Republicans Up to Usual Help the Rich Politics

Oh that's right!! Social security went bankrupt only paying out to social security recipients as it was intended! HAHAHA I forgot! And they didn't just say they were going to help balance the deficit by cutting social security.

You're a dunce.

 

Yep. Social Security is now paying out more than it is taking in. It has happened before in a bad economy but, the difference is that this time it is a permanent death spiral until total exhaustion in the 2030's. 2037 says the government...but those kinds of long range projections seem to have a tendency to come sooner rather than later.

 

I'd like to see references to this top 2% you're always referring to and seem to know so intimately. Remember that we've already gone over the magnitude of the country's debt compared to some actual wealth figures? The entire wealth of Warren Buffet and Bill Gates could be confiscated 100% and it would only pay the interest on the debt for a few months. You think people that rich are just coming out of the woodwork? You're fighting to get a drop in the bucket from this supposed 2% that won't make a damn bit of difference anyway!

Lets remember how many fortunate citizens we have here as well. Don't forget our favorite thread now. Real figures. Not made up ones for the sake of arguments:

"According to 2009 data from the CBO (which goes through tax year 2006), the bottom 20% of earners paid an effective tax rate of negative 6.6% in federal income tax. They received more money back through credits than they paid in taxes. In terms of overall revenue collected from individual taxes, the bottom 40% of the country contributed negative 3.6%!! In other words, the other 60% of the country paid 103.6% of the taxes collected."

The rich are already paying all the taxes and now you want to soak them for more. How about we come up with plan that says if you didn't pay any federal income tax in, you don't get any back!!? Adopt that and I'll say end the Bush tax cuts as well. Now we're making progress. Wait. No, no. That would make too much sense.

This administration is desperate for revenue for this F-ing health care plan. Meanwhile, they're expanding government in almost all areas considered so there's never a savings.

 

But how did it get to that point Stu??! It wasn't always like that. It should have been a huge savings account. There was nothing to pay out for how many years? All the baby boomers that paid into it their whole lives. Where did it all go? Just because it's that way now doesn't mean that's what brought it down.

It was never intended to be a retirement plan. It was only put in place to keep people from starving to death in their old age. They knew there were problems that would have to be ironed out for future generations when it was enacted. Unfortunately, they never got ironed out. They never anticipated life expectancy would go up so dramatically. They also never anticipated that so much would be paid out to be people that never paid into it! So we're left with a broken system that they refuse to phase out for the younger people.

 

Mostly? It got there the same way the debt has gotten there. People wanting a lot but not wanting to pay for it. And by having elected officials who do not have the stones to tell people what needs to be done let alone to actually try to do it. And by a populace that is never asked to sacrifice so has possibly lost the will to do so when it needs to be done.

The current debate between the 2 parties over whether to spend 300 billion we don't have versus spending 260 billion we don't have versus spending 230 billion we don't have on extending tax cuts that were passed during a long gone surplus and were designed to expire in the first place...is a good illustration of pretty much all of the above.

 

Instead of allowing 97% of us to keep the tax breaks, the Republicans are blocking passage because they are really only interested in the 3% at the top. We know the middle class is suffering by all economic indicators and we know the wealthiest of the wealthy are doing better than they have ever done. It must be nice for the top 3% to own an entire political party.

 

Actually, I think it is up to about 99% and 1% because the Dems were willing to give tax breaks to everyone making up to a million dollars instead of those just making up to a quarter million dollars. And that one got voted down in the Senate too. That plan would have cost 260 billion a year vs 300 billion a year for everyone.

Something else that some people may not know (and I bet none of the general public knows)...

If the Bust Tax cuts are allowed to expire...tax rates on those having a household income between $17000 and $57000 will not change at all. It will be 15% if they are extended and 15% if they are not extended. Now, keep in mind that the Median Household Income in the US is around $45000 and you can probably see that the people who are most likely to feel a pinch by the cuts expiring, aren't really even going to have a rate change in the first place.

Bush Tax Cuts Set To Expire In 2011. Will Your Marginal Tax Rate Be Raised?

That is another reason why I say...let them expire. The argument should not be about extending them or whether people making a quarter million or a million or 10 million should get them. It should be about how many years we should take to phase them out...1 year, 2, or 3 years. I would even go to 4 years as long as the majority of it expires in the first 3 years.

 

The funny part is that it probably was 97% when I wrote the post but money in this country is concentrating so fast at the top it is now the top 1% that controls the Republican Party instead of the top 3%. But they need more money for some reason.

