WELCOME TO OPINIONS BASED ON FACTS (OBOF)
Name
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Published
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OVERVIEW
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Dec. 28, 2010
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SOCIAL SECURITY PART 1
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Dec. 30, 2010
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SOCIAL SECURITY PART 2
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Jan. 10, 2011
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SOCIAL SECURITY PART 3
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Jan. 17, 2011
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SOCIAL SECURITY PART 4
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Jan. 24, 2011
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SOCIAL SECURITY PART 5
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Jan. 31, 2011
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!!SOCIAL SECURITY PART 6
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Feb. 07, 2011
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SOCIAL SECURITY PART 7
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Feb. 14, 2011
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SPECIAL ISSUE
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Feb. 18, 2011
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SOCIAL SECURITY PART 8
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Feb. 21, 2011
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SOCIAL SECURITY PART 9
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Mar. 01, 2011
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SOCIAL SECURITY PART 10
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Mar. 07, 2011
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SS & MORE PART 1
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Mar. 14, 2011
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SS & MORE PART 1A
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Mar. 21, 2011
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SS & MORE PART 2
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Mar. 25, 2011
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SS & MORE PART 3
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Mar. 29, 2011
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SS & MORE PART 4
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Apr. 04, 2011
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SS & MORE PART 5
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Apr. 11, 2011
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SS & MORE PART 6
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Apr. 18, 2011
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SS & MORE PART 7
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Apr. 25, 2011
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SS & MORE PART 7A
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Apr. 29, 2011
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SS & MORE PART 8
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May 02, 2011
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SS & MORE PART 9
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May 09, 2011
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SS & MORE PART 10
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May 16, 2011
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SS & MORE PART 11
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May 24, 2011
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SS & MORE PART 12
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Jun. 06, 2011
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SS & MORE PART 13
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Jun. 20, 2011
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SS & MORE PART 14
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JULY 05,2011
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SS & MORE PART 14A
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JULY 18, 2011
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SS & MORE PART 15
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JULY 19, 2011
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SS & MORE PART 16
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AUG. 03, 2011
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SS & MORE PART 17
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AUG. 15, 2011
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SS & MORE PART 18
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Aug. 29, 2011
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SS & MORE PART 19
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Sept. 12, 2011
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SS & MORE PART 20
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Sept. 26, 2011
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SS & MORE PART 21
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Oct. 10, 2011
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SS & MORE PART 22
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Oct. 24, 2011
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SS & MORE PART 22 EXTRA
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Nov. 04, 2011
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SS & MORE PART 23
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Nov. 07, 2011
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SS & MORE PART 24
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Nov. 21, 2011
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SS & MORE PART 25
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Dec. 05, 2011
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SS & MORE PART 26
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DEC. 19, 2011
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SS & MORE PART 27
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JAN. 03, 2012
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SS & MORE PART 27A
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JAN. 05, 2012
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SS & MORE PART 28
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JAN. 17, 2012
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SS & MORE PART 29
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JAN. 31, 2012
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IN THIS ISSUE
1. "THE FAB GROUP."
2. Yesterday's Deception - Today's Correction.
3. Five Social Security Myths That Have To Go.
4. Parting Thought.
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"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.
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"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.
Why "FAB?" My name is Floyd Austin Bowman - (FAB), and these are a goup of items that I have choosen, thus "THE FAB GROUP," pronounced "FAB."
At this time, it is my plan to open each posting with "THE FAB GROUP," followed with two or three full articles, ending with the "PARTING THOUGHT." This could vary from time to time, depending on what develops, but we'll try this and see if it can make the postings more interesting for you.
Outlines Plan To Curb College
President puts schools "on notice" that they must find ways to make higher education cheaper.
| Posted Friday, Jan. 27, 2012.
Speaking to students at the University of Michigan
“We’re putting colleges on notice, that you can’t assume you’ll just jack up tuition every single year,” Obama told a crowd of roughly 4,000 students. "If you can’t stop tuition going up, your funding from taxpayers will go down. We should push colleges to do better; we should hold them accountable if they don’t."
| Posted Friday, Jan. 27, 2012.
New Commerce data suggests possibility of long-term GDP trend
An increase in spending helped the economy grow by nearly 3 percent over the final three months of 2011
Some good news: The U.S.
New data from the Commerce Department shows the nation's GDP grew at an annual rate of 2.8 percent over the final three months of last year, up from 1.8 percent in the third quarter and 1.3 percent in the second. It was the highest rate of quarterly growth since, the spring of, 2010.
| Posted Friday, Jan. 27, 2012.
