Go Elizabeth Warren! This article in Salon documents how just one powerful voice can change an argument into a debate.
I am one of those who believe that the lack of a "locked box" to hold our Social Security monies is the cause of all our Social Security financing problems. Remember how Al Gore was ridiculed for his "locked box" statement in his Presidential campaign? It wasn't just the simplistic term that was ridiculed; it was the entire idea that Social Security was being robbed. After all, went the argument, all the money taken from the Social Security Trust Fund was guaranteed by "IOUs" (bonds) and those bonds are backed by "the full faith and credit of the United States government." (We've seen how little that can be trusted). And the pundits declared that - Even if all the money were repaid today there is still not enough to meet the demand of the Baby Boom generation.
Bullshit.
That money was borrowed at the worth of a dollar at the time. Years and years later when some money is printed to pay it back, it's highly inflated money and the interest earned has only been around 1%. So the Federal government gets far more value for the money borrowed than the taxpayer will ever see. And the money borrowed is not being used to stimulate the economy at any level that is likely to benefit the common taxpayer.
This link to a Wall Street Journal blog spells out the sophistry pretty well. You should read it. It's from the Wall Street Journal so you can be sure it's not tailored to my Socialist mindset. To my mind, the argument boils down to this: as long as the U.S. economy keeps expanding at a rapid rate Social Security will be fine. But the economy is not and has not expanded enough to relieve the pressure on Social Security. So either it's a false argument or else we are being robbed. Are you happy with either?
Isn't this the ultimate lie that we see playing out before us? The Earth's environment is telling us quite clearly that there are limits; there is a price to pay for pushing those limits. The world's economy continually moves away from dependence upon the United States. Rather than a "rising tide which lifts all boats" (no global warming pun intended), the world is really more like a pie - there is only so much to go around. There are those who argue that pie is bad for you so we will take it away. There are those who whine that the 99% don't really use pie correctly. We need politicians with the guts to say - Whoa! You 1% can not longer have most of the pie. You stole it anyway. Now, more taxes for you!
Republicans and way too many Democrats want to destroy Social Security as we know it. No pie for you! But don't worry. As the right-wing Christians tell you, your reward is in heaven. And thank God, the end is near. Heaven help you if it's not, because your Social Security was robbed.
"There will be pie in the sky by and by. That's a lie." Joe Hill
I am one of those who believe that the lack of a "locked box" to hold our Social Security monies is the cause of all our Social Security financing problems. Remember how Al Gore was ridiculed for his "locked box" statement in his Presidential campaign? It wasn't just the simplistic term that was ridiculed; it was the entire idea that Social Security was being robbed. After all, went the argument, all the money taken from the Social Security Trust Fund was guaranteed by "IOUs" (bonds) and those bonds are backed by "the full faith and credit of the United States government." (We've seen how little that can be trusted). And the pundits declared that - Even if all the money were repaid today there is still not enough to meet the demand of the Baby Boom generation.
Bullshit.
That money was borrowed at the worth of a dollar at the time. Years and years later when some money is printed to pay it back, it's highly inflated money and the interest earned has only been around 1%. So the Federal government gets far more value for the money borrowed than the taxpayer will ever see. And the money borrowed is not being used to stimulate the economy at any level that is likely to benefit the common taxpayer.
This link to a Wall Street Journal blog spells out the sophistry pretty well. You should read it. It's from the Wall Street Journal so you can be sure it's not tailored to my Socialist mindset. To my mind, the argument boils down to this: as long as the U.S. economy keeps expanding at a rapid rate Social Security will be fine. But the economy is not and has not expanded enough to relieve the pressure on Social Security. So either it's a false argument or else we are being robbed. Are you happy with either?
Isn't this the ultimate lie that we see playing out before us? The Earth's environment is telling us quite clearly that there are limits; there is a price to pay for pushing those limits. The world's economy continually moves away from dependence upon the United States. Rather than a "rising tide which lifts all boats" (no global warming pun intended), the world is really more like a pie - there is only so much to go around. There are those who argue that pie is bad for you so we will take it away. There are those who whine that the 99% don't really use pie correctly. We need politicians with the guts to say - Whoa! You 1% can not longer have most of the pie. You stole it anyway. Now, more taxes for you!
Republicans and way too many Democrats want to destroy Social Security as we know it. No pie for you! But don't worry. As the right-wing Christians tell you, your reward is in heaven. And thank God, the end is near. Heaven help you if it's not, because your Social Security was robbed.
"There will be pie in the sky by and by. That's a lie." Joe Hill
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