, Fake Democrats, Right Wing Sympathizers, Disruptors, Trolls, etc, etc, etc.

It's going to be a long, painful unraveling.

And most of the country will sleep through it apparently.

Empires END.

Ours will be no different.

The notion that he is just like the average TV watcher, not able to comprehend or understand the various tinkerings of the economy, is a decent selling point. And he was not at all shy about refering with affection to Timothy Geithner at the Correspondants' Dinner. What he did say about Gethner seemed to indicate they are buddies.

I agree with you on everything you are saying, except people will probably eventually wake up. It is just by then the monies will be gone. And our Empire will indeed end.

it will be too late. They will have lost their job, unemployment is gone, no savings, no health insurance. And hungry. The food pantry cupboards will be bare, and food stamps will be useless because there will not be any food in the grocery stores.

The second that Obama said "Hank is working hard," ("Sixty Minute" interview, last weekend or so of November 2008) I knew the real shit had hit the fan.

Bernanke (like Paulson before him) has no oversight. None.

And all of this is so illegal my head spins.

in other words, now that we've borrowed trillions to fund W's wars and more trillions to pay off the banksters, there's noone left to steal from...except the useless eaters. :grr:

and give that to the banks too. :grr:

it is one of the reasons I have favored HR 676 not for profit HC for all.

Everyone is united in fighting for a decent HC system instead of being divided into groups.

that complicated in the least.

rich spending million pushing for it's elimination.

OK enrich the rich and shaft the po.

Rich pay most of our income taxes.

BUT--Lower percent to Income.

Get them to pay 25% +.