Share on Google Plus Share on Twitter Share on Facebook 6 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit 1 Share on StumbleUpon 1 Tell A Friend 1 (9 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   3 comments

General News

Wall Street is Pulling the Strings: Social Security Will be Under Attack in February

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 1/7/13

Become a Fan
  (61 fans)

By Dave Lindorff


FDR signs Social Security Act, which has provided security for 77 years by ThisCantBeHappening

The all-out assault on Social Security has begun.

The set-up for the big battle was the Fiscal Cliff charade. That hyped drama in the last days of December was a moment of truth for the Democratic Party and for President Barack Obama to make it clear whether they were still defenders of the New Deal legacy, or whether they were ready to toss Social Security overboard on behalf of the party's new constituency: the Wall Street gang.

The president and the Democrats in House and Senate could have said there would be no deal on the artificial Fiscal Cliff that was created by Congress back in August 2011 unless Congressional Republicans agreed not to hold the nation hostage again this February over the issue of raising the national debt ceiling. Republicans were in a weak position, since if the "cliff" deadline were allowed to pass, the Bush tax cuts would have expired. They would have been put in the position of being unable to pass new legislation restoring tax cuts for the wealthy, while Democrats could have forced them to pass tax cuts for those in the middle and lower classes.

Instead of doing that, the president and his vice president, former Senator from the über-corporate headquarters state of Delaware, Joe Biden, offered a "compromise" that give tax breaks to the 1% of Americans who earn between $250,000 and $400,000 a year, protected up to $5 million in estate value from inheritance taxes, gave corporations billions of dollars in new tax loopholes, and left the GOP free to hold Congress and the Country hostage in February and March when Congress has to pass a new increase in the debt ceiling.

Senate Majority Leader Mitch McConnell (R-KY) has already said that the Republicans in that house will not agree to any tax increases in a debt ceiling deal, and the Republicans who control the House have already made the same thing clear.

The Republicans have also said that they want significant cuts in "entitlements" (the term that has been successfully attached to both Social Security and Medicare, though actually both programs are earned benefits paid for by workers and their employers over a lifetime of employment). And with the government held hostage in February, and unable to borrow further without a rise in the debt ceiling, Democrats will have an excuse to go along with their demands, claiming that they had "no choice."...

For the rest of this article by DAVE LINDORFF in ThisCantBeHappening!, the new independent Project Censored Award-winning online alternative newspaper, please go to:    

www.thiscantbehappening.net/node/1512

 

Dave Lindorff is a founding member of the collectively-owned, journalist-run online newspaper www.thiscantbehappening.net. He is a columnist for Counterpunch, is author of several recent books ("This Can't Be Happening! Resisting the (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Israel's Gaza Atrocities Recall America's Atrocities in Vietnam

The Case for Impeachment of President Barack Obama

Barack Obama: Manchurian Candidate Version 2.0

Free John Walker Lindh, Bush's and Cheney's First Torture Victim!

What Nobody's Saying: The Bailout Will Kill the Dollar

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

George Carlin was so right.  "They" probably ... by Textynn N on Monday, Jan 7, 2013 at 9:19:13 PM
When I look at how Chinese workers react when the ... by Dave Lindorff on Tuesday, Jan 8, 2013 at 9:43:10 AM
"The problem is that they do not want to reform So... by E. J. N. on Tuesday, Jan 8, 2013 at 8:51:51 PM