Posted on 12/24/2010 10:55:32 AM PST by Libloather
'Obama attacking Social Security'
Fri Dec 17, 2010 6:55PM
US President Barack Obama's controversial tax cut deal with the Republicans "is an attack on Social Security," an online columnist says.
“This is a total sell-out by Barack Obama… That's a huge problem. It will lower the pay-roll tax. The tax [that is needed] to fund Social Security. It is an attack on Social Security …,” online columnist Allen Roland told Press TV on Friday.
Roland continued, “It will cut one third of Social Security funding this year alone. That's the only safety net that we have. Can you believe that the United States does not sometime have a retirement plan for its citizens?”
He stressed that the tax giveaways to the rich will hold back the creation of more jobs.
The contentious USD 858 billion bill was passed in the House of Represantavies by a 277-148 margin on Thursday, one day after it was passed by the Senate.
Obama's compromise with the Republicans comes only six weeks after the Democrats were defeated in congressional elections.
The bill extends middle-class tax cuts for two years and jobless benefits for 13 months, AFP reported.
Obama has signaled that he might include Social Security cuts as part of a grand deficit-reduction deal.
The deficit commission has tried to camouflage these cuts by emphasizing that Social Security benefits for the very poor would not be reduced, and might even be increased.
However, in the commission's proposal, the cuts would affect middle-class retirees.
The broad tax reform proposed by President Obama is said to be aimed at boosting the US economy. Economists, however, believe that will intensify debt deflation and financial depression.
The measure would also pave the way for a tax shift off the wealthy class of society onto the middle class.
The new law would likely dash hopes that Obama intended to enact the reforms that his supporters expected.
One of Obama's campaign promises was to end tax cuts on incomes over USD 250,000 for families or USD 200,000 for individuals.
"Bankrupt - leftist - ponzi - scheme. Can't - loosen - grip..."
The trust fund is nothing but treasury bond IOUs that will start coming due around 2015 and the retired will have to get in line behind the Chinese for their money—behind because the SS IOUs are special and not as binding as regular treasuries.
Hope you look up once in a while FDR as you rot in Hell.
“Bankrupt - leftist - ponzi - scheme. Can’t - loosen - grip...”
Here is what the JOHNSON Administration said about the SS program back in 1964...
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And here is where “your contribution” goes! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
Well he definitely got the Airing of Grievances in.
Hmmm...
I’ve been worried that this would happen. It is yet another reason to not retire next year. First the Feds force us to put money into a Social Security Retirement Fund, then they take it away from us when we retire. What is next? Will they start taking money directly out of our bank savings and checking accounts to fund their own bloated programs and pay down the deficit? It wouldn’t surprise me one bit.
There is no question that cutting the payroll tax will move up the collapse of social security to an earlier date.
I’m actually in favor of this cut. When the SS tax was raised in the past, the general fund just spent the ‘surplus’. Now the general fund will have to pay back what they ‘stole’. Also, since most of us believe that we won’t get anything back anyway, at least we have 2% more of our own money to save for our own retirement.
Payroll taxes are no different than income taxes as the money still goes to the same old Liberal Democrat special interests.
There is no seperate SS fund—like general revenue,it's all a liberal Democrat socialist slush fund—has been for decades.
Yes, that is a good logic, but it will definitely give at least the appearance of crisis... Which would be an accurate appearance, but it would be ironic that they need this tax cut to convince them that there is a crisis.
yes
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