OBOF SS & MORE PART 42

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
SS & MORE PART 4	Apr. 04, 2011
SS & MORE PART 5	Apr. 11, 2011
SS & MORE PART 6	Apr. 18, 2011
SS & MORE PART 7	Apr. 25, 2011
SS & MORE PART 7A	Apr. 29, 2011
SS & MORE PART 8	May 02, 2011
SS & MORE PART 9	May 09, 2011
SS & MORE PART 10	May 16, 2011
SS & MORE PART 11	May 24, 2011
SS & MORE PART 12	Jun. 06, 2011
SS & MORE PART 13	Jun. 20, 2011
SS & MORE PART 14	July  05, 2011
SS & MORE PART 14A	July  18, 2011
SS & MORE PART 15	July  19, 2011
SS & MORE PART 16	Aug. 03, 2011
SS & MORE PART 17	Aug. 15, 2011
SS & MORE PART 18	Aug. 29, 2011
SS & MORE PART 19	Sept. 12, 2011
SS & MORE PART 20	Sept. 26, 2011
SS & MORE PART 21	Oct.   10, 2011
SS & MORE PART 22	Oct.   24, 2011
SS & MORE PART 22 EXTRA	Nov.  04, 2011
SS & MORE PART 23	Nov.  07, 2011
SS & MORE PART 24	Nov.  21, 2011
SS & MORE PART 25	Dec.  05, 2011
SS & MORE PART 26	Dec.  19, 2011
SS & MORE PART 27	JAN.  03, 2012
SS & MORE PART 27A	JAN.  05, 2012
SS & MORE PART 28	JAN.  17, 2012
SS & MORE PART 29	JAN.  31, 2012
SS & MORE PART 30	Feb.  14, 2012
SS & MORE PART CL1	Feb.  21, 2012
SS & MORE PART 30 EXTRA	Feb.  23, 2012
SS & MORE PART 31	Feb.  28, 2012
SS & MORE PART CL2 - 59	Mar.  06, 2012
SS & MORE PART 31 EXTRA	Mar.  07, 2012
SS & MORE PART 32	Mar.  13, 2012
SS & MORE PART CL3 - 1	Mar.  20, 2012
SS & MORE PART 32 EXTRA	Mar.  24, 2012
SS & MORE PART 33	Apr.  10, 2012
SS & MORE PART CL 4 - 2	Apr.  17, 2012
SS & MORE PART 34	Apr.  24, 2012
SS & MORE PART CL5 - 49	May  01, 2012
SS & MORE PART 35	May  09, 2012
SS & MORE PART CL6 - 19	May  15, 2012
SS & MORE PART 35 EXTRA	May  18, 2012
SS & MORE PART 36	May  22, 2012
SS & MORE PART 36 EXTRA	May  25, 2012
SS & MORE PART 36
EXTRA II	June 01, 2012
SS & MORE PART 37	June 05. 2012
SS & MORE PART 37 EXTRA	June 07, 2012
SS & MORE PART 38	June 12, 2012
SS & MORE PART 39	June 19, 2012
SS & MORE PART 40	June 26, 2012
SS & MORE PART 41	July  03, 2012
SS & MORE PART 42	July  10, 2012

IN  THIS  ISSUE

1.  Opening comments.  Romney's fundraisers..

2.  "THE FAB GROUP."  White House Tip Sheet.  Nader,                                                           fearful Democrats.

3.  Economy, jobs, unemployment, & reelection.

4.  The June new jobs report.

5.   The economic recovery, or lack there of.

6.  Jobs doldrums & Obama's future.

7.  Government paralyses & Social Security Trust Fund.

              This one is important.  Just because it is the last

               article has no bearing on it's importance. 

8.  Parting thought.

~~~

"VOTE, AN  EDUCATED  VOTE"

What is an educated vote?  It is one that has been made with as much knowledge, based on facts, not misinformation, that an individual can obtain.

~~~

OPENING  COMMENTS

This posting is long.  I probably should have made it in two different postings, but there is so much of importance, that I just had to get it out to you.  Also, I want to remind all of you that my posting schedule is every Tuesday.  It used to be on Monday, but personal matters forced me to change by one day.   Sometimes, I put out EXTRAS between Tuesdays, depending on what is happening. 

