Wall Street Propaganda: Blame Social Security

http://blog.aflcio.org/2010/05/26/wall-street-propaganda-blame-social-security/

by Mike Hall, May 26, 2010
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The President’s Fiscal Commission is holding its second pubic meeting today and when commission members say “everything is in the table,” the biggest things they are talking about are Social Security and Medicare.

The commission was created by an Executive Order from President Obama in February after a move to create a commission with much broader powers failed in the Senate. The current commission’s charge is to propose ways to address the nation’s growing debt. The 18-member commission will meet throughout the year and then present its recommendations to Obama after the fall elections. (For more information, visit Social Security Works.)

Conservative groups and Wall Street insiders, says Dean Baker, co-director of the Center for Economic and Policy Research (CEPR),

are spending more than $1 billion dollars to convince the public that slashing these programs is the only way to protect our children and grandchildren from poverty.

But while we will see and hear more deficit horror stories from the corporate media and right-wing front groups, Baker says that as they “ramp up their anti-Social Security and Medicare crusade, it is important to remember, it’s just Wall Street propaganda.”

As William Greider recently pointed at The Nation (subscription required):

Here is what the media don’t tell you: Social Security has accumulated a massive surplus–$2.5 trillion now, rising to $4.3 trillion by 2023. This vast wealth was collected over many years from workers under the Federal Insurance Contributions Act (FICA) to pay in advance for baby boom retirements. The money will cover all benefits until the 2040s–unless Congress double-crosses workers by changing the rules.

FULL story at link.

... get their Billion Dollar Bonuses if Grandpa won't eat dog food?

the far overly paid jerks on wall street are the only ones that can do the job. What a bunch of crap Americans are fed and accept, lambs to the slaughter. I suppose grandpa can dig for worms.

My sister in law got bit by her cat of 20 years, mother says you should go to the doc, SIL doesn't have med insurance. Back ground, SIL worked for coke (not that kind) for 20 plus years, let go 18 or more months ago and insurance runs out. SIL votes DEM, MIL votes repub then doesn't understand why daughter doesn't have insurance. MIL has ss and medicare. Still doesn't get the picture.

people are ignorant in this country. Even if you sit them down and try to explain it to them they still don't get it... lots of thick heads in this place. And the gullibility is sky high. As you say, "People are idiots," and IMO the ignorance is growing by leaps and bounds each day.

FOREVER ignorant.

I blame part on my SIL's, they get mad if I discuss politics with my MIL so she doesn't get upset. Idiocy all around.

to not recognize when 'social' issues affect them; they then become voluntarily ignorant.

who started giving it away in buckets early on. I'm all for supporting disabled people, but why should that have been the burden of a tax on work, rather than a tax on all income, such as rents, capital gains, interest, dividends, the taxable part of pensions, etc.?

How 'bout ending the fucking wars Bush started with lies to enrich the MIC and Wall Street?

I get so fucking angry when I read bullshit like this. I think, "What the fuck are these people thinking?"

Leave Social Security and Medicare alone!!!

Afterhought--
Hey Congress!!!

Why don't you:
1) Go after fucking American tax cheats!!! 54,000 such accounts in Switzerland's UBS Bank, alone!
2) Stop the fucking wars? They're costing us 3-4 trillion dollars!
3) Bring tax rates in line with pre-Reagan rates!
4) Don't give anymore bailouts to banks and Wall Street! Demand they pay us back...at 39% interest!

WAKE UP!!!

its capabilities. Yet some people love their own congressmen, but collectively there are more than a few cylinders misfiring, and quite a few short of a full deck.

It amazes me this place functions each day. It takes a special talent to wage these endless wars and lots of financial kickbacks from the MIC and Wall Street, Oil Companies, Insurance Companies... etc., etc. for congress to make the decisions it does about most things. And the majority of the citizens are excluded. This is USA, Inc.

Why most citizens are so lame and don't seem to get it is far beyond me.

Quote:
Conservative groups and Wall Street insiders, says Dean Baker, co-director of the Center for Economic and Policy Research (CEPR),

are spending more than $1 billion dollars to convince the public that slashing these programs is the only way to protect our children and grandchildren from poverty.
end quote.

We destroyed the village to save it.
Next we'll hear that poverty is wealth.
Add that to war is peace and ignorance is strength.
Double-plus stupid.

I don't have anything to say that is fit to openly express right now.

cause they don't need it while salivating over all that money they hope to get. That is why Bush and Co wanted to privatize social security, they were messing themselves thinking about all that money and their bonus they would give themselves with it.

isn't "money" sitting in a vault somewhere. It's IOU's for spending that has been done for decades while the IOU's were being written. Yeah, I know, it paid for wars we didn't need, and tax cuts for rich people, etc., etc. But it's still just as gone, whether it was for stuff you liked or you hated.

There are only three things that can be done if those IOU's are going to be redeemed: 1: Raise taxes, 2: Cut spending, 3: Inflate the currency by electronically 'printing' more money to pay them off. Of course, some combination of the above could be done, as well.

The politicians are all keen to pushing off that day by tinkering with the system in the short term. Things like raising the payroll tax and pushing off the retirement age may buy them a few years, but the bulk of the baby boom is coming. The first boomers turn 65 next year, the 1957 peak of the baby boom turns 67 (what will then be the age for full benefits under current law) in 2024.

They might be able to push this off for a few more Congresses, but it won't last for long.

you raise the maximum Social Security check, too, since the two things are tied together. Unless you change the formulas used to calculate the maximum benefit amount, you're just digging the hole deeper.

The history of FICA taxes consists of raising the cap much more dramatically than the rates. All it does is kick the can down the road for a bit longer.

Cutting social security would wipe out their gas money to drive to rallies so they can bitch about how big the gubmint is.