The Money Party Deficit Reduction Scam and Social Security

[autorank]

The Money Party Deficit Reduction Scam and Social Security
By Michael Collins

President Obama announced the new National Commission on Fiscal Responsibility and Reform on February 18 to address astronomical federal budget deficits. There has been considerable speculation that this commission will target current and future benefits for Social Security recipients to achieve its goals.

Why would this be the case? We need look no further than the treatment of major retirement funds over the past 20 years to get the answer. When the mob needed cash, it looted the Teamsters retirement fund. When large corporations or government entities get in trouble, they effectively borrow from their employee retirement funds by delaying required payments or otherwise gaming the programs. This provides a source of ready cash, a quick vehicle to cover management errors, or jack up their bonuses.

Think of the Social Security Trust Fund (trust fund) as the most lucrative retirement fund in the country, the ultimate pot of gold, and you'll immediately understand why it is that for decades, big business has plundered the trust fund. How does this happen?

The Biggest Retirement Fund Rip Off Ever

More: http://www.apj.us/index.php?option=com_content&task=view&id=3202&Itemid=2

[maryf]

1. I was waiting for this to arrive here!

In fact was just about to post it here myself...K&R of course...
My teachers' retirement fund is in danger, I fear...

[autorank]

2. Time to look to France

As a teacher, you probably know that up to 2/3rds of the troops at the Battle of Yorktown were French and that the French Navy achieved a glorious victory against the British at the Virginia Capes. It stopped the resupply of the troops lead by Cornwallis. Our nation was born.

In the spirit of the French people, lets put in a serious notice to the elite that enough is enough, that we're tired of sneaky b.s., and that the period of quiescence is finit

[maryf]

4. Vive le resistance!

Solidarity!

[autorank]

6. Full Spectrum!

[Me.]

3. The Truth That Should Be Spoken To Power

Just before the cell door slams behind them.

[autorank]

5. The door will slam on the foot they've jammed in it

The powers behind the Social Security scam, those "special securities" used to fund programs that benefit the elite, will be exposed for what they are, hopeless cynics. That cast includes a lot of people who have gone along with this for a long time.

The main argument about Social Security is over benefits and taxes. Those are important issues.

The bigger argument is over the scam - using the trust fund to pay for the fat contracts placed in the budget by those who pay those who vote. That is usually touched on by the right wing when they say that 'the money will never be there.' They forget to point out that the threat to future benefits, the money "being there," is ENTIRELY due to their use of the trust fund as a subsidy pool for their businesses.

[truedelphi]

7. This article notes that

The total federal deficit accumulated between 1983 and 1996 is $2.8 trillion, a sum that could not have been spent without the ready cash taken from world's largest retirement system, Social Security.

It's a little scary to read that right before going to bed.

I can remember being scared as a little kid that by 1999 the Red Chinese might have taken over my government. It is even scarier now to realize they didn't, but the same results have occurred - we are being eaten alive by the parasites! Who happen to be our fellow citizens (though wealthier and more powerful than we are.)

[autorank]

13. Much of The Money Party PORK comes from our payroll taxes

That's the KEY POINT in the debate. The retirement trust fund is fine but the IOUs kill it by
expropriating the money for efforts that were not intended when we paid the tax. Who thinks that
we the people are subsidizing the budget. All this about foreign banks etc. owning our debt is
so much bull shit when the trust fund subsidy is not mentioned. The failure to point this out
is not just MSM and the elite. It's a forgotten/ignored point across the board. "The full faith and
credit of the United States" government is a recognized bad debt all over after the Wall Street
screwing everybody took.

[Starry Messenger]

8. k&r

[laughingliberal]

9. K & R nt

[Hannah Bell]

10. kr. eridani put together a list of resources: please spread the word & contact

your reps to tell them you won't stand for being stolen from.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9520626&mesg_id=9524279

[autorank]

17. THNX Hannah!

[Poboy]

11. k&r

[autorank]

12. THNX!

[Poboy]

14. No, thank YOU, autorank. -nt

[BeFree]

15. Hey admiral, whatup?

How's this explanation:?

Think of SS as your bank account and your partner in that account is the US Government.

Each month you put money in that account.

Unbeknowest to you, your partner, the US, has been borrowing against that sum of money.

Now when you go down to make a withdrawal, the sweet little teller tells you there is no cash available.

[autorank]

16. I like it

That's more accurate since the IOU the government gives us is a false promise.

The criminals were running the asylum. I liked it better when the patients were in charge;)

Avast Ye! Hoist the main sail!

[Individualist]

18. K&R

[autorank]

21. THNX! Save Social Security from the greed faction!

[blindpig]

19. Of course you know....

this means war.


Time to put the shoe on the other foot, let the counter offensive begin.

[autorank]

20. Full Spectrum Resistance to this scam

This is the line in the sand. It's really no surprise. They've pushed for private savings accounts (a boon to the banks and traders) and lied about the retirement fund for decades. Now, based on the very problem that they created, the Money Party wants to keep the good times rolling with a larger fund that pays out less. Such a deal!

:hi:

[suston96]

22. Good one autorank........

Bookmarked and saved.

k&r.

[autorank]

23. Glad you liked it

It's hard to believe that they'll try this but when you look at the cat food commission, it is stacked with right wingers and corporate apologists...just dying to keep draining the fund for their own purposes.

[truedelphi]

24. K & R. n/t

[autorank]

25. Who will be upset by panel's proposal on national debt? Nearly everyone. CS Monitor

The co-chairmen of President Obama’s deficit-reduction panel issued a draft proposal Wednesday outlining ways to achieve a nearly $4 trillion reduction in national debt over the next 10 years. Among other things, they urge deep cuts in domestic and military spending, raising the retirement age to 69, and ending or curbing popular tax breaks such as the deduction for mortgage interest.
Skip to next paragraph
Related Stories

Whose hair will light on fire as they peruse this interim report? Plenty of people. It includes something to make folks of almost every political persuasion mad.

But that may be a point of pride for the leaders of the bipartisan deficit panel, Erskine Bowles, a former chief of staff for President Bill Clinton, and Alan Simpson, a former Republican US senator from Wyoming. They appear to be trying to wake up official Washington to the scale of the problem and the scope of needed solutions.

http://www.csmonitor.com/USA/2010/1110/Who-will-be-upset-by-panel-s-proposal-on-national-debt-Nearly-everyone