General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFor ANYBODY Of ANY Party/Ideology/Income Class... Trying To Steal OUR Retirements For Their Own Gain
I Post This Again.11/18/2013 8:04 AM PST
On December 7, 1941 the Japanese Empire attacked U.S. naval and air bases at Pearl Harbor. Thereafter sixteen million young men wore the uniform, and, after 3 years and 8 months secured the unconditional surrender of Italy, Germany, and, Japan, Then, except for 405,399, they came home, went to school of the G.I. Bill or got jobs and entered into delayed marriages. The delayed marriages created the "demographic bubble" known as the Baby Boom generation and the children of WW II vets began to turn 65 in 2011.
In 1946 the Gross Federal Debt amounted to 121.7% of GDP. the Truman administration reduced it to 71.4% of GDP; Eisenhower to 55.2%; Kennedy/Johnson to 38.6%; Nixon/Ford to 35.8%; and, Carter to 32.5%.
Then came Ronald Reagan with massive "supply side" tax cuts primarily for the wealthy and budget deficits in each of eight years increasing the Gross Federal Debt from 32.5% to 53.1% of GDP. Bush I had four more years of budget deficits increasing the debt to 66.1%.
Clinton raised taxes, had 4% unemployment, balanced budgets and reduced the debt to 56.4%.
Bush II instituted two rounds of "supply side" tax cuts in 2001 and 2003, had eight more years of deficits and increased the Gross Federal Debt from 56.4% of GDP to 85.1% with a crippled economy.
In 1983 Reagan signed a regressive FICA payroll increase so as to create a surplus in the Social Security Trust Fund which has a $2.6 trillion dollar reserve as of December 2012.
Social Security did not contribute one thin dime to the massive Federal Debt.
This massive Federal Debt was caused by borrowing all these trillions to fund "supply side" tax cuts for the wealthiest citizens most able to pay taxes.
The massive Federal Debt was not for any great national purpose such as the Revolutionary War, the Civil War, WW I, or, WW II. It was for "supply side" tax cuts for the wealthy.
Start with eliminating "supply side" economics and return to traditional Republican tax and fiscal policy.
Do this first.
From: http://www.democraticunderground.com/10024061704
Gidney N Cloyd
(19,847 posts)woo me with science
(32,139 posts)#t=26
SomeGuyInEagan
(1,515 posts)... wow.
bvar22
(39,909 posts)And troubling that nobody in the Democratic Party Leadership today will take a stand anywhere near that strong on protecting SS benefits.
This is a frightening demonstration of how FAR our Party has lurched to the Conservative Right over the last 30 years.
El_Johns
(1,805 posts)that certain SS benefits were rescinded (such as the education benefits for retirees' dependents), and that SS taxes were increased above the amount needed to fund current retirees. Which led to the nearly 3 trillion in excess payments that now constitutes the "SS Trust Fund".
Which is the biggest chunk of the federal debt, BTW. More than we owe to China by quite a bit.
erronis
(15,776 posts)iamthebandfanman
(8,127 posts)on their continuing experiment with voodoo economics...
the mass majority has gone to the war machine.
heck, just a couple of weeks ago the pentagon announced they had 'lost' 8.5 TRILLION dollars...
our national debt is at what right now? 17trillion?
theres half of it right there.. in 'lost' money.. not even what they KNOW they spent.
ljm2002
(10,751 posts)...let's keep on getting the word out!
K&R
ErikJ
(6,335 posts)"SS is a Ponzi scheme". They have cemented these memes into the Republican voters brains.
FairWinds
(1,717 posts)they ARE stealing them - all three pillars of the American
retirement system are in the process of being looted:
Social Security, 401K's, and defined benefits plans.
Just one of many articles on this . .
http://www.rollingstone.com/politics/news/looting-the-pension-funds-20130926
And this . .
http://www.marketwatch.com/story/is-congress-helping-wall-street-loot-your-pension-2013-11-01
bvar22
(39,909 posts)New Rule (Passed by Congress and signed by President Obama) signals Kiss of Death for Pensions
A little-known rule change that allows companies to contribute fewer dollars to pension funds is signaling just how meaningless the retirement vehicle has become.
"This proves that pensions are pretty much dead," said Greg McBride, chief economist at Bankrate.com. "The change is just another charade to mask the underfunding of pensions and increases the odds of having less money for retirement."
"It's not necessarily the immediate end of pensions but it's not good for them and it's certainly a bad sign," McBride added.
The pension change was part of a transportation billcalled Moving Ahead for Progress in the 21st Century or MAP-21passed by Congress last June. The change became mandatory this year.
In essence, MAP-21 lets employers put less money in their pension plans by allowing them to value their liabilities what they have to pay out to pensionersusing a 25-year average of interest rates instead of current rates.
<more>
http://www.cnbc.com/id/100694955
And this...after demanding that our Publicly Owned Post Office fully fund their pensions for the next 75 years.
WTF!!!