European Austerity Hits America: Time to Suffer + Whacking the Old Folks

Published:

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European Austerity Hits America: Time to Suffer
http://english.pravda.ru/opinion/columnists/
08-10-2013/125844-time_to_suffer-0/

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Whacking the Old Folks
Will Social Security become President Obama's sacrificial lamb?
William Greider
May 20, 2010   |    This article appeared in the June 7, 2010 edition of The Nation.

http://www.thenation.com/article/whacking-old-folks#

Entry #2,945

Comments

Avatar JAP69 -
#1
Reid wants another 1 trillion $$$$$.
Put mandatory healthcare into the equation for those that pay for it.

BROKE.
Avatar JAP69 -
#2
...Social Security has accumulated a massive surplus-$2.5 trillion now, rising to $4.3 trillion by 2023. This vast wealth was collected over many years from workers under the Federal Insurance Contributions Act to pay in advance for baby boom retirements. The money will cover all benefits until the 2040s-unless Congress double-crosses workers by changing the rules. This nest egg does not belong to the government; it belongs to the people who paid for it. FICA is not a tax but involuntary savings."
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Obama said social security may not go out next month.
Social security is self supporting like Obamacare. No funding by congress needed.

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