ALERT: Social security dies this weekend folks

[TwixVoy]

This is a HUGE story people! I can't believe so few people are paying attention to it. The government is about to saddle it's self to a freaking plane that is taking a nose dive while on flames.

Although this article says "billions" it will actually be TRILLIONS of dollars if we continue to see more defaults on these bad loans. (AND WE WILL) What the feds are doing is equal to putting all your money on a stock you KNOW is freaking worthless. Except it's OUR money - money for social security, money for ANY government program. Where is this money going to come from? Mark my words this will kill social security and many other government programs. This is what bushco wanted all a long.

Guys they are putting us IN DEBT to a freaking private institution that wrote trillions of dollars in bad loans. Our money will be sent to this private institution, and the rich fu**ers who caused this will make out like bandits.

The scope of this is incredible and unprecedented. Remember, this is not a situation like Iraq where you can have massive debt and put it off. The entire point of this move is to provide REAL MONEY to satisfy BAD DEBT. Once we are tied to this debt that's it. We CAN NOT ESCAPE IT because the fed government will be holding up a massive amount of bad debt, and NOT paying up will cause the house of cards to collapse. This is a seriously bad situation.

http://news.yahoo.com/s/ap/20080906/ap_on_bi_ge/mortgage_giants_crisis

[Breeze54]

1. *** YAWN*** ~ SS is alive and well... stop your BS!

* yawn *

[TwixVoy]

2. It won't be after this

Where is the money going to come from?

[vitamin_D]

4. guess ......................

.................. higher social security taxes. Hey, somebody has to pay for it, the rich don't give a chit. They'd rather spend their money on a boat.

[Breeze54]

6. You obviously have no understanding of SS funding... it's solvent until at least 2050!

Pete Peterson Doesn't Need His Social Security

http://www.commondreams.org/archive/2007/10/16/4566/

by Dean Baker

snip-->

"Of course, there is a Social Security trust fund that holds more than $2 trillion in government bonds. Under the law, these bonds are to be repaid from general revenue, which comes almost entirely from the personal and corporate income tax. In other words, the bonds held by the Social Security trust fund, which are supposed to pay the Social Security benefits of retired workers, are effectively tax obligations for wealthy people like Mr. Peterson. If the bonds held by the Social Security trust fund are never repaid, Mr. Peterson and/or his heirs could save tens of millions of dollars from their future taxes. It shouldn't be surprising he is trying to convince the public that the trust fund doesn't really exist."

FUCK THEM!!!!

:grr:

snip-->

But Peterson's priority is not fixing health care, it is cutting Social Security and Medicare; and he is not a man to let facts or logic get in his way. He used his wealth to buy a substantial audience for his books and his views, most often in forums where they could not be challenged by real experts.

I recall hearing Mr. Peterson pontificate for an hour, completely unchallenged, on a major public radio talk show. At one point, he assured his audience, with reference to the solvency of Social Security, "trust me, there is no trust fund." Mr. Peterson repeated this lie verbatim, just in case the meaning escaped his audience.

Of course, there is a Social Security trust fund that holds more than $2 trillion in government bonds. Under the law, these bonds are to be repaid from general revenue, which comes almost entirely from the personal and corporate income tax. In other words, the bonds held by the Social Security trust fund, which are supposed to pay the Social Security benefits of retired workers, are effectively tax obligations for wealthy people like Mr. Peterson. If the bonds held by the Social Security trust fund are never repaid, Mr. Peterson and/or his heirs could save tens of millions of dollars from their future taxes. It shouldn't be surprising he is trying to convince the public that the trust fund doesn't really exist.

But, this is just one side of Peter Peterson. He was in the news last week for a totally different reason. It turns out, a loophole in the current tax code allows hedge fund and equity fund managers (like Mr. Peterson) to pay taxes on their compensation at a much lower rate than ordinary workers. While middle income workers like school teachers and firefighters typically face a 25 percent income tax rate, Peter Peterson and other fund managers get to pay the much lower 15 percent capital gains tax rate on the tens of millions they earn each year.

According to The Washington Post, Mr. Peterson was actively lobbying Congress to ensure he and his ilk are not taxed like ordinary workers. The Post reported that Mr. Peterson's efforts apparently paid off: He and his fellow fund managers will continue to enjoy special tax breaks. As Pete Peterson says, he doesn't need his Social Security.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dean Baker is the co-director of the Center for Economic and Policy Research (CEPR). He is the author of http://www.amazon.com/dp/1411693957?tag=commondreams-20&camp=0&creative=0&linkCode=as1&creativeASIN=1411693957&adid=1Q1525S4DMNAXAYFQ8EV">The Conservative Nanny State: & How the Wealthy Use the Government to Stay Rich and Get Richer

www.conservativenannystate.org.

He also has a blog, "Beat the Press," where he discusses the media's coverage of economic issues.

You can find it at the http://www.prospect.org/deanbaker">American Prospect's web site.


VOTE DEMOCRAT IN NOVEMBER 2008!!!

[TwixVoy]

7. I feel for you and your family

because you truly have no idea how bad this situation is. It is people like you who don't understand what is happening who will be hit the hardest, and I only hope it doesn't destroy you.

[Breeze54]

8. Stop reading and listening to the Right Wing Propaganda!!!

You are the one we all, at DU, pity.

You are lost.... :(

[WCGreen]

3. Alan Greenspan....

He could have stopped it but let it continue after the Dot Com bubble burst.

He knew what was going to happen and still kept interest rates so low that almost anyone, theoretically, could afford to buy a house.

Well, how's that working now, Mr. I love Ayn Rand...

[CaliforniaPeggy]

5. He no longer cares...

He got his, and to hell with the rest of us...

[Breeze54]

9. SS is FINE!!!!!

http://www.pww.org/article/articleview/4776/">Social Security doing just fine!

[crimsonblue]

10. Who let you out of the lounge?

:P. Hi peggy. My bumper sticker has gotten many dirty looks from the family. :D

Don't worry about social security. My generation is the 2nd largest, and we may be the most liberal generation since the 60s. We won't leave you oldies out to dry. :)

[crimsonblue]

11. Hey dumbass

did you not realize that freddie and sallie used to be government owned? Before they privatized them to "write" off public debt? Putting these companies back in fed hands is GOOD because it will lend stability to the housing market. This should have been done over a year ago.

[JDPriestly]

12. You are right.

The Republicans have bankrupted our government. They hate Social Security because it proves that their extremist free market ideas are lies. As long as Social Security exists as a part of the government, it is obvious that people do not need to rely solely on corporatism.

The Republicans can't deal with having prosperity and opportunity for all. They want to see their economic theories adhered to 100%. They are willing to sacrifice the good of the country, the well-being of Americans, everything that matters to us normal people just for the sake of their Ayn Rand philosophy. What creeps.