It makes no sense to reduce social security benefits. Here’s why.

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.

Read more at http://www.thefiscaltimes.com/Articles/2012/10/03/Social-Security-Deficit-Could-Mean-a-25-Benefit-Cut.aspx#fOSgOQrDyAgEwyOg.99

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The Federal Reserve Printed and Handed out Trillions to Save Incompetent and Stupid Investors and Bankers

Why Cut Social Security Benefits When it has a $2.5 trillion dollar surplus that collects $118 billion a year in interest? It makes no sense to reduce social security benefits.

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Banks Stealing Tons More Profit Under Wall Street’s Obama Than Under Their Bitchboy Bush, And They Stole Tons Under Bush

By John Hively

There are tons of reasons why the Occupy Movement has taken to the streets. One of them is that they’re tired of getting sucked dry by the banks.

Wall Street banks survived the recessions and prospered while the middle class fell apart because of a taxpayer bailout. New data from the financial industry shows just how profitable those banks have become since the financial crisis and the banks that caused it scored a knockout over the American economy and the middle class three years ago.

Wall Street banks experienced unprecedented growth under their carefully groomed bitchboy, President Bush, until the crisis of 2008. However, since President Obama took office, the largest Wall Street banks have grown even larger, and profits at banks and trading firms have soared higher than they did under Bush. Zachary Goldfarb of the Washington Post reports:

Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show. [...]

The largest banks, including Bank of America, Citigroup and Wells Fargo, earned $34 billion in profit in the first half of the year, nearly matching what they earned in the same period in 2007 and more than in the same period of any other year.

Securities firms — the trading arms of big banks and hundreds of other independent firms — have fared even better. They’ve generated at least $83 billion in profit during the past 2 1/2 years, compared with $77 billion during the entire Bush administration, according to data from the Securities Industry and Financial Markets Association.

Wall Street’s quick recovery has happened because they’re robbing the American people blind, and they’re aided by politicians like Obama, one of their legislative prostitutes. Banks are profiting from public goods such as unemployment benefits and food stamps. They’re issuing those benefits to unemployed, impoverished Americans on debit cards that carry heavy fees. Cash-strapped state governments have shifted pension plans to Wall Street managed private accounts, further boosting the banks’ bottom lines.

Despite this evidence that banks are prospering under Obama, Republicans and Wall Street traders and lobbyists are attempting to make Wall Street’s windfalls even larger. It’s certain that Obama will bend over and help these crooks, too. That’s what they pay him to do. They’ve given Obama more money this election cycle than all the Republican presidential candidates combined to make Obama their bend-over bitchboy. Industry analysts told the Post that the Dodd-Frank financial reform law will stabilize the future of the financial industry even as it has “crimped bank profits.” What a lie. That hasn’t stopped lobbyists from spending millions of dollars to make its rules and regulations more Wall Street friendly, and it hasn’t stopped Republican presidential candidates from lining up to support the law’s wholesale repeal, even if they have no idea what the law actually does.

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