I am ashamed of what you finally see as far as layout is concerned.  I spend a lot of time to get it just right and then when I put it in the blog it has a mind of it's own and changes things with no reason, sorry.

Republican Presidential candidate, Mitt Romney, hosted three fundraisers at the most affluent section of Long Island, where billionaires go to the beech.  The biggest event took place at the billionaire lavish home of David Koch, where the price for dinner was $75 thousand per couple. 

One woman, according to the New Your Time, in her black Range Rover asked "Is there a VIP entrance?  We are VIP.  According to the L. A. Times, another New York woman donor, who was also in a Range Rover, (I don't know what a Range Rover is, but then I am not in the class that would even permit me to look at one) didn't want to give her name, but said

 "Mitt Romney needs to do a better job connecting."  She went on to say "I don't think the common person is getting it. Nobody understands why Obama is hurting them.  We've got the message.  But my college kid, the baby sitters, the nails ladies - - everybody who's got the right to vote - - they don't understand what's going on.  I just think if you're lower income - - one, you're not as educated, two, they don't understand how it works, they don't understand how the systems works, they don't understand the impact."

Now I ask you, how insulting can you get, what indignation.  I give her this, she did lay it out as the way all, that group feels about all of us common people, like the nail lady, the baby sitter, etc.  We are back to the Civil War days.  We common people are the slaves and these millionaires and billionaires are the owners.  Obama is Abe Lincoln, trying to free we slaves from being beaten by our owners.

Romney is exactly like these people no matter what comes out of his mouth.  Folks, we just can't have a man like this to the highest office in the land.  We common people now have a leader in the White House that is a champion for us.  How ANY of our common people could vote for a man like Romney, is just beyond me.

~~~

 "THE FAB  GROUP"

What is "THE FAB GROUP?"  Very simply, it is a group of short news items that provide more varied amounts of news, which I think we all will be interested in, without long detailed commentary.  More news - less reading.

WHITE  HOUSE  TIP  SHEET

President Obama is wrapping up a campaign bus tour through northern Ohio and western Pennsylvania, where he's been talking to people about his commitment to investing in American workers and creating jobs here at home. Yesterday, he backed up his words with actions by standing up to China's unfair trade practices, and showed his faith in American workers and industry yet again.

As we've continued to learn this week, Mitt Romney has bet against America as a private citizen, as a businessman, and as an elected official. Check out this week's tipsheet for details, and be sure to let others know about the stark differences between President Obama's and Mitt Romney's records when it comes to protecting American jobs.

#1 Standing tall against unfair trade practices.
Yesterday, President Obama filed a case with the World Trade Organization against China's unfair trade practices. China has imposed more than $3 billion in unfair taxes on more than 80 percent of our auto exports to China, including cars made in Ohio and Michigan.

But while the President has stood up and enforced trade laws against China, Mitt Romney attacked the President's 2009 effort to stand up to China on behalf of the American tire industry, calling it "bad for the nation and our workers." Check out this blog post about the President's record of holding China accountable for its trade practices, and make sure people you know have the facts on the issue:

#2 Map of Romney investments.
A Vanity Fair article published this week revealed that Mitt Romney has heavily invested in foreign tax havens, raising questions about whether he's ever avoided paying U.S. taxes. We already knew that he had a Swiss bank account until just last year, and that he still owns a mysterious corporation in Bermuda.

The article notes that Romney's finances are "deeply entangled" with Bain Capital, including investment funds in the Cayman Islands. We don't know all the details because he won't follow precedent by releasing his tax returns, raising a lot of questions about his finances that Americans deserve to know the answers to. Take a look at this map of Romney's known investments in offshore tax havens, and make sure others see it, too:

#3 Do you have a Swiss bank account?
Do you have an offshore bank account? As far as I know, it's pretty unusual for any American to have one -- especially someone who wants to be president of the United States. But just to make sure we weren't missing anything, we asked some people on the street whether they have an offshore bank account. Take a look at the video, see what they had to say, and share it with your friends:

#4 What a president believes matters.
The campaign released a new TV ad this week that highlights a key difference in President Obama's and Mitt Romney's economic philosophies: The President believes in an economy that expands while Mitt Romney's policies would encourage outsourcing, threatening the security of the middle class. Watch the spot, and share it with your friends and family:

Lastly, the Romney campaign and the Republicans announced this week that they raised more than $100 million in the month of June. We're still crunching our June numbers, but for context, that's about what we raised in April and May combined. The President is counting on you, and he's betting that the grassroots organization you're helping to build can overcome Romney's unprecedented money machine. So thanks for stepping up -- now invite your friends and family to join the Truth Team as well:

Nader: Fearful Democrats on Defeatist Path.

Republicans criticize Democrats in Congress for being too liberal, but consumer activist and former presidential candidate Ralph Nader criticizes them for being too conservative.

“If the Democrats in Congress were all drinking water from the same faucet, there might be a clue to their chronic fear of the craven and cruel corporatist Republicans who dominate them,” he writes on his web site. “But they don’t, so we have to ask why their fear, defeatism, and cowering behavior continue in the face of the outrageous GOP actions as the November election approaches.”

        ~~~

ECONOMY, JOBS, UNEMPLOYMENT

&

REELECTION.

THESE  THINGS  ARE  REALLY  GETTING TO BE  SERIOUS  PROBLEMS

The only way the economy is going to recover and jobs return to levels they were before the recession, is for us to have a Democratic President and a Democratic Congress. 

It is absolutely imperative that we all work as hard as we can, talk with as many people as we can, read everything we can, that will help imprint positive information in our mind, so we can quickly and easily take advantage of every opportunity we get to help reelect our  President, Barack Obama.

While I can't understand why any of the 99%ers would vote for a 1%er as President, it is going to be a very close race and we could lose it.   

There are just 4 months left till election.  As is pointed out by Robert Reich, in an article that follows, people are not yet really paying close attention to politics and really won't until after Labor Day.  However, there is a lot of damage being done now, and we all must work hard at getting out the real truthful news.

The President and all of us have to continually point out  what has and is happening, and what he, the President, is going to do when he is reelected.  We can point out a number of things, but he is going to have to start a more aggressive approach as to what he is going to do after reelection. 

To that end, we should all try to get to every elected Democrat that we can or anyone else of influence and talk to them about getting the President to do just that.  People are getting tired of hearing what was handed to him when he came into office.  They pretty well know that by now and as he says from time to time, "it's time to move forward."

There are two conventions and three debates yet to take place.  Those five events are going to determine a lot, not everything, of course, but a lot as to who is going to be President and what party is going to control Congress.  If the President would start using a phrase like "When I am reelected with a Democratic Congress we are going to etc."  He needs to push for a Democratic Congress just about as much as he needs to for his reelection.  If he should be reelected without a Democratic Congress, then we'll just have four more years of the same, heaven forbid.

We, Democrats, must work hard as a team for all Democrat candidates.

