What To Do With Social Security?

By now, I am sure that everyone has either read or heard from their favorite news source that Social Security will be dead by 2017.  But why will it be dead?

The standard argument is that it is not getting enough money incoming to meet the demand from retiring Baby Boomers.  That is a really good argument, but it is a bit of a manure spreader.  It is going bust because the government in the last decade, probably more, have been raiding it to pay for pet projects like war and such.  Why was this done?  So the cowards could continue to preach and enact tax cuts and related BS moves.

Now Repubs want to “reform” the system…that is code talk for eliminate it and let the people fend for themselves.  Even the Obama administration has shelled out hundreds of billions, no strings attached, to the biggest financial institutions, under the false rationale that this would “kick-start” lending and generate jobs. All told, between direct cash infusions, loans, and guarantees on debt, Washington has handed over around $10 trillion to Wall Street in less than a year. In comparison, Medicare would need $13 trillion and Social Security $5 trillion over the next 75 years to remain solvent, according to the report. In other words, retirement benefits and healthcare benefits for several generations of the elderly could be secured at the cost of one year’s bailout of the financial aristocracy.

Here is a couple of ideas–1)  raise the FICA and Medicare tax about 1% and 2) make ALL income subject to the tax, there would be NO cut off amout, 3) stop fighting stupid wars that we cannot afford.

Tom Eley wrote on wsws.org:

Secretary Geithner’s dual role as Wall Street frontman and “trustee” of the retirement and health care for the working class underscores the duplicitous nature of the Obama administration. Disregarding the trillions he has handed over to the banks, Geithner claimed that “there is no more important long-term fiscal measure than gaining control of the growth of Medicare costs.”

The first target for cuts will be Medicare, followed by Social Security. Geithner explained: “After we have passed health-care reform that puts our nation on a path to lower growth in health-care costs and expanded affordable coverage, this president will work to build a bipartisan consensus to ensure the long-term solvency of Social Security.”

Geithner’s reference to “bipartisan consensus” is Washington code for the sort of reform that can bring the most far-right, pro-market forces aboard.

Once again, we see that Obama Boyz are not concerned with the survival of the poor and retired.  Main Street waits for the next hard screw.  What will be the next situation that will present another opportunity to stick it to the middle class?  Retirement is hard enough, especially for most of the working class and Washington continues to make it harder and harder….it is demeaning.