The Pentagon is rushing to send a large floating base for commando teams to the Middle East as tensions rise with
In response to requests from the
The defense budget will shrink for the first time since 1998.
reports Craig Whitlock:
"The Pentagon budget will shrink slightly next year for the first time since 1998, the Obama administration said, in an attempt to chip away at the federal deficit while reorienting the armed forces toward Asia . Under the proposal, the administration will reduce the size of the Army and Marine Corps, trim the number of fighter aircraft and ships, and seek congressional approval for another round of military base closures.
Analysis: Buffett Rule Will Raise $50 Billion Per Year, Affect Just 0.08 Percent of Taxpayers
Pat Garofalo, News Analysis:
When President Obama announced his latest vision for the so called “Buffett rule” — a 30 percent minimum tax on millionaires — during his State of the Union address this week, Republicans were quick to criticize it. For instance, Speaker of the House John Boehner (R-OH) derided the proposal as a “political gimmick.” “It’s a smokescreen,” added Rep. Steve Scalise (R-LA). However, as a new analysis from Citizens for Tax Justice pointed out, the Buffett rule, as laid out in the speech, could raise up to $50 billion per year to pay down the deficit, while affecting just 0.08 percent of taxpayers.
FROM THE "WHITE HOUSE."
THE "AFFORDABLE CARE ACT."
Here's some great news you should know about: Health reform has already reduced the cost of care for 2.6 million seniors.
Some said it wouldn't be possible to increase coverage and make health care more affordable -- that it had to be one or the other. But the numbers tell a different story.
The Affordable Care Act is closing the infamous Medicare "doughnut hole" in prescription drug coverage, a gap that for years threatened the financial security of too many seniors. A recent report shows that closing this coverage gap has already meant an average of $569 in savings for affected Medicare patients this year -- a 40-percent drop in prescription drug costs. And by 2020, the doughnut hole will be closed for good.
Because of these reforms, life-saving treatment and care are more affordable. And Medicare patients have access to essential preventive services, including annual physicals, free of charge. Those are benefits that over 24 million seniors have already used.
Some said it wouldn't be possible to increase coverage and make health care more affordable -- that it had to be one or the other. But the numbers tell a different story.
The Affordable Care Act is closing the infamous Medicare "doughnut hole" in prescription drug coverage, a gap that for years threatened the financial security of too many seniors. A recent report shows that closing this coverage gap has already meant an average of $569 in savings for affected Medicare patients this year -- a 40-percent drop in prescription drug costs. And by 2020, the doughnut hole will be closed for good.
Because of these reforms, life-saving treatment and care are more affordable. And Medicare patients have access to essential preventive services, including annual physicals, free of charge. Those are benefits that over 24 million seniors have already used.
The facts speak for themselves -- health reform is already a big win for seniors.
FROM THE "WHITE HOUSE."
OUTSOURCING JOBS.
Here's something that President Obama laid out in his State of the Union that I think deserves special attention:
Under current law, American companies can actually get a tax deduction for outsourcing jobs.
That's the opposite of how it should work. President Obama is proposing to end tax, and lower tax rates for companies that manufacture and create jobs in theUnited States
Under current law, American companies can actually get a tax deduction for outsourcing jobs.
That's the opposite of how it should work. President Obama is proposing to end tax, and lower tax rates for companies that manufacture and create jobs in the
One of our prospective opponents built his career in part on outsourcing jobs in the private sector -- and then continued outsourcing jobs as a governor. Is that the kind of economic experience and mindset people want in a President?
We heard a much different plan from President Obama this week -- and we need to make sure everyone knows about this contrast. In his own words, "It's time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America. ... Our workers are the most productive on Earth, and if the playing field is level, I promise you --America
We heard a much different plan from President Obama this week -- and we need to make sure everyone knows about this contrast. In his own words, "It's time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America. ... Our workers are the most productive on Earth, and if the playing field is level, I promise you --
The US
The improvement in payrolls was the strongest in three months and well above expectations of 155,000 new positions. The unemployment rate ticked down to 8.5 per cent in December – the lowest since February 2009 – from a revised 8.7 per cent the previous month. The rate had unexpectedly dropped sharply in November as more discouraged people stopped looking for work. Economists had expected the rate to rise slightly last month as Americans re-entered the workforce.