 

Aren't you the dunce that could even read the statistics in your own source? P.S. Social Security isn't bankrupt. That is just one of those red herring, false flag, lies, (take your pick) talking points I warned you about. I don't even pay into social security and I know more about it than you do. I still wonder why we in the urban areas had to subsidize internet for the rural areas. With any luck, something might actually sink in out there in the sticks.

 

Let's not forget a few other aspects that have affected the Social Security Admin's pile of money- The actuary studies done originally projected population growth and average contributions from a projected number of workers. Well, millions of abortions over the years has affected the projected number of contributers and liberal entitlement programs that have reduced the motivation of many to work further reducing the numbers. There was also no way to predict the way the Soc Sec fund has been raided over the years.

 

Speaking of not reading from your own source:

"The financial outlook for Social Security is little changed from last year. The short term outlook is worsened by a deeper recession than was projected last year, but the overall 75-year outlook is nevertheless somewhat improved primarily because a provision of the ACA is expected to cause a higher share of labor compensation to be paid in the form of wages that are subject to the Social Security payroll tax than would occur in the absence of the legislation. The Disability Insurance (DI) Trust Fund, however, is now projected to become exhausted in 2018, two years earlier than in last year’s report. Thus, changes to improve the financial status of the DI program are needed soon.

Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983. The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession and to an expected $25 billion downward adjustment to 2010 income that corrects for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation’s retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers. The annual deficits will be made up by redeeming trust fund assets in amounts less than interest earnings through 2024, and then by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about 75 percent of scheduled benefits through 2084. The projected exhaustion date for the combined OASI and DI Trust Funds is unchanged from last year’s report."


My first question to you Moen, (since you're so knowledgeable on the subject) what are the trust fund assets that are to be raided (at amounts less than interest earnings OF COURSE!) and why have we not heard about them before? What trust funds?

Next question. Does the government ever assume worst case scenario, or do their budget outlooks traditionally paint a rosy long term picture for the sake of the current administration? There's a lot of "expecteds" in this article.

Also, highlighted in red..... If there is no savings to speak of and expenditures are exceeding tax revenues, WTF exactly do you call that?

 

Everyone can relax now. All the problems have been solved. The Bush Tax Cuts will be extended. For everyone. A couple of more tax cuts have been created...including one that inexplicably reduces the amount of payroll deduction for Social Security. And some more spending has been approved too, of course. Once again, out Dear Leaders have saved us.

 

Now after 18 months how is that Obama thing working out for you MOEN ?
People like you will never get party means nothing, and promises mean less. Get your tin cup.
Mr. Obama told you he was a socialist , did you look and find out ?
He wants world governance do you understand the implications.
He made a real fool of you as, you did your self !

 

Were exactly has President Obama advocated World Governance? please link me to any speach he has made on this as I would be very interested in reading it, oh and while you are at it please link me to were he says he is a Socialist

 

I admit that he isn't all that I wanted him to be. He is turning into a Republican which is far more fascist than socialist. I think we can pretty much put the socialist label to bed. I half believe that the Republicans are just playing the rest of us and Obama is actually just one of them. Just another asshat.

 

I will gladly dispell the tax cuts for the rich arguement tommorow. Trust me on this.

 

I am simply livid with Obama for even considering going along with the Republicans on this one. The Dems in congress are 100% right to go against Obama on this one. God I wish Hillary had been elected. As a Democrat, I have earned the right to be ticked off with Obama. Republicans have only benefited from his tenure in office and have no right to complain about anything. The Republicans in congress are unified asshats and Obama has caved into everyone of their demands before the fight even started. I'm going to give Obama an F for his first 2 years in office because if McCain had been elected, things wouldn't have been any different than they are now. The wealthy would still be wealthier, the poor would still be poorer, and change would be the excelleration of things as they are rather than real change of any kind.

 

The only thing this episode has shown me is that 1. The Republicans have not changed at all in 10 years. and 2. The current President has no spine.

But, I am not worried, I am sure after we spend this 800 Billion to (much more likely) 1 Trillion dollar deal, we will get right on to solving this whole national debt issue.

 

Well, the right ought to be singing Obama's praises. They got their extra case of champagne. Bully for them. Can we get an "atta boy" from the right I wonder?

 

I can't believe he surrendered, AGAIN, to the party of the rich. I guess everything is bought and paid for all the way up to the very top. Not much left for 98% of Americans to do now. I hope the wealthy choke to death on their friggin' tax cuts. It's all over but the shoutin'. WTG Obama. Bending over for the right has insured your expulsion.