OBOF SS & MORE PART 3

WELCOME TO OPINIONS  BASED  ON  FACTS (OBOF)

Name	Published
OVERVIEW	Dec. 28, 2010
SOCIAL SECURITY PART 1	Dec. 30, 2010
SOCIAL SECURITY PART 2	Jan. 10, 2011
SOCIAL SECURITY PART 3	Jan. 17, 2011
SOCIAL SECURITY PART 4	Jan. 24, 2011
SOCIAL SECURITY PART 5	Jan. 31, 2011
SOCIAL SECURITY PART 6	Feb. 07, 2011
SOCIAL SECURITY PART 7	Feb. 14, 2011
SPECIAL ISSUE	Feb. 18, 2011
SOCIAL SECURITY PART 8	Feb. 21, 2011
SOCIAL SECURITY PART 9	Mar. 01, 2011
SOCIAL SECURITY PART 10	Mar. 07, 2011
SS & MORE PART 1	Mar. 14, 2011
SS & MORE PART 1A	Mar. 21, 2011
SS & MORE PART 2	Mar. 25, 2011
SS & MORE PART 3	Mar. 29, 2011

SOCIAL SECURITY & MORE PART 3

AN  EYE  OPENER

In my last posting, I included a copy of an article about Senator Coburn making a speech on the floor of the Senate.  Since then, I have learned, thanks to Dr. Smith Ph.D., that the article only printed a part of his speech.  It was a part that really grabbed my attention.  However, when Dr. Smith gave me the link, which is listed below, to actually see and hear Senator Coburn's entire speech, it changed things considerably.

Reading between the lines, which is always dangerous, it seems to me that Senator Coburn is in favor of borrowing the money needed to make Social Security solvent.  If fact, he points out, as you will see and hear if you click on the link below, that the plan developed by the Debt Commission, of which he was a member,  made SS solvent for the next 75 years.

The problem is that, as things stand now, we don't have anyone ready to loan us the money.  Those who regularly loan us money are doubtful about our fiscal responsibility.  He is very articulate explaining what has happened to our credit.  At the moment, our credit card has maxed out.

I knew we were in poor condition financially, but I did not know that it is as bad as, apparently, it is.  As the article last week pointed out, Senator Coburn does lay it on the line as far as what has happened to the surplus, which coincides with what Dr. Smith and I have been saying.

If we can't get the money that is needed, then we have to have some changes to make the financial community more confident about the future financial stability of the United States.  Frankly,  I don't know where this leaves us, right now, as far as what to recommend we do next.

It will be well worth your time to see and hear Senator Coburn. He, apparently, has a different view of SS than the agenda of the Republican Party, which wants to do away with SS altogether.  When you see him I think you will be quite impressed with the sincerity of the man.

http://www.youtube.com/watch?v=WfUZ1jPKHio

Last week, I said that I might have an opportunity to meet with Senator Coburn.  I kind of doubt that that will happen.  If it did I am not sure what I would say to him that he doesn't already know.  As I said before, I think he wants the same thing  we do.  The question is how to get it.

I  ASKED  DR. SMITH Ph.D.

I have been somewhat at a loss as to what to do now, as far as repayment is concerned.  So, I asked Dr. Smith Ph.D., what his thoughts were.  As usual, he came up with the answer to my question.  It is as follows.

Floyd

I'll have to say that I agree with almost everything Senator Coburn said in that video.  That doesn't happen often when a Republican is speaking.  I think he is right that our credit worthiness is constantly being evaluated by those who buy our debt, and our fiscal behavior will affect our ability to continue to borrow at reasonable interest rates.  Long before I became concerned about Social Security, Budget Deficits and the skyrocketing National Debt were my primary economic concerns.  I began to worry about that 30 years ago when Reagan began practicing his voodoo economics.  The National Debt, which first reached the $1 trillion mark in 1981, doubled in five years, and quadrupled in 12 years. Today, it is more than $14 trillion. 

Ten years ago, I was arguing that we had to stop the looting, because there was no guarantee that  the stolen money would be repaid.  In 2004, I gave two speeches on Social Security in the Washington D.C. area,  where I raised the possibility that the government might default on its Social Security debt in the future. Other participants seemed to think I was crazy for even suggesting that the government might not honor its debt to Social Security.   

Given the extremely bleak financial condition of the federal government today, I don't believe that we can totally undo the looting of the Social Security money.  In other words, I don't think it will be possible for the government to repay all of its debt, even if there is a will to do so.  I don't believe that either the public or Congress will support any significant tax increase in the foreseeable future.  I don't think that Congress could possibly agree on massive cuts in other programs in order to free up more money for Social Security.  And I doubt that the government will be able to borrow enough money to meet all its other needs plus repay all of the Social Security money. 

My main focus is to expose the crime committed against the American people by the United States government in spending Social Security money for other programs.  I don't want to see the government get by with this without being held responsible for their fraudulent actions.  I believe that has to be the highest priority.  We must expose the looting.  Once that is accomplished, if it ever is accomplished, we can focus on remedies.  I wrote a new op-ed article today entitled, "The Great Social Security Theft." I have submitted it to the Tulsa World, but I don't know how good my chances are of having them publish it.  I will forward it to you. 

LETTER  TO  THE  EDITOR

by

DR. SMITH Ph.D.

I thought this was of real interest and might give some of us a guide line that we could follow and get some letters to the editor.

Dear David Averill,

I am initially submitting this op-ed piece exclusively to you because of the reference to Senator Tom Coburn.  I hope you will choose to publish it.  If you choose otherwise, please let me know as soon as possible, so that I can submit it to other newspapers.

Senator Coburn performed a great public service during his March 16, 2011 speech on the Senate floor.  He stated a basic truth that every other member of Congress knows, but is unwilling to admit.  I have devoted the past ten years of my life to researching and writing about Social Security funding, and trying to expose the Social Security scam.  Allan Sloan, senior editor at large at Fortune magazine, quoted me and referred to one of my books in his August 10, 2010 Washington Post column.  Once Sloan had cracked the taboo against reporting the Social Security theft, a few other journalists have also written on the subject.  Senator Coburn’s words have shed new light on the dark, dirty secret the government has been keeping from the people for the past 25 years, and I think the media needs to seize on this opportunity to let the public know what has been happening to some of their Social Security contributions for so many years.  

Sincerely,

Allen W. Smith, Ph.D.

See you next week.

Floyd