Social Security redux
According to Raw Story, the BushCo is planning on a 60 day barnstorming campaign to sell SS. They've seen the polls and are getting scared. I repeat, this is nothing but an attempt to dismantle the New Deal and anything else that contributes to the dignity and security of the American people. Please collar everyone you know and have them hit my blog or some other place where they can take a look at some facts before they get hit in the face with rank propaganda. Call your Sens and Reps.
Also, quickly, there are things that can be done to shore up the long-term financial stability of SS. I will just mention 2. The simplest is to raise the FICA cap. As it is now, after you have made $90,000 you no longer contribute to FICA(I know this from others, certainly not from real life). By raising this cap or removing it entirely we could essentialy fund SS "forever". Another option that occurs to me is to allow SS to decide if it wants to loan cash to the Treasury. I believe and I will make sure when I can, that as it stands the SSTF is required to trade its assets to the Treasury for TBs on a daily basis. Perhaps, if the SSTF could keep cash on hand it might curb the Treaury's temptation to spend the cash it gets for its TBs.
The first problem with this is that the managing trustee of the SSTF is also the Secretary of the Treasury, so even if it was able to the SSTF might never "choose" not to loan its assets to Treasury.
Oh well, the important thing is that the current push for "reform" is a scam. We must fight it and not compromise. It is important that the Dems stand fast and not offer anything until the administration puts forth a bill that can be parsed thoroughly and discarded if it even looks like it might destroy SS as we know it. God knows if the Dems start compromising they are going to have to deal with amendments and committee language that could make them very, very uncomfortable. The Rethugs brought this up, let them take it to the people and put their best foot forward with no help from us(you listening Senator Lieberman?)
Also, quickly, there are things that can be done to shore up the long-term financial stability of SS. I will just mention 2. The simplest is to raise the FICA cap. As it is now, after you have made $90,000 you no longer contribute to FICA(I know this from others, certainly not from real life). By raising this cap or removing it entirely we could essentialy fund SS "forever". Another option that occurs to me is to allow SS to decide if it wants to loan cash to the Treasury. I believe and I will make sure when I can, that as it stands the SSTF is required to trade its assets to the Treasury for TBs on a daily basis. Perhaps, if the SSTF could keep cash on hand it might curb the Treaury's temptation to spend the cash it gets for its TBs.
The first problem with this is that the managing trustee of the SSTF is also the Secretary of the Treasury, so even if it was able to the SSTF might never "choose" not to loan its assets to Treasury.
Oh well, the important thing is that the current push for "reform" is a scam. We must fight it and not compromise. It is important that the Dems stand fast and not offer anything until the administration puts forth a bill that can be parsed thoroughly and discarded if it even looks like it might destroy SS as we know it. God knows if the Dems start compromising they are going to have to deal with amendments and committee language that could make them very, very uncomfortable. The Rethugs brought this up, let them take it to the people and put their best foot forward with no help from us(you listening Senator Lieberman?)
posted by krome at 12:57
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