Cutting Social Security is the New TARP

Politicians who signed off on TARP lived to regret the day they did (especially Republican ones, just ask Bob Bennett and Mike Castle). Those votes will haunt the congressmen who supported the bailouts for years to come. That's the same exact thing that's going to happen to politicians who sell out the middle class by agreeing to cut Social Security.

Sign our Petition telling the President not to touch Social Security HERE

The chairmen of the Deficit-Reduction Commission just released a report that recommends that we cut benefits for current retirees by 3 to 6% and eventually raise the retirement age to 69. Why not make it 89 while you're at it? At that point, Social Security will be completely solvent forever because only three people will live long enough to collect it. Remember, it's not just that you can't retire till later, it's that you don't get benefits for those extra two to four years - that's a huge cut of your Social Security.

Plus, to add insult to injury they also propose to cap Medicare. Some worry this might even lead to rationing. This helps because the cuts to Social Security didn't hurt enough.

These are all non-starters. Social Security currently has a $2.5 trillion surplus. Anyone telling you otherwise is lying. They have created a fake crisis about Social Security not being able to pay full benefits by 2037. So, the answer is to shred benefits now? How does that help?

Of course, this proposal doesn't help you to collect the Social Security payments that you're owed after a lifetime of paying into the system. It helps them rob you. Now, those are stark terms, but totally justified when you consider the second part of this so-called Deficit-Reduction Commission. Instead of addressing the deficit by doing spending cuts and tax increases (both painful and both necessary to reduce deficits), they actually cut taxes. That's mental. That makes the deficit much, much worse.

They propose to cut the top rate from 35% to 23% for the personal income tax, and the corporate tax rate would get cut from 35% to 26%. What an unbelievable joke. So, you have to cut Social Security and Medicare because you just had to give the rich one more gigantic tax cut? They'll claim they are getting rid of some tax exemptions and credits, but that doesn't come close to making up for the tax cuts they have proposed.

But we have to thank them for making their intentions undeniably clear. This Deficit-Reduction Commission has nothing to do with the deficit. It never did. I was always thought it was an excuse to cut Social Security to pay for the tax cuts that went to the rich and ate up the Social Security surplus. It turns out, it's more audacious than that. It cuts Social Security to pay for whole new round of tax cuts for the rich. The balls on these guys.

A new poll out by PPP indicates that when asked how to balance the budget, 43% of real Americans said tax the wealthy, 22% said cut defense spending and only 12% said cut Social Security. They didn't stutter. That's crystal clear. If some of our current politicians make the mistake of backing these cuts for Social Security, those numbers are going to come back to bite them. And they'll be our former politicians. I, for one, will work the rest of my life to kick out of office anyone who signs off on this robbery. I don't give a damn what party they claim to be from. That includes the president.

Through all of my frustrations with the president, I have never called for a primary opponent against him in 2012. And I don't know any other established progressive that has. If he pushes for this plan, he should definitely get a primary challenger. Because I couldn't vote for a guy who agreed to rob the middle class like this. This is definitely the last straw. If he does this, then he was never on our side to begin with.

Sign our Petition telling the President not to touch Social Security HERE

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BREAKING: Sen. Brownback suddenly cares about the debt!

Too little, too late Sam.

After a 25 year career in Washington, Sam Brownback has suddenly become aware of the staggering size of the U.S. debt -- and not a moment too soon, as he's ambitiously seeking the Governor's mansion in Kansas this cycle. The Kansas City Star explains:

...Sam Brownback of Kansas [snip] along with 23 colleagues from both sides of the aisle, believe that the imbalance between spending and revenue is too worrisome to ignore.

But as usual with Brownback it's just another move of political expediciency. Just as Brownback is leaving the Senate he's suddenly rediscovered his inner "fiscal responsibility" just in time for election.

During his time in Congress, a staggering $7 trillion has been added to the U.S. debt -- with hardly a peep in opposition from Kansas' junior Senator. In fact, as I'll detail below, Sam Brownback has been a leading contributor to the problem over the last two decades.

There's more...

The Great Risk Shift: Understanding American Capitalism

The bailout of the banking industry was the result of decades of Reagan policy making carried out by both Democratic and Republican neoliberals that shifted risk from corporations to the American public.  It is only the tip of iceberg. This shifting of risk is the flip side of the coin to wage stagnation and deflation that acts to increase the debt and loses of the American people.

To understand, why this is the case requires an understanding of what risk is.  This is not an easy task.  However, to have a working definition, let's just say that risk is the chance in any given transaction for one to be a winner or a loser. It is the concept of working the odds. What are the  odds that you will obtain a job that will cover your debt from college?  What are the odds that you will have enough money to pay for health care premiums and save money? What are odds of bank failure if they are too big to fail?

There's more...

Who Tripled the Debt??

Crossposted from Hillbilly Report.

You know, President Obama has disappointed me in a few regards. First, backtracking on single-payer and then placing mandates over a public option in the healthcare debate. His policies in Afghanistan also leave much to be desired for the Progressive activist who hopes to quit wasting lives and treasure in that country on a failed policy started by a failed President. However, there are instances in which we must also defend President Obama.

There's more...

Republican Hypocrisy on the Deficit and Healthcare

Crossposted from Hillbilly Report.

Boy, to hear many Republicans tell it they have been the watchdogs of fiscal responsibility. They have recently begun squawking about deficits and spending. They try to say our country is spending too much and we cannot afford Universal Healthcare. Of course, they conviently leave out the facts about why our deficit is where it is right now.

There's more...

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