~~~

 THE JUNE NEW JOBS REPORT.

TRY TO FIND SOME POSITIVE TO IT.

There can be no doubt that Friday's jobs report is disappointing.  In fact, it actually is more than disappointing.  BUT, you have to look at what can be salvaged out of it.  The June report showed that there were 80,000 non-farm, new jobs.  It, at least, showed new jobs added.  We are still going in the right direction.  At least, it wasn't a negative report.  Also, that is 80,000 people that now have jobs, that didn't have in May.

In another bit of positive news, the Labor Department said first-time applications for unemployment benefits saw the largest drop in two months, declining 14,000 down to 374,000 last week.  And also, "the number of planned layoffs fell to the lowest level in more than a year," reports Reuters.

In addition, we have to remember that this is a result of the Republicans refusing to act on the President's jobs bill.  Why do they refuse?  It's because they know that it is a good bill and would add a lot of jobs that would make President Obama look good.  In fact, the CBO (Congressional Budget Office) has reported, that the bill would add more than 1 million jobs.  The Republicans just can't do that for the country.  They have to do what is good for them and them only.  The hell with the Country, and that is the truth that facts support.

"All the optimistic projections yesterday were for naught.  They are depressing numbers once again for the U.S. economy as employers added a measly 80,000 jobs in June, marking the third straight month of weak hiring," reports the Associated Press.  The unemployment rate stays unchanged at 8.2 percent.

The number was lower than forecasts, with the median estimate, in a Bloomberg News survey, projecting a gain of 100,000 jobs. But it was still a bit higher than the revised May figure of 77,000 jobs, reports Reuters, noting that 1,000 fewer jobs were created during April and May than previously estimated.

