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Posts Tagged social security

Goldman, Other Welfare Queens Tell Us Forget Social Security-Medicare Until 70

Jan 22

Posted by Michael Collins in Austerity, Big Money, Corruption, Populism, Wall St | 4 Comments

Michael Collins

(Washington, DC 1/21)  A long standing  Money Party front, the Business Roundtable, wants you to wait until you’re 70 years old before you get Social Security and Medicare benefits.  This is just a reprise of the November 2012 dictate from the king of corporate cronyism, Goldman Sachs CEO Lloyd Blankfein.  (Image: DonkeyHotey)  (Greenspan statement)

The boss announced, “So there will be things that, you know, the retirement age has to be changed, maybe some of the benefits have to be affected, maybe some of the inflation adjustments have to be revised. But in general, entitlements have to be slowed down and contained.”  Lloyd Blankfein, CBS News, November 2012

That’s easy for Lloyd to say.  He makes tens of millions of dollars a year without so much as lifting a finger.  You can be sure that Blankfein has a deluxe health insurance and retirement plan. Read the rest of this entry »

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Super Congress in Session – More of the Cruel Charade

Sep 15

Posted by Michael Collins in Big Money, Corruption, Financial Crisis, Populism, Recession/Depression | Comments off


Wall Street and the big banks owe $1.5 trillion for the bailout (at least).  The Super Congress needs to cut $1.5 trillion over ten years.  Get the money from Wall Street and cancel the Super Congress.  Problem solved.

Last month’s debt ceiling crisis was resolved when Congress and the Obama administration made a deal to cut  trillions in federal spending over the next ten years.  Congress identified the easy cuts, the low hanging fruit so to speak, for a total of nearly $1.0 trillion.  At the same time, Congress and the White House created the “Super Congress” committee of six senators and six representatives charged with cutting another $1.5 trillion. (Image: Lucy White with permission)
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Decline and Fall … (Maybe) Dec 20

Dec 20

Posted by Michael Collins in Big Money, Corruption, Financial Crisis | Comments off

We’re on our own.  It’s official. The House of Representatives completed what the Senate began (which seems like the wrong way around).   The giveaway to millionaires, also known as the Obama-Republican tax bill, is now law.  The grand total is now $900 billion in tax cuts, a large sum of which comes from the Social Security Trust Fund.  Shameless politicians have created an open wound in the Social Security that they say is “temporary.”  They lie so consistently, there is no reason to believe that the payroll tax will ever be restored; certainly not in the next two legislative seasons with a super majority of Republicans in the House of Representatives.   (Image)

There was no real debate, hence no public awareness, of the crime committed.  But when the word gets out over the next few months, there should be an awful reckoning when the people wake up to this theft.  Those who voted for this proposal didn’t just touch the third rail of American politics, they sat down on it.

There were some winners out of all this:

“A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.”  Bloomberg Businessweek
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Decline and Fall… (Maybe) December 13

Dec 13

Posted by Michael Collins in Uncategorized | 1 Comment

By Michael Collins

SOCIAL SECURITY THREAT: This is a big week for the decline and fall of our society. It’s not like we’ve bet the ranch on the Senate vote on the Obama tax compromise/cave in. But the proposal may be the beginning of the end of Social Security as we were promised it. Obama made a deal for a one year tax holiday on the employee contribution to Social Security. It will go from 6.2% to 4.2% for a year. Supposedly, it will be restored in 2011. Since even Republican Senators (Corker-TN and Johanns-NE) are warning that this is a huge risk, let’s assume that the Republican majority behaves as it did on the Bush era “temporary” tax cuts. Read the rest of this entry »

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URGENT: Stop the Plot to Destroy Social Security Today

Dec 13

Posted by Michael Collins in Uncategorized | Comments off

Michael Collins

On Monday, December 13, the US Senate will vote on a bill that represents the destruction of Social Security. The measure reduces the employee payroll tax by 33% (from 6.2 to 4.2%).   Social Security is  in good shape right now but this reduction will starve the Trust Fund and give the excuse to say – “Look, it’s broke.  We have to privatize it.”