~~~
YESTERDAY'S DECEPTION
TODAY'S CORRECTION
Christopher Petrella - Thursday 26 January 2012
“Dear Gov. Mitch Daniels and your Republican Brethren, Your response to President Obama’s State of the Union last night was deceitful, historically tenuous, and politically unsophisticated.
George Orwell once said that, “In a time of universal deceit, telling the truth is a revolutionary act."
M.D. "The percentage of Americans with a job is at the lowest in decades.”
TRUTH: Daniels speaks truth without context. Yes, the unemployment rate is indeed the highest it has been since 1983, but it has actually fallen by 1.5% since its peak in December, 2009.
M.D. “In three short years, an unprecedented explosion of spending, with borrowed money, has added trillions to an already unaffordable national debt. And yet, the President has put us on a course to make it radically worse in the years ahead.”
TRUTH: Over the course of President Obama’s first three years he and Congress increased the national debt by 41%. And in Ronald Reagan’s first three years? You guessed it. He increased the national debt by 55%.
M.D. “The federal government now spends one of every four dollars in the entire economy.”
TRUTH: Yes, but since 1980 federal spending as a percentage of GDP has changed very little. Since Reagan’s first term Republican's presidents have spent on average 21.53% of GDP on federal programs, Democrats, 21.6%.
M.D. "The President's grand experiment in trickle-down government has held back rather than sped economic recovery.”
TRUTH: Just two weeks ago President Obama detailed his plan to supplant six current federal agencies with one in order to create a “more efficient and lean” government. The move is projected to save taxpayers $3 billion over ten years. Republicans still refuse to support his proposal.
M.D. "Those punished most by the wrong turns of the last three years are those unemployed or underemployed tonight, and those so discouraged that they have abandoned the search for work altogether.”
TRUTH: Mitch, please. The National Bureau of Economic Research has indicated time and again that the U.S.
Moreover, in December, 2011 Republicans proposed legislation to “cut 40 weeks from the duration of federal unemployment compensation and allow states to require the unemployed to pass drug tests in order to receive benefits.”
M.D. “And no one has been more tragically harmed than the young people of this country, the first generation in memory to face a future less promising than their parents did.”
TRUTH: Real wages in the U.S. began falling in 1975 when Barack Obama was 14 years old.
M.D. "So 2012 is a year of true opportunity, maybe our last, to restore an America
TRUTH: Problems and solutions are never “simply mathematical or purely practical.” If they were, then why would those living in states that receive the largest federal subsidies regularly vote “small government” republicans into office?
M.D. "The routes back to an America of promise, and to a solvent America
TRUTH: Though Republicans have won 9 of these last 16 presidential elections, Republican administrations have averaged less annual growth (1.3%) than their Democratic counterparts (2.5%) since WWII.
M.D. "Contrary to the President's constant disparagement of people in business, it's one of the noblest of human pursuits.”
TRUTH: Really??!? Since Mitch Daniels is an avowed Christian it is only proper to consult the Bible on matters of virtue. If about 20% of U.S.
“If you lend money to any of my people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.” (Exodus 22:25)
“You shall not lend him your money for usury, nor lend him your food at a profit.” (Leviticus 25:35-37)
“He who does not put out his money at usury, nor does he take a bribe against the innocent. He who does these things shall never be moved.” (Psalm 15:5)
“One who increases his possessions by usury and extortion Gathers it for him who will pity the poor.” (Proverbs 28:8)
M.D. “Out here in Indiana
TRUTH: According to the U.S. Federal Reserve, American businesses are currently sitting on at least $1.9 trillion in profits at a time when 25 million Americans are un- or underemployed.
M.D. "Decades ago, for instance, we could afford to send millionaires pension checks and pay medical bills for even the wealthiest among us. Now, we can't, so the dollars we have should be devoted to those who need them most.
TRUTH: We now send millionaires pension checks in the form of record low capital gain tax rates (15%) initiated by President George W. Bush in 2003.
M.D. "The mortal enemies of Social Security and Medicare are those who, in contempt of the plain arithmetic, continue to mislead Americans that we should change nothing.”
TRUTH: Social security is already solvent for the next 26 years. One strategy for ensuring its availability for our children is to raise the ceiling on income subject to it from $106,800 to at least $180,000.
M.D. As a loyal opposition, who put patriotism and national success ahead of party or ideology or any self-interest, we say that anyone who will join us in the cause of growth and solvency is our ally, and our friend. We will speak the language of unity.”
TRUTH: The language of unity? In July, 2011 Senate Minority Leader Mitch McConnell (R-KY) maintained that the Republicans’ number one goal remains the defeat of President Obama in 2012. Does Daniels doesn’t know the difference between comity and comedy?
