Tag Archives: social security

The S&P Downgrade Market Plunge Myth

By Dean Baker Huffington Post, August 15, 2011 The Wall Street crew that wants to cut your Social Security and Medicare benefits are sensing that victory is in sight. They have managed to knock jobs completely off the agenda and have made deficit reduction the near exclusive focus of economic policy in Washington. They are now setting the stage to have the Congressional “super-committee” produce a deal that will mean large cuts ... Read more

The Economic Illiterates Step Up The Attack On Social Security and Medicare

                By Dean Baker Truthout, August 9, 2011     Standard & Poor’s (S&P) downgrade of US debt should be seen as the joke it is. The rating agency, which gave investment grade ratings to hundreds of billions of dollars of subprime mortgage-backed securities, made an accounting error of $2 trillion in doing its assessment of the US financial situation. However, when this ... Read more

Reading the Debt Ceiling Tea Leaves to Predict the Future

The Worst is Yet to Come By Jack Rasmus Z Net , July 14, 2011 A few weeks ago in late June it leaked out that Vice-President Biden had secretly agreed with Republicans to $1 trillion in spending cuts in an effort to get them to agree to raise the debt ceiling. That was soon upgraded in rumors to Biden agreeing to $2 trillion. And there was no agreement by Biden from Republicans in exchange for equal tax hikes on the rich and corporations. It ... Read more

Will the Ceiling Fall In? Disastrous Outcomes From an Orchestrated Crisis

By Paul Craig Roberts Counterpunch, July 29, 2011 With the world concerned about US financial credibility and the poor outlook for the US economy, now is not the time for the Republicans to grandstand on the public debt. The debt ceiling needed to be quietly raised.  Instead, the Republicans started a fire and then threw gasoline on it, creating an inferno that could burn up the US social safety net or the US Treasury’s credit rating and the ... Read more

The Weird Battle Over the Debt Ceiling

Washington, DC is Exaggerating Debt Issue to Push an Agenda to Please Campaign Contributors and Hide the Real Causes of Debt By Dean Baker Al Jazeera, July 28. 2011 Policy debates in Washington are moving ever further from reality as a small elite is moving to strip benefits that the vast majority need and support. The battle over raising the debt ceiling is playing a central role in this effort. The United States is currently running ... Read more

The 6 Biggest Lies About the U.S. Debt

As Congress nears a vote on the various debt ceiling deals, let’s look at the lies and misinformation that got us into this mess. By Arun Gupta AlterNet, July 28, 2011 There is one simple truth about the discussion of the looming U.S. debt crisis: it is largely a compendium of half-truths, distortions, myths and outright lies. For example, is it true that the U.S. debt is unsustainable, which is spurring the budget-cutting fever? Far ... Read more

Subsidizing Profits, Weakening Social Security: The Employer Payroll Tax Cut

By Dean Baker Truthout, July 5, 2011 These days, it appears as though the main goal of government policy is to give as much money as possible to corporations and the wealthy. This is an area where there has been considerable success, with the profit share of GDP at near record highs and the richest 1 percent holding a larger portion of the nation’s wealth than at any point since the late ’20s. The proposals for an employer-side ... Read more

Will Tax Holiday Kill Social Security>

Ignoring liberal Dems, Obama endorses longer payroll tax holiday through 2012 By Mike Lillis The Hill, June, 29, 2011 President Obama on Wednesday reiterated his push to extend an existing payroll tax holiday through 2012 – a move denounced by liberal Democrats who fear the reduction in revenues will undermine Social Security. “I think that it makes perfect sense for us to take a look at, can we extend the payroll tax, for example, an ... Read more

Solution to the Budget Shortfall: The ‘R.A.T.S. TAX PROGRAM’ To Make the Rich and Corporations Pay

By Jack Rasmus June 30, 2011 COMMENTARY: As the deficit-debt debates intensify it is becoming increasing clear that Teapublicans want only draconian cuts in spending, social security-medicare-medicaid and public education in particular. Democrats want cuts but also modest tax increases. Both have agreed already that the cuts will be several times the tax hikes, if any. Democrats are content to pare the edges of the massive tax cuts for ... Read more