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Thu Nov 8, 2012, 07:18 PM

Why all the "Free Stuff" Bullshit? Because the 1% Needs to Pay Back the SS Trust Fund...

You see, Reagan and Greenspan (and later Bush II) used the $3 Trillion SS Trust Fund to justify Tax Cuts for the Rich.

How Ronald Reagan and Alan Greenspan Pulled off the Greatest Fraud Ever Perpetrated against the American People

David Leonhardt’s article, “Yes, 47% of Households Owe No Taxes. Look Closer,” in Tuesday’s New York Times was excellent, but it just scratches the tip of the iceberg of how the rich have gained at the expense of the working class during the past three decades. When Ronald Reagan became President in 1981, he abandoned the traditional economic policies, under which the United States had operated for the previous 40 years, and launched the nation in a dangerous new direction. As Newsweek magazine put it in its March 2, 1981 issue, “Reagan thus gambled the future — his own, his party’s, and in some measure the nation’s—on a perilous and largely untested new course called supply-side economics.”

Essentially, Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

....

1) President Reagan appointed Greenspan as chairman of the 1982 National Commission on Social Security Reform (aka The Greenspan Commission)

2) The Greenspan Commission recommended a major payroll tax hike to generate Social Security surpluses for the next 30 years, in order to build up a large reserve in the trust fund that could be drawn down during the years after Social Security began running deficits.

3) The 1983 Social Security amendments enacted hefty increases in the payroll tax in order to generate large future surpluses.

4) As soon as the first surpluses began to role in, in 1985, the money was put into the general revenue fund and spent on other government programs. None of the surplus was saved or invested in anything. The surplus Social Security revenue, that was paid by working Americans, was used to replace the lost revenue from Reagan’s big income tax cuts that went primarily to the rich.

....

http://dissidentvoice.org/2010/04/how-ronald-reagan-and-alan-greenspan-pulled-off-the-greatest-fraud-ever-perpetrated-against-the-american-people/


And now that the Baby Boomers are about to retire and start redeeming said trust fund, well, the cupboard is bare. So where get the money to redeem that $3 trillion.

And THAT's why the 1% are scared shitless and screaming "They Want Free Stuff!". We worked hard to build that Trust Fund. We want the money the wealthy got in undeserved tax breaks back.

10 replies, 1053 views

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Reply Why all the "Free Stuff" Bullshit? Because the 1% Needs to Pay Back the SS Trust Fund... (Original post)
Junkdrawer Nov 2012 OP
Lasher Nov 2012 #1
CountAllVotes Nov 2012 #2
SubgeniusHasSlack Nov 2012 #3
Old and In the Way Nov 2012 #4
nc4bo Nov 2012 #5
Kurovski Nov 2012 #6
Junkdrawer Nov 2012 #7
Initech Nov 2012 #8
closeupready Nov 2012 #9
WillyT Nov 2012 #10

Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 07:23 PM

1. Exactly right.

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Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 07:27 PM

2. K&R

& recommend!!

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Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 07:45 PM

3. The sociopathic projection of the rich

 

who have been getting free stuff for 30 years now.

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Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 07:48 PM

4. next time I hear a Republican praise Ronaldus Maximus,

I'm using this post to show him/her what their idol really accomplished with his fiscal policies.

Bookmarked

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Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 07:51 PM

5. People spewing this mess are all over my local news' website.......

so sick of these sick, demented people making the loudest noises - it's all RW talk and there is no reasoning with them. Facts don't matter, they make up their own.

Fox News, RW Radio, RW websites keep the hate and disinformation flowing freely. I long for them to become silent.

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Response to Junkdrawer (Original post)

Thu Nov 8, 2012, 08:31 PM

6. LOCKBOX!

Wha...?!

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Response to Junkdrawer (Original post)

Fri Nov 9, 2012, 04:55 PM

7. Or we could buy into the "Free Stuff" bullshit and compromise...

http://www.democraticunderground.com/1014297944

Obama is facing this fiscal timebomb. After today, I'm guessing that he'll work with Republicans and cut SS & Medicare a little at a time. Just enough to keep the program from having to redeem the Trust Fund.

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Response to Junkdrawer (Original post)

Fri Nov 9, 2012, 05:27 PM

8. If only we listened to Eisenhower's warning about these scumbags taking over...

I wonder where we'd be as a country. Sigh.....

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Response to Junkdrawer (Original post)

Fri Nov 9, 2012, 05:28 PM

9. Yep, pay back every last penny.

There ought to be a SS Trust Fund Abuse Prevention Act.

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Response to Junkdrawer (Original post)

Fri Nov 9, 2012, 05:31 PM

10. HUGE K & R !!! - Thank You !!!




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