The real problem is that the Republicans are not going to let anything happen that would do anything for the recovery - - why?  Because it would make President Obama look good and they simply are not going to let that happen, until after the November election.  They truly care more about winning the White House then they care about the ordinary people of this Country.  Now, that is a simple fact and that is a sad commentary, when so many millions are in such poor scraps that the suicide rate is up.

~~~

THE ECONOMIC RECOVERY

OR

LACK THERE OF.

Some, not all, but some of the following I am bringing forward from OBOF PARTS 37 EXTRA & 38.  It seems very appropriate to take a look at some of this again.

There is one suggestion called the Barbell approach, by Peter Orszag, which means that you do two things simultaneously.  First, you provide another stimulus.  However, this time make it big enough to work.  The other one did work to some degree, even quite successfully in many ways, but not enough to turn things around.  Second, at the same time, pass a deficit reduction package that will have some real meaning to it, but to be implemented, after the recovery is in full swing.

Now, that seems to make good sense to me.  It, of course, can't happen for the reason I set forth above in red. 

To simplify our problem, demand just isn't here - - why?  It is because the middle class doesn't have the resources to create the demand.  They are either unemployed or their wages have been reduced, so that disposable income, is not sufficient to allow them to buy anything, but the real necessities.  NO DEMAND.

What does that do to businesses?  While businesses do have plenty of money on hand to expand, they simply aren't going to risk expansion, until they see demand, or at least, an outlook that demand is going to be there. 

 SO, BUSINESS IS NOT GOING TO EXPAND UNTIL THERE IS DEMAND AND THERE WON'T BE DEMAND, UNTIL BUSINESSES CAN HIRE WORKERS WITH A WAGE THAT WILL PERMIT THEM TO BRING ABOUT A DEMAND.  IT'S THE OLD SAYING ABOUT THE CHICKEN AND THE EGG. 

Therefore, we need something to put the middle class in a position where they can create demand.  Thus, enters a LARGE stimulus.  This stimulus would not be just a hand out without some needed results.  Our country has plenty of need, where this stimulus could produce real results, i.e. infrastructure, upgrade public transportation, airport renewal, education, and increased export to name a few.

Once this was done, the demand would take over as a result of the stimulus and manufacturing would begin to expand, hiring workers and now we are off and running. 

Those who would disagree with this approach will say, "We are already too much in debt, where are we going to get the money for a LARGE stimulus package?  They will refuse to even consider this approach until we cut other spending.  They will say, "The deficit reduction must come first." 

That is the exact opposite of what should be done.  Government should reduce spending when the economy is good and start or keep spending when the economy in the drink.  Businesses won't expand and hire until there is demand and there can't be a demand until the middle class has enough disposal income to buy more than just bare necessities.

Naturally, this approach will require an increase in the National Debit Ceiling.  I can tell you this, and mark my words, no matter who becomes President, and no matter who controls Congress, and no matter what is or is not done about the economy, THE NATIONAL DEBIT CEILING WILL BE RAISED.  It has to be and there will probably be quite a fight about it, BUT IT WILL BE RAISED.  THERE IS NO ALTERNATIVE.  My real concern is, when they raise it, will they raise it enough and will they raise it soon enough to save this democracy?  The only way that will happen is with a Democratic President and Congress. 

I know that there will be a lot of talk about how will we pay this debit back, that we are putting our children and grandchildren in an impossible situation.  I want to tell you that I turned 88 on the 10th of June, and I can remember when I was a teenager in High School hearing my parents and other adults saying the exact same thing in 1939 and 1940.    Folks, the National Debit will never be paid-off, just as most home owners, will never pay off their mortgage.  As long as the debit is in a compatible relationship to GDP, it's not to worry.

Going back to the two-step action, once the economy would totally recover, and I believe that this system would see a total recovery, we go into the deficit reduction package.  In a short time, we could start to pay down the debt.  It will never totally be paid-off, but it can certainly be reduced, which will reduce the amount of interest we pay, for which we get nothing.

~~~

Jobs Doldrums and Obama’s Future

by Robert Reich

NationofChange

Published Saturday July 7, 2012.

