Bad News For SS. Outlook Is Improving.
Well, once again our right wing wealthy are gloomy. And once again all the gloom is about the looming Social Security disaster.
And why are they so crushed? According to the latest reports the Social Security disaster isn’t looming as fast as they had hoped. In fact, it isn’t looming at all.
LBJ lookalike His Lordship Baron Erskine von Bowles crushed at the news that the outlook for the SS and Medicare funds is improving.
You see, the Social Security Trust Fund will pay full benefits until at least 2033. And even more tragically, if the economy improves, the Fund can pay its full obligation even beyond that date.
Oh, woe is they. That’s not even the worst of the latest news. Because at the very worst, Social Security will pay close to 80% of its benefits even if absolutely nothing is done to improve its finances.
And, God forbid, if the payroll cap is lifted – an act that represents a teensy, weensy adjustment – the Fund can pay nearly 100% of the benefits guaranteed by the full faith and credit of the United States Government.
And worse yet, if action isn’t taken in the next few years to finally destroy the program, it will begin to get even stronger than it already is.
“Oh, ferchrissakes. Obama’s fucking up again. We’ll never sell this austerity shit if he doesn’t get on the stick.” (Statement by German Chancellor and Austerity Beauty Queen Angela Merkel as recorded on NSA secret listening devices. Report filed by UPW News Senior White House Correspondent Marcy Popindick).
Now some of you may not know this, but everybody is going to die. Sorry to have to break the bad news to you but that means you as well. It also means absolutely everybody in the baby boom generation. And as they begin to die off, the SS Trust Fund will begin once again to achieve a reasonable balance between payees and retirees. Once that happens, the fund can no longer be attacked for being a threat to the financial security of the U.S. economy.
So action to destroy the SS program must be taken now, immediately, if not sooner, because we’re running out of time. Before you know it, the Fund will be in surplus again and nobody will want to get rid of it.
So all in favor of destroying Social Security and profitizing retirement funds by handing your payroll deductions over to Wall Street schemers, say I.
Hello out there. Say I.
Despite the fact that Social Security is on a sound path, Barack Obama is determined to fix what ain’t broken, His “chained CPI” cuts could leave the program vulnerable to even more drastic cuts in the future.
Guess the propaganda program perpetrated by the right wing wealthy isn’t working as well as they had hoped.
Now if we could only convince Barack Obama to pull in his claws and stop tearing into SS….
Daddy, I don’t care if you are president, you shouldn’t be listening in on Mommy’s phone calls.
…Daddy’s the president that’s for sure. He’s the man we all adore. But daddy’s doing a very bad thing. He thinks that mommy’s having a fling. So he bugs her phone and wires her door.
More Bad News.
Oh my gosh. Just when you think the news can’t get any worse, it gets worse. If the news about SS improving isn’t bad enough, the news about Medicare is even more disturbing for the right wing wealthy. You see, the Medicare program is improving as well. And so are health care costs as a whole. So now it will be harder than ever to convince people to profitize the government’s senior health insurance program.
Son of a bitch. What is this country coming to?
We always wanted a president who would listen to us. Now we know we have one. Jay Leno.
Hate to keep harping on the quasi-scholarship of these two pseudo-economists but it seems their flawed study keeps popping back up in the news.
Some right wing, that is austerity, economists and wealthy wingers in general, are actually trying to resurrect the study and pronounce its findings correct after all.
Their efforts remind me of another constant, this one in real science. It is what Einstein called the “cosmological constant” and which he referred to as his greatest blunder.
The constant was a force whose presence Einstein predicted was necessary to oppose the inward pressure of gravity. The so-called force kept the universe from collapsing upon itself and kept this massive creation of nature static.
However, when Edward Hubble discovered that the universe was expanding at an increasingly accelerating rate, Einstein’s theory of a constant collapsed and humanity’s premier scientist called the idea his greatest blunder.
But not so fast. It now appears that Einstein’s greatest blunder was calling his constant a blunder in the first place.
Scientists now refer to the force that causes the universe to expand as “dark energy” and call it a “constant”, a theory that supports the great scientist’s idea of a cosmological constant. So Einstein was indeed wrong. But only about calling the constant a mistake. Turns out he was right again.
Mankind’s greatest scientist.
Reinhart-Rogoff aren’t so lucky. You’ll recall they postulated that economic growth slows when debt reaches 90% of GDP. Not only did they make a silly arithmetic mistake on a spreadsheet but they got the causation exactly backwards. Increasing debt, as they misunderstood, does not cause slow growth; slow growth causes increasing debt.
