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February 1, 2006

Attack On Pensions

-- by Dave Johnson

Tackling the Social Security Mess,

I came away believing that a consensus exists among economists across the ideological spectrum on at least one important issue: America's entitlement spending -- mostly Social Security and Medicare -- is not sustainable.
It's the TAX CUTS FOR THE RICH that are not sustainable. THAT is why we will have trouble providing for our people as we get older.

United Aitlines was supposed to fund its pensions. Instead, it paid that money out as dividends, increased share prices, bonuses or otherwise enriching what we might call the owner class. Same with all the other companies that were supposed to be funding their pension obligations. They handed the money out to the rich instead, and now say "too bad, ain't gonna pay you" to the people who did the actual work.

America was supposed to fund its Social Security. Instead it paid that money out as tax cuts, corporate subsidies, no-bid contracts, whatever, to the owner class. They handed the money out to the rich instead, and now says "too bad, ain't gonna pay you" to the people who did the actual work.

But I've been going on about this for years.

Posted by Dave Johnson at February 1, 2006 11:42 AM

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Brilliant analysis, Dave! I wish one would hear it from just one of the supposedly wise pundits ..

Posted by: Helga Fremlin at February 1, 2006 2:18 PM

I've been going on and on about this for years, too. Neither Social Security nor Medicare were set up as "entitlement programs." Both were set up as INSURANCE PROGRAMS. We pay premiums into social security from the day we start working. We pay an awful lot more than we'd pay for a comparable annuity program. The government then uses this money for whatever it damned pleases, and tells us that the high premiums we pay are necessary to cover the immediate expenses of those supposed to have been insured. In other words, the government is stealing from us, and then threatening to shut down the program because they've abused and stolen so much from the fund. If we weren't so brainwashed into accepting the idea that it's an "entitlement program" could we sue them?

Posted by: MJ at February 1, 2006 3:26 PM

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