Cuts in social security benefits are on the table in the fiscal cliff negotiations. Why cut social security benefits when it has a $2.5 trillion dollar surplus that collects $118 billion a year in interest?
The corporate news media, all Republicons and almost all Democrats go out of their way to ensure that you don’t know about that $118 billion in interest. In October 2012, the news media reported that, “With little notice in the run-up to tonight’s presidential debate in Colorado, the non-partisan Congressional Budget Office reported on Tuesday that for the second consecutive year, the Social Security trust fund took in less in tax revenue than it paid out in benefits in 2011.”
Notice the author doesn’t mention the interest collected by the social security trust fund, because then he couldn’t make you fearful if he said there was a budget surplus in 2011 because of the interest being collected by the Social Security Trust Fund.
We need to get the social security payroll tax back up to its old level. That’s one of the primary reasons why the trust fund paid out more in benefits than it received in taxes. That’s another point the corporate news media don’t want you to think about, but the interest that is being earned on the $2.5 trillion is the issue they want to make sure you don’t know about. We should also eliminate the social security cap on income.
The rich have benefited from massive amounts of government legislation they have purchased to redistribute income from the 99 to the 1 percent, such as free trade income redistribution treaties. The Federal Reserve can print and dole out trillions of dollars to save rich investors from their own stupidity, but somehow, and for some reason, the 99 percent have to be deceived into taking less social security benefits than they should have because of a projected shortfall that doesn’t exist. That’s how corrupt are government has become.
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