Archive for the ‘SOCIAL SECURITY’ Category


Monday, June 7th, 2010

Has anybody read the June 7th issue of the Nation?

Specifically, an  article by William Greider titled Whacking the Old Folks.

In his article, Greider talks about the seasonal attempts to eliminate Social Security by neo-cons.
The usual suspects;  Pete Peterson et al. attempt periodically to dismantle this refuge for old folks.   Neo-cons see Social Security  as a frightening  attempt to foist socialism on America’s free marketeers.

Social Security is a big thing to retired folks, some of which have no other income.  ‘ Too bad’, you say.    ‘They failed to plan for their future.  Not my problem!’

But it is.   Do we need more homeless on the streets of the wealthiest country in the world.  Eliminate SS and the streets would be awash wit hold people.

Also consider;  Social security is not an entitlement.   It is a pay as you go device paid for by each individual at tax time through the mechanism known as FICA. Greider refers to it as an involuntary bank account.   It’s a required retirement fund payed for by each individual over their working years designed to be drawn upon at retirement time and provide a minimum income to citizens in their waning years.
And Social Security is well funded, with over $2.5T at the present time.  Enough to enable it to continue as is  for at least the next 30 years.

So if  SS is not an entitlement,  is well funded and stable, and provides a paid-for-up-front retirement account to old people that at least to some extent, keeps them from being on tax-paid welfare should they become indigent,  why is there so much animosity from conservatives like Peterson and his ilk?

And why even worry about these conservative whiners?   SS has successfully staved off their slings and arrows  in the past.   Why can it not be expected to do so in the future?   After all, destruction of SS was tried in the past and failed, notably, the Bush II attempt to privatize SS.

We have a liberal administration at the helm at the present time that may be expected to look out for its constituency, many of whom are current SS recipients that support this administration.

SS is a New Deal artifact that has taken on icon status.   One would would expect a Democratic administration to be fully aware of this and be interested in protecting this iron-clad icon which,  if disturbed, may be expected to rain down fire and brimstone on the heads of those unwary and unthinking agents of change.  Right?

Read Greider.
He offers evidence that SS may be used as a trade off to garner Republican support  for “significant tax increases to reduce government red ink”.

It is certainly something to watch for and be aware of should his concerns be real.

The Greenbacker