Moral Outrage
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The history and future of Social Security

While Reagan proposed making Social Security voluntary he raised the future retirement age to 67, made it more difficult for the disabled to claim benefits and forced the self-employed to pay 100 percent of payroll taxes. Then under Clinton, according to some economists, inflation was understated to suppress cost-of-living adjustments, resulting in benefits that should be 50 percent higher than the current average of $1,072 a month.

In the United States, Social Security accounts for 40 percent of the income of the population over 65, and nearly 50 percent for women in this group. Now we are in for more bloodletting of social services.

Yet according to the New York Times, corporate profits “have grown for seven consecutive quarters, at some of the fastest rates in history.” However, only 874,000 jobs were created during the first 10 months of 2010, well short of the 1.2 million needed to keep up with population growth, and some 260,000 state workers lost their jobs during this period, leaving 7.5 million fewer jobs than when the recession began.

The household picture is even grimmer: family income shrank more than 4 percent in 2008 and 2009; the official poverty rate of 14.3 is the highest since 1994; 13.5 percent of home mortgages are in delinquency or foreclosure; the percentage of people receiving health insurance through their employer has dropped by 13 percent over the last decade and the real unemployment rate — the “U6 rate” which includes those who have given up looking for work — is at 17 percent. Household debt stands at 118 percent of after-tax income.

There is a solution to reviving the economy without piling on debt: tax the wealth of the elite. According to economist Rick Wolff, “high-net-worth” Americans have around $12 trillion in investable assets, which excludes the value of their homes. A 13 percent wealth tax would wipe out the entire 2010 federal budget deficit of $1.56 trillion while doing little to crimp the economy because this money is literally lying around.

[Excerpt of an article by Arun Gupta, The Indypendent]

Read about Social Security Myths

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One Response to “The history and future of Social Security”

  1. YOU ARE EXACTLY RIGHT MY FRIEND AND THE LONGER IT TAKES TO DO THIS THE MORE HUMAN LIFE WILL SUFFER TOO. THE RICH HAVE SET THEMSELVES UP WITH THE GREATEST MINDCONTROL POWERS EVER SEEN BEFORE IN THE HUMAN RACES ENTIRE EXISTANCE. THE BILDERBERGS AND THE ORDER OF THE BONES ARE EXTREME EXAMPLES OF THIS INTERNATIONAL CONSPIRACY OF THE AMERICAN DREAM, AND NO DOUBT HAVE PRODUCED ALL OF THE GLOBAL POVERTY CURRENT IN OUR WORLD TODAY. THE N.A.F.T.A. FREE TREADE AGREEMENT WAS A FRONT FOR THIS TO HAPPEN AND THE REPUBLICAN ENERGY STRATEGY WORKED TOO. NOW THIS INTERNATINAL OWNERSHIP OF THE AMERICAN BANKING INDUSTRY OWNS EVERY HUMAN BEING IN THIS COUNTRY AND THE WORLD AT LARGE. THE U.S. BANKING SYSTEM NEDS PRESIDENT OBAMA`S PLAN TO TAX THE RICH BACK INTO AN HONEST LIVING AND TAKE THEM TO THE SUPREME COURT TO HANG THIS CONSPIRACY ON THEIR HEADS WITH A CONVICTION OF MARKET MANIPULATION AND THEFT OF OUR LIVELYHOOD. WE HAVE FOUGHT ONE HELL OF A BATTLE TO SECURE THE RICHES OF THE ELITE ONLY TO BE LEFT IMPOVERISHED.


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