Bad news for the U.S. economy and for Barack Obama. We’re in the jobs doldrums. Unemployment for June is stuck at 8.2 percent, the same as in May.  And only 80,000 new jobs were added.

Remember, 125,000 news jobs are needed just to keep up with the increase in the population of Americans who need jobs.  That means the jobs situation continues to worsen.

The average of 75,000 new jobs created in April, May and June contrasts sharply with the 226,000 new jobs created in January, February and March.

In Ohio yesterday, Obama reiterated that he had inherited the worst economy since the Great Depression.  That’s true. But the excuse is wearing thin. It’s his economy now, and most voters don’t care what he inherited.

In fact, a good case can be made that the economy is out of Obama’s hands — that the European debt crisis and the slowdown in China will have far more impact on the U.S. economy over the next four months than anything Obama could come up with, even if he had the votes.

It’s also out of the Fed’s hands.  No matter how low the Fed keeps interest rates, it doesn’t matter between now and Election Day. Companies won’t borrow to expand if they don’t see enough consumers out there demanding their products. Consumers won’t spend if they’re worried about their jobs and paychecks. And consumers won’t borrow (or be able to borrow) if they don’t have the means.

Yet Obama must show he understands the depth and breadth of this crisis, and is prepared to do large and bold things to turn the economy around in his second term if and when he does have the votes in Congress.  So far, his proposals are policy miniatures relative to the size of the problem.

The real political test comes after Labor Day.  Before Labor Day, Americans aren’t really focused on the upcoming election.  After Labor Day, they focus like a laser.  If the economy is moving in the right direction then — if unemployment is dropping and jobs are increasing — Obama has a good chance of being reelected. If the jobs doldrums continue — or worse — he won’t be.

ROBERT B. REICH, one of the nation’s leading experts on work and the economy, is Chancellor’s Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton. Time Magazine has named him one of the ten most effective cabinet secretaries of the last century. He has written thirteen books, including his latest best-seller, “Aftershock: The Next Economy and America’s Future;” “The Work of Nations,” which has been translated into 22 languages; and his newest, an e-book, “Beyond Outrage.” His syndicated columns, television appearances, and public radio commentaries reach millions of people each week. He is also a founding editor of the American Prospect magazine, and Chairman of the citizen’s group Common Cause. His widely-read blog can be found at www.robertreich.org.

The following was written as a comment to Robert Reich article above.  I am including it as it really makes some very good points and I feel it is well worth your time.  It is short, so give it some attention.  

larronm

July 07, 2012 10:05am

It seem to me that we ought to start looking at these economic reports with a bit more reality.  Dr. Reich knows, as do most investors, that the BLS jobs report is no where near a true reflection of the situation.  They will amend it in Aug. and again in Sept. It is based on a survey, not on statistics. However, there is a report which is published each month and far more accuratly reflects the job market.  That is the report by ADP, the payroll firm.  For July, their report shows 176,000 new jobs.  In all likelyhood the BLS report, once amended twice, will come in pretty close to that number.  But by then, no one will notice.

Then there is the matter of the infrastructure bill that the President signed yesterday.  It is likely to have a significant effect on the job market in fairly short order.  That is because it will put tax dollars to work building and repairing our infrastructure.  If we are to make a real dent in the employment problem, we will need to put government money to work.  The AJA (Americans Job Act) is another way to accomplish that but I see no way to get this Congress to pass that bill. The solution is to work to elect Democrats to Congress.  The President could help there. He could start asking voters to send Democrats to Congress along with his re-election.  End the gridlock.  Put a stop to the obstructionism.  That's how we get it done.