Save Social Security – call or write your US Senators and tell them to vote no on reducing funding for Social Security – period.  No compromises at all.

US Senate Senate contact.

Please forward this with full permission of the author.

(Washington, Dec 10) Bill Clinton showed up at the White House for an “impromptu” press conference to discuss the president’s tax compromise with the Republicans. Clinton disclosed that “I make a lot of money now” and, as a result, he would benefit from the program. Then he endorsed the compromise calling it the best deal Obama could make. Clinton was particularly high on the Social Security payroll tax reduction. “According to all economic analysis, [this is] the single most effective tax cut you can do to support economic activity. This will actually create a fair number of jobs. I expect it to lower the unemployment rate and keep us going.” (Image)

Across town, United States Senator Bernie Sanders was telling the simple truth that Obama and Clinton avoided. Reducing the Social Security payroll tax from 6.2% to 4.2% as a one year tax holiday presumes that the normal rates will be restored at the end of the one year period. Who would restore those rates? The very same party that passed the Bush ten year “temporary” income tax reductions. That same party, the Republicans, now claims that ending the Bush temporary tax cuts represents the greatest tax increase ever. Just as they forgot that those tax cuts were temporary, the new Republican majority will forget the payroll cuts were temporary. Senators Bob Corker (R-TN) and Mike Johanns (R-NE) agree that ending the tax holiday will be portrayed as a tax increase. Read the rest of this entry »

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The Plot to Destroy Social Security

Dec 11

Posted by Michael Collins in Uncategorized | Comments off

Michael Collins

(Washington, Dec 10)  Bill Clinton showed up at the White House for an “impromptu” press conference to discuss the president’s tax compromise with the Republicans.  Clinton disclosed that “I make a lot of money now” and, as a result, he would benefit from the program.  Then he endorsed the compromise calling it the best deal Obama could make.  Clinton was particularly high on the Social Security payroll tax reduction.  “According to all economic analysis, [this is] the single most effective tax cut you can do to support economic activity. This will actually create a fair number of jobs. I expect it to lower the unemployment rate and keep us going.” (Image)

Across town, United States Senator Bernie Sanders was telling the simple truth that Obama and Clinton avoided.  Reducing the Social Security payroll tax from 6.2% to 4.2% as a one year tax holiday presumes that the normal rates will be restored at the end of the one year period.  Who would restore those rates?  The very same party that passed the Bush ten year “temporary” income tax reductions.  That same party, the Republicans, now claims that ending the Bush temporary tax cuts represents the greatest tax increase ever.  Just as they forgot that those tax cuts were temporary, the new Republican majority will forget the payroll cuts were temporary.  Senators Bob Corker (R-TN) and Mike Johanns (R-NE) agree that ending the tax holiday will be portrayed as a tax increase. Read the rest of this entry »

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Obama to Switch Party

Nov 14

Posted by Michael Collins in Big Money, Elections | 1 Comment

Michael Collins
(Satire)

(Washington)  President Barack Obama has confided his plans to become a registered Republican some time before the end of the lame-duck session of the 111th Congress.   Speaking to his inner circle, he lamented failing to bring the two major parties together.  One of his confidants reported Obama saying, “It’s really just one party anyway and clearly the Republicans have the confidence of the people.  I can finish my original mission much easier within the GOP.”  Sources wouldn’t elaborate on what that mission is. (Image:  juvetson)

Obama clearly signaled his intentions through two recent tactical moves.  He relented on ending the Bush-era tax breaks for the top 1% of income earners.   The 3% reduction in the top rate accounts for over $1.0 trillion in lost revenues.  Prior to the 2010 midterm elections, Obama hinted that he opposed a renewal of the tax breaks.  It looked like the president might win this one with speculation that the tax breaks would likely die due to the post midterm atmosphere.
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