M.D. “Republicans will speak for those who believe in the dignity and capacity of the individual citizen…”
TRUTH: As long as by “individual citizen” we don’t mean women, right? Remember last February when the GOP controlled House voted to cut not only all of Planned Parenthood's $75 million in federal funding for family planning but also the entire $317 million Title X budget. Title X money subsidizes screening and treatment for sexually transmitted diseases, breast and cervical cancer testing, prenatal care, sex education, and birth control? Got dignity?
M.D. “There is nothing wrong with the state of our Union that the American people, addressed as free-born, mature citizens, cannot set right.”
TRUTH: Born free? In December, 2010 Senate Republicans blocked the DREAM Act, an immigration measure that would have provided a conditional path to legal residency for hundreds of thousands of young immigrants first brought to the U.S.
~~~
Five Social Security Myths That Have To Go
By Eric Schurenberg January 24, 2012
Social Security isn't the only cause of America
A handful of misconceptions tend to crop up repeatedly-often having to do with that fiscal fun-house mirror, the Social Security trust fund. And despite the efforts of writers like Allan Sloan and experts like the Urban Institute's Eugene Steuerle, the myths won't die. This column won't kill them either, but that doesn't mean we shouldn't take a whack. Here goes:
Myth #1: Social Security didn't create the deficit and shouldn't be cut to fix it
This is a much loved progressive slogan. "Blaming Social Security for the deficit is like blaming Iraq
Technically, the first part of the myth is true -- or rather, used to be true. From 1983 until last year, Social Security revenues actually lowered the Treasury's need to borrow in the public markets, as excess payroll taxes collected under Social Security's flag helped fund other government programs.
The surplus years are over, however. The Social Security trustees' report estimates that last year payroll taxes fell short of the sums paid out to beneficiaries. Small surpluses will return for a few years; then the red ink will return for good in 2015. To make up the annual shortfall, Social Security will have to draw on revenues from the general budget. In other words, from here on out, year after year, Social Security only makes the deficit larger.
The first part of his statement is true, in that, the Social Security revenue was used for other government programs, ILLEGALLY. The 1990 Budget Enforcement Act made it illegal to use SS funds for anything other than SS.
The government borrowed the SS surplus, instead of borrowing from the public market. In either case, the government is obligated to repay what was borrowed. Therefore, the money that the government is paying, now and in the future, to meet the shortfall of revenue from FICA, is simply payments back to SS for what was borrowed.
Accordingly, SS does not add to the deficit, at all. Never has and never will, until the government has paid SS back $2.6 trillion. SS revenues helped fund the Iraq
The accumulation of $2.6 trillion was, by design, in 1983 and would have had $3 trillion by 2018, so that there would be plenty of money for the Baby Boomer generation. If the government had kept their hands off the SS surplus, as they were suppose to, there would be no problem with SS now, at all. Floyd.
Myth #2: Social Security benefits are earned; reducing them amounts to confiscation
It's not hard to see why this illusion exists, since Social Security's own website refers to "earned credits" and sometimes refers to payroll taxes as contributions. But despite Social Security's fetish for language that echoes private pensions, no one ever vests in Social Security. You don't own your benefits until you cash the check.
It's more accurate to say your benefits are an entitlement granted by act of Congress and subject to change at any time by another act of Congress. As long as voters consider benefits inviolate, they will be. When voters decide fiscal responsibility is more important, then Social Security benefits -- "earned" or not -- will be up for review.
The reference to "payroll taxes" as "contributions" is accurate. The legal definition of payroll taxes is "FICA" (Federal Insurance Contribution Account). I disagree, that it is more accurate to refer to benefits as an entitlement.
An entitlement program is one in which, the government provides all or a good portion of the cost of benefits. SS is, and has always been, a self- supporting program. It has never, and never will, cost the taxpayers anything, unless Congress changes the operation rules, which they can do.
Floyd
The Social Security trust fund -- the ledger on which Uncle Sam records the surplus taxes that the program has accumulated over the years -- is large enough that the program need not ask for extra money to pay benefits until 2037, the year that the trust fund "runs dry" if nothing changes. But that's not the same as being funded-at least not in a way that has any economic meaning.
As you may know, the trust fund is, for accounting purposes, assumed to be invested in IOUs from theU.S.
