Paulson calls for fast action on social security

[abelenkpe]

http://money.cnn.com/2008/03/25/pf/soc_sec_trustees_report/index.htm?postversion=2008032514


Now, is it me or is it ironic that while the fed is busy cutting interest rates (which screws over savers) and bailing out financial institutions to the tune of 30 billion dollars, making over 200 million dollars worth of swaps for worthless mortgage backed paper (basically sticking taxpayers with the losses of wall street) Paulson starts yammering about social security and medicare. Yes, people are fearful over the state of the economy but I think it is insulting that the administration would use this fear to push their agenda. I mean, maybe if we weren't wasting money bailing out financial institutions, or giving huge tax breaks to wealthy corporations we'd have enough money to support everyday citizens and live up to the promise of social security instead of talking about abandoning them after they've worked their whole life. It's almost as if the administration is thinking: after seeing homes lose equity, 401ks lose value, the dollar lose value, why not just finish the job and take away the few remaining safety nets and really screw 'the people.'

It's outrageous. Isn't it? Or am I missing something?

[papau]

1. Paulson lies - Social Security needs no fix - projection 3 shows no problem

[abelenkpe]

4. wish the press would state that louder

It's prolly all about getting workers to divert all their money into the casino of the stock market. I'm just sick of every tragedy being used as a way to push the bush agenda. It's tired.

[papau]

15. Getting trust funds out of Gov bonds and into corp bonds ends "no assets just IOU's"

[MercutioATC]

2. Eliminate the FICA cutoff....that provides 80% of the solution.

Yes, it'd cost me money but I believe it's the most fair fix.

[WCGreen]

5. Do that and then put all the money that is taxed from people

who are wealthy but still deserve, I mean that, benefits, back into the system...

Viola, the whole so-called crisis will suddenly vanish...

Like those 401k's that were supposed to augment Social Security...

Or the ridiculous build up in home values that just encouraged people to spend way beyond their realistic means...

[MercutioATC]

9. Damn! You're still here!

...it's been a while.

Hope things are going well...gimme a call if you want to grab coffee.

[papau]

13. that ideed works ro solve the "projection 2" problem & keeps "welfare" out of the system

[RUMMYisFROSTED]

11. Simple and progressive.

:shrug:

[Bluestar]

3. These Bush SOB's have no shame

It's the last pile of money that they can't get their hands on, so they will try anything between now and when Bush leaves office to steal our SS funds.

[PoiBoy]

6. Pay it back...!!

It's the law that the funds that have been "borrowed" from the Social Security Trust Fund have to be paid back...

http://www.buzzflash.com/hartmann/05/07/har05007.html

<snip>
And where will that cash - now nearly two trillion dollars - come from over the next decades as Boomers begin to retire?

Technically (and legally) it's simple - the Social Security Trust Fund will give back its IOUs to the Treasury Department and in exchange for them get cash to pay the Boomers' retirement checks. Practically, though, it'll be a crisis of biblical proportions. In order for the Treasury to come up with that kind of cash will require either massive tax increases or increased massive borrowing - at a time when we're already borrowing so heavily that China is propping up our economy with weekly loans.

Thus, Bush talks about a "crisis" in Social Security with some accuracy. But he doesn't dare tell us what the real "crisis" is, or how Reagan and Greenspan set it up, because when it becomes widely known that the real crisis is that Reagan set the course to steal Boomers' Social Security savings, it will destroy the reputation of both supply-side economics and the Republican Party for generations to come.
<end>

It's time to stop the fraud of taking funds from the Social Security Trust Fund, putting those and future funds in "The Lockbox" Al Gore talked about, and demand that congress and the senate set out a plan for paying back the "borrowed" monies.

Start the pay back... raise the cap... establish the Lockbox... no problems with Social Security ever again...

[lligrd]

8. Yeah, With Some Of Those Banker's Credit Card Interest Rates

Social Security would be in great shape.

[lligrd]

7. I Find It Outrageous Too

Not surprising though, it has always been there plan to bankrupt us and then claim we can't afford social programs.

[CaliforniaPeggy]

10. K&R

:kick:

[still_one]

12. you are right, instead of bailing out private corporations with OUR tax dollars

if social security is really having an issue along with Medicare, divert the money there instead

Instead of wasting billons of dollars in Iraq, divert the money TO THE AMERICAN PEOPLE

I have had enough of the corporate take over of our government

It is time for the people to take it back

[earthboundmisfit]

14. Funny how there was never a question

as to whether the corporate bailout could be afforded...

[varelse]

16. It's not just you

and it is outrageous.

[fascisthunter]

17. ya..good luck with that one

piss off more Americans by trying to privatize that too.

[Uncle Joe]

18. Now where is that "lock box"

that the corporate media thought was so funny a short eight years ago?

Maybe Bush will find it when he finds the WMDs, but I doubt it.

[magellan]

19. THEY ONLY WANT THIS TO PROP UP WALL STREET!

That's why they wanted it the first time and that's why they want it now -- doubly so. The whole house of cards that is the Bush** economy is crashing down and needs a quick injection of lovely taxpayer money, like yesterday.

Imagine your social security funds invested in Wall Street. IMAGINE. If they make this happen you can kiss all that money good-bye because no one who works an honest day for a living will ever see it again. It'll join the hundreds of billions of dollars those Fed geniuses have already dropped into the black hole that is our financial sector.

edited: i must slow down...