Therefore, the way to avoid slow growth is to increase growth. Pretty simple economics when you get causation right.
And the best means to achieve that outcome in a demand deficient economy is a temporary increase in government spending sufficient enough to increase demand to the point where economic growth is sustainable. And, a reality which cannot be denied except by austerians, growth increases revenue which reduces debt. Now that’s putting the horse before the cart where it belonged before R-R reversed the position.
And what do austerity wingers say to this great R-R blunder. “So what!” Even if austerity causes an economy to collapse upon itself, it must be imposed to, well, keep the economy from collapsing upon itself – a virtual impossibility of course. And therein lays the greatest blunder, economic wise, that is. R-R placed the cart before the horse and keeps it there until it exhausts itself.
Such behavior among the austerians seems irrational. As you might have guessed, however, that is not the case. Austerity can make the wealthy, wealthier and there are a number of means to bring this about, one of which is reduced wages in a languishing economy. Think not. Have you checked the stock market lately?
Not All Bugs Are Insects.
Hello, Batman. Is that you?
Robin, get off the damn phone. I’m working a couple of bugs on the White House communications system.
The Dynamic Duo from a 1966 TV episode.
Holy, insects, Batman. Is that what bugs are?
Good News. Unemployment Is Up.
Not all news is bad news for millionaires and billionaires. Unemployment is up and that’s good news if you’re rich. The latest Bureau of Labor stats reflect more workers for fewer jobs and that means lower wages. Lower wages increase profits. Now that’s bad news if you’re a working person. Good news if you’re rich.
***Listening in is a big time bore. So far he’s gotten an occasional snore. Now a captive of NSA fools He’s used as one of their many tools. A warrior in a war we all deplore.
Third Way BS.
Third Way, the right wing billionaire funded propaganda group trying to pawn itself off as a moderate think tank and centrist – itself a contrivance – organization, has a membership composed of Wall Street and corporate very rich Social Security haters.
The Third Way monster eager to devour innocent Social Security. The image is by Eleanor Abbot from The Two Brothers, a fairy tale not to be confused with Third Way horror stories.
Reality is of no concern to this wild eyed group of deficit hysterics who continuously churn out a message of doom for the Social Security program.
Currently on the website is this line of baloney:
There are a lot of charts, numbers, and projections in the annual report released by the Social Security Trustees Friday, but they really boil down to this: Social Security’s trust fund has 20 years to live.
You can read the link if you like but be assured the article is a mish-mash of Social Security hatred propaganda.
The italicized statement above which leads the article is a lie of course, overt mendacity being the method of choice of this group to spread hysteria about the collapse of SS.
The reality is the Fund will pay nearly 80% of its benefits for the next 75 years and those benefits will be greater than the checks of today because inflation has been included in the calculations for future benefits.
Now here is the basis for the lie. Benefits will begin to exceed revenues in about 20 years. At that time the Fund will begin to draw on savings from U.S Treasury bonds, backed by the full faith and credit and the United States Government, savings that add up to nearly $3 trillion.
What these brazen Social Security haters are advocating is that government simply refuse to pay the debt it owes to the fund, that is, the government default on the debt.
At any suggestion, however, that government default on its debt to private bondholders such as the Chinese would raise a howl of fury from these hypocrites.
Yet, to dump the debt owed to American citizens seems a perfectly natural goal – as you would expect because that eventuality would lead to greater wealth and security for the nation’s super rich.
So be aware that the Third Way moon walk away from the government’s debt owed to we the people comes with a raised middle finger pointed directly at the working class.
Beware the call of the siren. The allure is bewitching. But the tempting message is booby trapped. (Photo: Elmo Love, Fort Lauderdale, United States).
Hello? President Obama? Is that you? Excuse me. I’m trying to make a phone call.
***So Congress knows he’s snooping about To catch an imaginary terrorist lout He snoops and launches deadly drones As the watching world with pity bemoans. The endless war to whose cause he’s devout. . Congress declares his actions legal So does his primary legal eagle. So snooping about the country proceeds Discarding the people’s privacy needs. The president you see wears a crown now regal.
- Another GOP Talking Point Dies as Report Reveals that Social Security Is Not Going Broke (politicususa.com)
- Social Security and Medicare Not the Problem (acavazos2006.wordpress.com)
- Medicare as an Asset (medicarepathways.com)