Dean Baker, CEPR
That's right, you can read about the "unique opportunity" that was lost right here. The complains that the likely deficit deals to be produced in the days ahead will not feature:
"significant future savings from Medicare, Medicaid and Social Security — the entitlement programs whose growth as the population ages is driving long-term projections of unsustainable debt." As every budget analyst knows, Social Security is not a major driver of the deficit. Under the law, it cannot contribute to the deficit. It can only spend money that was raised from its designated tax or from interest earned on the Treasury bonds bought with this revenue. If the trust fund lacks the money to pay benefits then full benefits will not be paid. Furthermore, the projected increase in Social Security benefits over the decades ahead is relatively modest. The projected increase in the cost of the Medicare and Medicaid is much . . . . . . .
"significant future savings from Medicare, Medicaid and Social Security — the entitlement programs whose growth as the population ages is driving long-term projections of unsustainable debt." As every budget analyst knows, Social Security is not a major driver of the deficit. Under the law, it cannot contribute to the deficit. It can only spend money that was raised from its designated tax or from interest earned on the Treasury bonds bought with this revenue. If the trust fund lacks the money to pay benefits then full benefits will not be paid. Furthermore, the projected increase in Social Security benefits over the decades ahead is relatively modest. The projected increase in the cost of the Medicare and Medicaid is much . . . . . . .
Tax payers work most of their lives and put monies into their retirement fund is now gone? Did the government use the social security money to wage war?
ReplyDeleteOnce you finish working you should take a pill and die. That's what the Governments/Corporations want.
ReplyDeleteYes 7.38
ReplyDeletethe government converted the taxed money into IOUs so it could finance Americas wars and subsidise the profits of the miltary industrial complex while pretending it was "balancing' the budget a bit.
Right now it is raiding the pension kitties big time with IOUs as the government has run out of money till the budget gets passed.
IF, repeat IF , ever this money is returned to social security funds it will be repaid in devalued dollars owing to the massive inflationary money printing.
So future pensions might only be good for a "dollar" toilet paper allowance.
"They are coming for your retirement money so they can give it to their criminal friends on Wall Street and they'll get it all. Why? Because they own this fucking place." - George Carlin
ReplyDeleteI'd help them out right now by taking even half today with no future claims on SS lol. they should offer buyouts
ReplyDeleteto save the national debt system create by money printing and free trade ,americas debt peons austerity.pension cuts and third world wages are required from willing slaves.
ReplyDelete3.51
Imagines that he has accumulated sufficient assets for his own personal retirement and therefore demonstrates his own sense of entitlements at only 50% in the dollar .
Such a willingness in the spirit of self sacrifice, in the “national interest” of supporting continual government bailouts for insolvent criminal banksters and their war machine for suppressing third world peoples.
3. 51
IS A TRUE PATRIOT Of THE MIDDLE CLASS is willing to give up his own taxed personal contributions in return for a bankrupty settlement buyout of 50% from the national receivers.
AND THE DEVIL TAKE THE HINDMOST if this 50% is imposed on poorer americans .
Such is American conditioned ideological patriotism , individualism and willingness to grovel in self sacrifice to protect their own American elite finance capitalist masters incomes .
But ,will the ruling elite even deliver up 50% as the Ponzi national debt for bailouts
mounts and the dollar hegemony system drowns in a sea of debts to the elites ?