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Thursday, August 16, 2012

From Bernie

Bernie Sanders sent an email (he sends a lot of emails but this one's important). Since he's the only politician I listen to because he doesn't lie and this has actual facts, not conflations, I'm posting it here.

"In the 77 years since President Franklin Roosevelt signed Social Security into law on August 14, 1935, the retirement program has been one of the nation's most successful anti-poverty programs. Before Social Security existed, about half of America's senior citizens lived in poverty. Today, less than 10 percent live in poverty.

"Today, Social Security not only provides retirement security but also enables millions of people with disabilities, and widows, widowers and children to live in dignity and security.

"In these highly volatile economic times, when millions of Americans lost their life savings in the 2008 Wall Street crash, it is important to remember that since its inception, through good economic times and bad, Social Security has paid every penny owed to every eligible beneficiary.

"Despite Wall Street and right-wing misinformation, Social Security, which is funded by the payroll tax, does not contribute to the deficit. In fact, the Social Security Trust Fund today, according to the Social Security Administration, has a $2.7 trillion surplus and can pay 100 percent of all benefits owed to every eligible American for the next 21 years. Further, unlike the huge commissions paid out to Wall Street firms, Social Security is run with very modest administrative costs.

"Despite Social Security's popularity and overwhelming success, we are now in the midst of a fierce and well-financed attack against Social Security. Pete Peterson, the Wall Street billionaire, has pledged $1 billion of his resources to cut Social Security and other programs of enormous importance to the American people. Other billionaires and Wall Street representatives are also working hard to weaken or destroy Social Security and endanger the well-being of millions of Americans. We must not allow their effort to succeed.

"Let us never forget that the current deficit of $1 trillion was primarily caused by two unpaid-for wars and tax breaks for the rich. These policies were strongly supported by "deficit hawks." The deficit is also related to a major decline in revenue as a result of the Wall Street-created recession. The deficit is a serious issue, but we must not move toward deficit reduction on the backs of the elderly, the children, the sick and the poor. This would not only be immoral, it is bad economic policy. At a time when the wealthiest people in this country are doing phenomenally well and their effective tax rate is the lowest in decades, the top 1 percent must begin paying their fair share of taxes. At a time when large corporations are enjoying record-breaking profits, we have got to eliminate the huge corporate loopholes which result in a massive loss of federal revenue. At a time when we have tripled military spending since 1997, we must take a hard look at a bloated and wasteful Defense Department.

"House Budget Committee Chairman Paul Ryan has been a proponent of privatizing the retirement program by putting seniors' savings into risky Wall Street investments. Even before tapping Ryan as his running mate, Republican presidential nominee Mitt Romney said he wants to begin the process of privatizing Social Security. He also would gradually increase the retirement age to 68 or 69. And he favors slowing the growth of benefits for persons with "higher incomes." Under a plan floated by Romney's allies on Capitol Hill -- Sens. Lindsey Graham (R-S.C.), Rand Paul (R-Ky.) and Mike Lee (R-Utah) -- someone making about $45,000 a year today who retires in 2050 would receive 32 percent less in annual Social Security benefits than under the current formula. By that definition, the top 60 percent of all wage earners would be considered "higher income."

"President Barack Obama, meanwhile, was a staunch defender of Social Security in his 2008 campaign. So far this year, however, Obama has refused to stand behind his four-year-old opposition to cuts. In fact, the president has signaled that he may be open to lowering benefits by changing how they are calculated. In my view, it is long past time that the president told the American people in no uncertain terms, as he did in 2008, that he will not cut Social Security on his watch.

"To keep Social Security's finances sound in the future I have introduced legislation -- identical to a proposal that Obama advocated in 2008 -- to apply the payroll tax on incomes above $250,000 a year. Under current law, only earnings up to $110,100 are taxed. The Center for Economic Policy and Research has estimated that applying the Social Security payroll tax on income above $250,000 would only impact the wealthiest 1.4 percent of wage earners.

"Those who want to cut Social Security benefits are looking at a number of proposals. One of the most talked about ideas is moving toward a so-called "chained-CPI," which would not only impact seniors, but also military retirees and those who receive benefits from the Department of Veterans Affairs. The "chained-CPI" approach changes how the Consumer Price Index is calculated, so that a person 65 years old today would earn $560 a year less in Social Security benefits once they turn 75. Benefits would be cut by nearly $1,000 a year once they turn 85. Instead, I have proposed legislation to base Social Security cost-of-living adjustments on a Consumer Price Index for the Elderly, a measure that would increase benefits because it would take into account the real-life impact of rising health care costs and prescription drug expenses paid by seniors.

"While we often take Social Security for granted, we must not forget that Social Security today is providing dignity and security to tens of millions of Americans. It is a program that is working and working well. We must stand up today, on the 77th anniversary of this enormously important program. We must pledge to continue the fight against the right-wing Republicans, some Democrats and their wealthy backers who want to destroy the program."
Aye aye, Bernie.

12 comments:

Geo. said...

Timely! Was just considering Bernie Sanders' assessment of Paul Ryan's deficit concerns. Sanders said during an interview Wednesday with radio host Ed Schultz:. "... when Clinton left office in January 2001...we had a $236 billion surplus. And what was Paul Ryan's concern about the deficit when he voted for the war in Iraq, and the war in Afghanistan? He forgot to pay for it. I didn't hear any concerns about the deficit. Did you? And then he gave a trillion dollars in tax breaks to the top 2 percent over 10 years - didn't worry about the deficit there."

Austan said...

Geo- Yeah, Paul Ryan talks a lot but he's a rich man's flunkie like the rest of the Grasping Overlord Party.
Jill Stein has no chance of winning against these godzillas of politics and I don't like either of them at all. I may not vote, for the first time since I could.

Susan Flett Swiderski said...

Once upon a time, I used to enjoy keeping up with politics, but since the country has become so polarized and hateful over political positions, there's nothing enjoyable about it. The bums better not mess with our social security. Or medicare. GRRRR.

Geo. said...

Austan, I don't customarily doublecomment but you should vote, conscientiously and often, for your candidate. I told my kids this and one became a Republican but I still love him. I know there's pressure to go for the least of two evils, but your conscience is subordinate to nobody. I'll still love you too.

The Elephant's Child said...

Wow. What a man. Politics the world over would benefit from more like him. Thank you.

CarrieBoo said...

That is an incredible summary. I have to see if I can link this on FB or something. Brilliant mind or what.

That's funny, Geo, as my husband and I have discussed 'what if Roz becomes a Republican/Conservative one day'! I guess we would still love her, but we might have to disown her. ;)

Twisted Scottish Bastard said...

I am so glad I don't live in the states.

Hope everyone over 65 has a little blue pill.

Austan said...

Susan- I'm trying to get back the "it's fun to fight the bastards" attitude. Easier said than done.

Austan said...

Geo.- I'll vote, I'm sure. I just get my knickers in a knot over these idiots and rat bastards. I keep wanting to knock heads together...
But I'm glad to know you'll still love me. :D

Austan said...

EC- He's The Best. Seriously. I've talked to him and spent time with him, and he's the real article.

Austan said...

Boo- Please do spread it around. Maybe if enough people hear common sense and truth without hysteria, fear and hate they'll grow up.

Austan said...

TSB- Or a .357 and one bullet.