Tag Archives: Social Security

Boehner & GOP Aim to Cut Social Security – WSJ.com

This may just be it.  The straw that breaks the camel’s back for the American electorate…

The Republicans may just be getting ready to reach too far…

That’s what usually happens.

It’s not possible to educate the electorate– only misinform them.

That’s worked so far, but I’ll be shocked if it works for Social Security.

Remember, there is nothing wrong with Social Security and it is not contributing to the deficit at all.  It’s financially sound for years to come and could be sound forever with just a few tweaks- like removing the income cap on withholding.

God, I hope this blows up in their faces and they don’t succeed in ruining one of the best social safety net programs ever created.

The Polls say no one wants this…but that’s not stopped the GOP before.

It may finally be crowds in the street time in Washington….

WASHINGTON—House Speaker John Boehner said Thursday that he’s determined to offer a budget this spring that curbs Social Security and Medicare, despite the political risks, and that Republicans will try to persuade voters that sacrifices are needed.

In an interview with The Wall Street Journal, Mr. Boehner said House Republicans would offer a budget for the next fiscal year that sets goals for bringing the programs’ costs under control. But he acknowledged that Americans aren’t yet ready to embrace far-reaching changes to Social Security and Medicare because they aren’t aware of the magnitude of the financial problems.

“People in Washington assume that Americans understand how big the problem is, but most Americans don’t have a clue,” Mr. Boehner said, speaking in his Capitol office. “I think it’s incumbent on us, if we are serious about dealing with the big challenges, that we go out and help Americans understand how big the problem is that faces us.”

He added, “Once they understand how big the problem is, I think people will be more receptive to what the possible solutions may be.”

via Boehner Aims to Tame Benefits Programs – WSJ.com.

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Top Obama Economic Aide: Social Security Reform Not A Part Of Discussion On Fiscal Future

Sounds like the White House and Democrats may finally be getting it….

The GOP never will…

WASHINGTON — Lost amid the budget battles in Congress and the anti-union legislation being considered in several states has been the White House’s deliberate decision to take the topic of Social Security reform off the deficit debate menu.

The latest move in that direction came on Tuesday, when Jason Furman, deputy director of the President Barack Obama’s National Economic Council, insisted that talk of Social Security reform “is not one you care about” if “you are worried about our long-run fiscal future.”

“The reason you care about it is because you want to strengthen Social Security,” Furman added in a speech at the progressive nonprofit group NDN. “It is such a critical part of our social insurance, the bedrock of retirement security for senior citizens, one of the leading anti-poverty programs for children, critical support for people with disabilities. And for all those reasons and the fact that its solvency … is another 26 years, till 2037, the real motivation is strengthening the program.”

Those remarks are a strong reflection of growing defensiveness on the White House’s part in response to calls to reform the longstanding entitlement program. During this year’s State of the Union address, Obama said he would “speak out against” plans to “target” Social Security should they materialize in Congress. Top adviser David Plouffe likewise said the president would neither slash nor reduce benefits while in office.

Furman’s comments are more assertive in their framing. Rather than merely ruling out drastic changes to the entitlement program, he is arguing that Social Security has no place in a debate over the deficit — a position directly at odds with the conclusions of the president’s own deficit commission.

via Top Obama Economic Aide: Social Security Reform Not A Part Of Discussion On Fiscal Future.

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Social Security isn’t the problem – USATODAY.com

This is so simple, but the GOP has twisted it out of shape…

I repeat, for the 5 millionth time:  Social Security is not the problem.  It is sound!

Social Security benefits are entirely self-financing. They are paid for with payroll taxes collected from workers and their employers throughout their careers. These taxes are placed in a trust fund dedicated to paying benefits owed to current and future beneficiaries.

When more taxes are collected than are needed to pay benefits, funds are converted to Treasury bonds — backed with the full faith and credit of the U.S. government — and are held in reserve for when revenue collected is not enough to pay the benefits due. We have just as much obligation to pay back those bonds with interest as we do to any other bondholders. The trust fund is the backbone of an important compact: that a lifetime of work will ensure dignity in retirement.

According to the most recent report of the independent Social Security Trustees, the trust fund is currently in surplus and growing. Even though Social Security began collecting less in taxes than it paid in benefits in 2010, the trust fund will continue to accrue interest and grow until 2025, and will have adequate resources to pay full benefits for the next 26 years.

For years, the surpluses in the Social Security trust fund have helped to mask our deficits elsewhere. Now that we are paying Social Security back, the problem is not with Social Security, but with the rest of the budget. In 2001 and 2003, Washington cut taxes for the wealthiest Americans and later expanded Medicare without paying for it. Blaming Social Security for our fiscal woes is like blaming you for not saving enough in your checking account because the bank lost all depositors’ money.

via Opposing view: Social Security isn’t the problem – USATODAY.com.

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