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Archive for January 10th, 2013

How Wall Street and the Rich Prosper

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US Senator Jeff Merkley is making a lot of sense. Get out of the war in Afganistan, and use the money saved from the war to save social security.

“If the United States can afford to build 26 hospitals in Iraq,” US citizen Verde Frazier asked Sen. Jeff Merkley, “why are senior citizens in the United States threatened with cuts to the Medicare program?”

That was one of several questions fielded Tuesday morning by the fourth-year senator from Portland, Oregon during a town hall meeting at Sweet Home High School. More than 75 people attended, including several dozen students.

Merkley could’ve told the truth about how US contractors are making a ton of money building those hospitals in Iraq, but he didn’t. That’s okay. His actions speak louder than his words, but his words were fairly loud.

“We must cut overseas spending and that includes retiring our involvement in Afghanistan,” Merkley said. “We are spending $120 billion per year in Afghanistan and it’s not enhancing our national security. We must do more nation building at home.”

Click the link below for the complete story.

http://democratherald.com/news/local/merkley-keep-medicare-get-out-of-war/article_923dadf4-59f0-11e2-8d7d-001a4bcf887a.html

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As you can see from the graph, the Social Security Trust Fund owns more than $2.7 trillion of US debt, in the form of US Treasury bonds. Those are assets regardless of what the corporate media, politicians, members of the 1 percent, and other liars want you to believe. They also don’t want you to know that the Social Security Trust Fund collects $118 billion a year in interest from the bonds. So when the corporate news media reports that social security paid out $42 billion more than it received from tax receipts, it always says there is a shortfall in social security. That’s always a lie. What they don’t want you to know is that when there is a shortfall in tax receipts, there’s still a surplus coming in via the $118 billion a year in interest Social Security is earning on the US bonds it holds. Therefore, there is no shortfall, only a surplus.

It’s true that the Social Security Trust Fund will eventually dip into the surplus beyond the yearly interest and tax receipts it receives, but it was designed to do that back in the 1980s. Saving Social Security for future generations might have been the best thing Ronald Reagan did as president. And there are minor adjustments that can be made to save the system for hundreds of years.

As for the rest of the federal debt, the US government owes itself at total of $4.7 trillion. US investors own $4.1 trillion and the Federal Reserve owns slightly more than $1.5 trillion. $5.5 trillion worth of US bonds are owned by foreign governments. China owns only $1.3 trillion and Japan owns $1.16 trillion.

Idiots and liars who say that the Social Security Trust Fund is filled only with worthless IOUs must also believe that the leaders of Japan, China, the Federal Reserve and hundreds of other investors in Treasury bonds are stupid fools to invest trillions of dollars in worthless IOUs. Only liars suggest that.

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