Here in California we have just taken a giant step in that direction by passing the legislation needed to begin construction of a high speed rail system linking the major cities of our state.  This $68 billion project will put a great many people to work for a long time accomplishing something that will have long term benefits for all Californians.  Oh, did I mention that the Feds are contributing $3.2 billion to the first phase?  It is time for elected officials to start putting the country ahead of their own ambitions.

~~~

Government Paralysis and the Social Security Trust Fund

by Allen W. Smith Ph. D. / June 30th, 20

Social Security is, today, facing its greatest challenges ever, and it is not at all certain what the future holds for the program. If the surplus revenue, generated by the 1983 payroll tax increase, had been saved and invested in marketable U.S. Treasury bonds, as was the intent of the legislation, the Social Security trust fund would today hold 2.7 trillion in “good-as-gold” marketable U.S. Treasury bonds.

These bonds could have been sold in the open market, as needed, and full benefits could have been paid until 2033. But the intent of the Social Security Amendments of 1983 was not followed. Instead of saving and investing the surplus money, as it was supposed to do, the government spent used to pay every dime of it on wars and other government programs.

As a result, the trust fund today holds no real assets that can be converted to cash. The $2.7 trillion peof Social Security money has been misused. The money was snt for non-Social Security purposes, and it no longer exists. The government “borrowed” the money and replaced it with IOUs, called “special issues of the Treasury.” These IOUs represent an accounting record of how much Social Security money was misspent, but they cannot be converted into cash, or benefits.

Social Security is, today, facing its greatest challenges ever, and it is not at all certain what the future holds for the program. If the surplus revenue, generated by the 1983 payroll tax increase, had been saved and invested in marketable U.S. Treasury bonds, as was the intent of the legislation, the Social Security trust fund would today hold 2.7 trillion in “good-as-gold” marketable U.S. Treasury bonds. These bonds could have been sold in the open market, as needed, and full benefits could have been paid until 2033. But the intent of the Social Security Amendments of 1983 was not followed. Instead of saving and investing the surplus money, as it was supposed to do, the government spent every dime of it on wars and other government programs.

As a result, the trust fund today holds no real assets that can be converted to cash. The $2.7 trillion of Social Security money has been misused. The money was spent for non-Social Security purposes, and it no longer exists. The government “borrowed” the money and replaced it with IOUs, called “special issues of the Treasury.” These IOUs represent an accounting record of how much Social Security money was misspent, but they cannot be converted into cash, or used to pay benefits.

Unless the government repays that $2.7 trillion, Social Security will face some hard times in the years ahead, and there is no certainty that the government will repay the money. No provisions have been made for repaying the money, and, given the political environment that currently exists, it may not be politically feasible to repay the money.

Many people have a very naïve notion of how the United States government operates. They picture Uncle Sam as a benevolent dictator, with unlimited power, who always does whatever is right and fair. They blindly trust the government to honor all of its commitments and to look out for the best interests of the public. But that characterization of the United States government is not even remotely accurate. The government is made up of professional politicians, most of whom look out primarily for themselves and their constituents.

America is, today, travelling through uncharted political waters. Our political system has broken down, and we are going through the greatest tax rebellion since the Boston Tea Party. The organization, Americans for Tax Reform, led by Grover Norquist, has managed to get hundreds of members of Congress to sign a pledge that they will not vote for any tax increase of any kind or amount. This anti-tax movement has become very powerful, and it is a major roadblock to any tax increase, including one that might be exclusively earmarked for repaying the Social Security money.

In the summer of 2011, irresponsible politicians took the nation to the brink of national bankruptcy over what should have been a routine vote to raise the debt ceiling, and there are indications that the same thing might happen again. It is very questionable that today’s, or tomorrow’s, politicians will risk their political careers by voting for a tax increase to pay back the Social Security money that was “borrowed” and spent by yesterday’s politicians.

Finally, the government is not legally obligated to repay the Social Security money. Section 1104 of the 1935 Social Security Act, specifically states, “The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress,” and, in a 1960 U.S. Supreme Court ruling (Fleming v. Nestor), the Court ruled that nobody has a “contractual earned right” to Social Security benefits. Thus, Congress could legally do whatever it wanted to do with regard to changing, or even eliminating, Social Security.

Dr. Allen W. Smith is a Professor of Economics, Emeritus, at Eastern Illinois University. He is the author of seven books and has been researching and writing about Social Security financing for the past ten years. Read other articles by Allen, or visit Allen's website.

~~~

PARTING  THOUGHT

There's a lot of talk about self-esteem these days.  It seems pretty basic to me.  If yoou want to feel proud of yourself, you've got to do things you can be proud of.  Feelings follow actions.

Oseola McCarty,

She was a washerwoman

 who, late in life, gave all her

 savings to a scholarship fund.

~~~

If the good Lord is willing and the creek don't rise I'll talk with you again on Tuesday July 17, 2012, if not before.

God Bless you all

&

God Bless the United States of America.

Floyd