As you may know, the trust fund is, for accounting purposes, assumed to be invested in IOUs from the
What that means is that Social Security can get what it needs from Treasury without having to ask permission from Congress. But when it redeems one of these IOUs, the Treasury (just like Daddy) has to come up with the money the old-fashioned way, by raising taxes or, more likely, borrowing more.
Dolly Madison at Daily Kos seems to think that Social Security's need for cash can be met from the interest credited to the trust fund-that is, with more IOUs. Allan Sloan disagrees:
You know, of course, why this wouldn't work -- at least, I hope you know. It's because the U.S.
"Fully funded" suggests that the money to maintain today's benefits until 2035 is already locked up. It isn't. Redeeming IOUs from the trust fund (and the income imputed to those IOUs) will only put another burden on taxpayers who are simultaneously paying for Medicare, interest on the debt, and all the other purposes of government. At some point, the total burden will be too much.
This number 3 is quite accurate in that the IOUs have no monetary value and do not draw any interest. There can be no question, but what the government owes SS Trust Fund and to replenish it the government either has to raise taxes or borrow from the public market.
The government got SS into this situation, not the program. SS is and has been the most successful program the government has ever implemented. If you want to place some blame, don't place it on the Social Security program. Place it on all the Presidents and Congresses, of both parties, since 1987. Floyd
Myth #4: The trust fund is invested in Treasury bonds, the most secure investments in the world. To suggest that the trust fund wouldn't pay is blatant fear mongering.
The trust fund's IOUs are entered on the Treasuries books as non-trading "special issue" bonds, paying interest at a rate equal to an average of outstanding Treasuries. And yes, the Treasury will undoubtedly pay if Social Security asks.
But that's not the issue. The issue is whether taxpayers think it's so important to maintain Social Security benefits that they will gladly absorb the burden of paying off those bonds on the current schedule. Remember, Congress (that is, you know, taxpayers) can cut benefits -- and thus postpone the need for Social Security to redeem any bonds -- just by passing a law.
But that's not the issue. The issue is whether taxpayers think it's so important to maintain Social Security benefits that they will gladly absorb the burden of paying off those bonds on the current schedule. Remember, Congress (that is, you know, taxpayers) can cut benefits -- and thus postpone the need for Social Security to redeem any bonds -- just by passing a law.
In other words, the myth misses the point. Whether Social Security continues to pay benefits at today's rates isn't a question of credit quality. It's a question of politics and priorities.
It is true that U. S.
It's not a question as to whether or not the Trust Fund wouldn't pay. It's a question will the Treasury pay the Trust Fund? Floyd
Myth #5: Social Security is an easy fix
Any policy wonk worth his or her spreadsheet can quickly come up with ways to bring Social Security into long-term actuarial balance. You can conjure up solutions yourself using the Committee for a Responsible Federal Budget's calculator. You'll find it's not that hard to wipe out the system's long-term deficit.
The only problem is, most such solutions regard Social Security as a closed system. They assume that the trust fund is an ATM that gushes cash whenever the trustees demand, and that workers will never balk at stepping up to higher payroll taxes.
Which brings us to what may be the most destructive myth of all: The idea that Social Security is, fiscally speaking, an end in itself. In the real world that Social Security actually operates in, the government and its citizens all have other obligations. As Steuerle puts it:
Social Security as a budget issue revolves not simply around its internal accounting balances and trust funds, but rather how much of the economy it occupies and how much of future growth it absorbs.
The discussion we need to have, then, isn't simply whether we can pull the levers to bring Social Security into balance. That is easy. Instead, we need to ask a larger, tougher question: In light of all we owe-to our creditors, our children and our future-how much do we want to spend supporting everyone who happens to live past 62? We want to spend something, to be sure, and maybe a lot. But myths and slogans shouldn't persuade us that we can avoid the question.
Very true, we can not avoid the question. However, the answer to this question should not be cutting benefits. To do that you are asking workers to condone the illegal actions of past Presidents and Congresses. In addition, it also, is asking the workers of today to pay, in terms of cold cash, for what has been stolen in the past. THAT IS WRONG.
Floyd
~~~
PARTING THOUGHT
It's only when we truly know and understand that we have a limited time on earth - - and that we have no way of knowing when our time is up - - that we will begin to live each day to the fullest, as if it was the only one we had.
Elisabeth Kubler-Ross
Elisabeth Kubler-Ross
~~~
I have a new item to tell you about next time, if the good Lord is willing and the creek don't rise, I'll talk with you again on Tuesday, February 6, 2012, by noon, if not before. God Bless you all.
Floyd
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