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Obama Puts Social Security on the Chopping Block!

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A NATION BEGUILED.COM 

“Notice at the end, the point made about how, thus far, Social Security has been running a SURPLUS!  They don’t mention anything about that.”

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 By James Ridgeway

Hope for lasting liberal change was washed away on Tuesday—not just with the loss of the Democrats’ super-majority in the Senate, but with a closed-door deal that would lead to cuts in bedrock liberal programs such as Social Security, Medicare, and Medicaid. While Massachusetts voters were casting their ballots to install Republican Scott Brown in Ted Kennedy’s Senate seat, President Obama was hammering out an agreement with Democratic leaders to support a commission on the deficit with the power to propose reductions to entitlement programs. This proposal represents a capitulation to conservatives in both parties, and leaves liberals surrendering not only on health care, but on the core achievements of the New Deal and the Great Society.

Under the agreement, President Obama would issue an executive order to create an 18-member panel that would be granted broad authority to propose changes in the tax code and in the massive federal entitlement programs — including Medicare, Medicaid and Social Security — that threaten to drive the nation’s debt to levels not seen since World War II. More

Social Security Surplus…A big Welfare Check for federal government

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Marti Oakley (c)copyright 2010  All Rights Reserved

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From the years 1984 to 2002 the US government had collected 1.7 trillion more in social security taxes than it paid out in claims.  By 2006 this surplus had ballooned to 2.4 trillion in excess SS taxes.  This is 2.4 trillion in excess of all claims paid to widows, retirees, orphans and disability benefits.  And, it is this 2.4 trillion surplus that has Wall Street slobbering all over itself trying to come up with plans on how to siphon that money off of SS and into Wall Street markets.

 

Where did the surplus go?

 

Every administration since Lyndon Johnson, who made the SS trust surplus available to the general fund to finance the Viet Nam war, has used the SS fund to finance anything and everything.  The current president has used the SS surplus to finance the day to day operations of the federal government in lieu of the massive loss of tax revenues generated by the tax cuts to the obscenely wealthy. 

 

The reason that administration economists insisted that the economy was growing was because Social Security surpluses were used to finance tax cuts for people who were so rich they didn’t need them.  On paper, and without admitting the theft of and misuse of funds, the economists reported a “growth” in revenues generated by cutting taxes to the rich. That growth was a direct result of re-designating the stolen funds as “tax revenues”. 

 

What the Bush Republicans have done is to use Social Security taxes so the wealthy can enjoy big huge tax cuts.  More

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