Cutting Social Security is the New TARP
Host of The Young Turks
November 11, 2010
Politicians who signed off on TARP lived to regret the day they did (especially Republican ones, just ask Bob Bennett and Mike Castle). Those votes will haunt the congressmen who supported the bailouts for years to come. That's the same exact thing that's going to happen to politicians who sell out the middle class by agreeing to cut Social Security.
The chairmen of the Deficit-Reduction Commission just released a report that recommends that we cut benefits for current retirees by 3 to 6% and eventually raise the retirement age to 69. Why not make it 89 while you're at it? At that point, Social Security will be completely solvent forever because only three people will live long enough to collect it. Remember, it's not just that you can't retire till later, it's that you don't get benefits for those extra two to four years - that's a huge cut of your Social Security.
Plus, to add insult to injury they also propose to cap Medicare. Some worry this might even lead to rationing. This helps because the cuts to Social Security didn't hurt enough.
These are all non-starters. Social Security currently has a $2.5 trillion surplus. Anyone telling you otherwise is lying. They have created a fake crisis about Social Security not being able to pay full benefits by 2037. So, the answer is to shred benefits now? How does that help?
Of course, this proposal doesn't help you to collect the Social Security payments that you're owed after a lifetime of paying into the system. It helps them rob you. Now, those are stark terms, but totally justified when you consider the second part of this so-called Deficit-Reduction Commission. Instead of addressing the deficit by doing spending cuts and tax increases (both painful and both necessary to reduce deficits), they actually cut taxes. That's mental. That makes the deficit much, much worse.
They propose to cut the top rate from 35% to 23% for the personal income tax, and the corporate tax rate would get cut from 35% to 26%. What an unbelievable joke. So, you have to cut Social Security and Medicare because you just had to give the rich one more gigantic tax cut? They'll claim they are getting rid of some tax exemptions and credits, but that doesn't come close to making up for the tax cuts they have proposed.
But we have to thank them for making their intentions undeniably clear. This Deficit-Reduction Commission has nothing to do with the deficit. It never did. I was always thought it was an excuse to cut Social Security to pay for the tax cuts that went to the rich and ate up the Social Security surplus. It turns out, it's more audacious than that. It cuts Social Security to pay for whole new round of tax cuts for the rich. The balls on these guys.
A new poll out by PPP indicates that when asked how to balance the budget, 43% of real Americans said tax the wealthy, 22% said cut defense spending and only 12% said cut Social Security. They didn't stutter. That's crystal clear. If some of our current politicians make the mistake of backing these cuts for Social Security, those numbers are going to come back to bite them. And they'll be our former politicians. I, for one, will work the rest of my life to kick out of office anyone who signs off on this robbery. I don't give a damn what party they claim to be from. That includes the president.
Through all of my frustrations with the president, I have never called for a primary opponent against him in 2012. And I don't know any other established progressive that has. If he pushes for this plan, he should definitely get a primary challenger. Because I couldn't vote for a guy who agreed to rob the middle class like this. This is definitely the last straw. If he does this, then he was never on our side to begin with.