When billionaires pledge a billion dollars to educate people to the evils of something, it is always good to peer closely at what they are up to. Hedge fund magnate Peter G. Peterson was formerly chairman of the Council on Foreign Relations and head of the New York Federal Reserve. He is now senior chairman of Blackstone Group, which is in charge of dispersing government funds in the controversial AIG bailout, widely criticized as a government giveaway to banks. Peterson is also founder of the Peter Peterson Foundation, which has adopted the cause of imposing "fiscal responsibility" on Congress. He hired David M. Walker, former head of the Government Accounting Office, to spearhead a massive campaign to reduce the runaway federal debt, which the Peterson/Walker team blames on reckless government and consumer spending. The Foundation funded the movie "I.O.USA." to amass popular support for their cause, which largely revolves around dismantling Social Security and Medicare benefits as a way to cut costs and return to "fiscal responsibility."
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Worse, it would have increased the Social Security tax, disguised as a "mandatory savings tax." This added tax would be automatically withdrawn from your paycheck and deposited to a "Guaranteed Retirement Account" managed by the Social Security Administration. Since the savings would be "mandatory," you could not withdraw your money without stiff penalties; and rather than enjoying an earlier retirement paid out of your increased savings, a later retirement date was being called for. In the meantime, your "mandatory savings" would just be fattening the investment pool of the Wall Street bankers managing the funds.
More Here..
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Worse, it would have increased the Social Security tax, disguised as a "mandatory savings tax." This added tax would be automatically withdrawn from your paycheck and deposited to a "Guaranteed Retirement Account" managed by the Social Security Administration. Since the savings would be "mandatory," you could not withdraw your money without stiff penalties; and rather than enjoying an earlier retirement paid out of your increased savings, a later retirement date was being called for. In the meantime, your "mandatory savings" would just be fattening the investment pool of the Wall Street bankers managing the funds.
The Anarchist have a name for this:
ReplyDeleteThey call it: "Class War!"
Lords and Serfs
So for reals dog.
ReplyDeleteHow long do we have?
depression treatment center drug and Alcohol Treatment and Detox Facility Combining Traditional and Holistic Approach to Treatment
ReplyDeleteYep, I believe you...
ReplyDeleteYou take "forced savings" from me and hold it for my old age. Then when I want it / need it, you say (the feds) oh man... year ago I got into deep shit and had to spend it on "________" now you cash is gone man, sorry bro.
It's amazing how the "Corporation of the State(s)" are always looking for new ways to screw the people. That's ok, the more they push, the more sheeple they wake up.
ReplyDeleteI honestly believe all of these maneuvers to manipulate taxpayer money for retirement and medical insurance are just ploys to get Americans to lash out.
Then the POTUS can use his executive order powers and Martial Law to pound the people into submission. Hell, they charge you $5.00 to register as a "Subversive" individual in some states. I gues the Red/Blue/Yellow lists and the Census aren't enough to sort all of us out.
Take a look at Mish today:
ReplyDeletehttp://www.kansascity.com/2010/03/02/1785582/nixons-budget-may-have-overestimated.html
Quite a few states are struggling with record shortfalls in tax collection. The budgets they put together didn't take into account the massive drops in state and municipal level tax income.
The word out of Missouri is that massive job cuts on the order of 100's of thousands of state workers won't do it.
In addition, Hundreds of millions in anticipated federal assistance have not materialized. The governor’s office built into the budget $300 million in additional federal “budget stabilization” funds that were under discussion in January, but have not been included in various recession-relief bills poised for passage in Congress.
“We all acknowledge now — even the governor acknowledges — it’s not going to happen,” Schaefer said.
The feds are going to 'forget' to help the states. The level of downsizing that will occur will look like a large absence of mandatory services such as Police, Fire, Education and health care.
@8:44
ReplyDeleteThat is the real crime. They try to hold the people hostage by threatening stop services like police and fire instead of cutting gov administration and pensions(where the real waste is). One day the people are going to flat out revolt. Thay day is comming. Soon.
Missori
ReplyDeleteThe show me State
Oh yeah; they'll all be showing us
Real soon.
An easy solution = cut or/and eliminate all entitlements for ALL government workers.
ReplyDeleteAdjust ALL government workers salaries to that of those in the private industry.
Health care bonus for we the people = to eliminate ALL medical insurance plans for congress and senate sitters.
There you have it.. Problem solved!
9:33 cutting the police won't be an issue. Even though they are now pretty much militarized, their duties will be replaced by the actual military. Tanks on your street in your lifetime.
ReplyDelete