Appointed by Speaker-to-be John Boehner, the House commission members on the Republican side reflect the Republican Senators in that they're from districts, mostly rural, mostly white highly conservative House districts. The three Democratic House members are from urban, suburban, and rural districts where Social Security is a priority.
The anti Social Security vote from the twelve members of Congress is estimated at eight to four, with the three Democratic House members plus Senator Durbin as opponents of benefit cuts and increased taxes.
On paper, it looks like a thirteen to five deadlock on any increases in payroll taxes and reductions in benefits. In practice, a rigged commission is supposed to look somewhat reasonable but, ultimately, behave like a rigged commission. It is assured that one or more of the five assumed pro Social Security members, for whatever reason, is already in the bag to modify the program by raising taxes and reducing benefits. The vote to report any recommendations on budget deficits and Social Security retirement should be fourteen to four in favor, at least.
There will be little, if any, sentiment expressed by any on the commission against the annual looting of the trust fund to pay the tab for corporate entitlements in the federal budget.
What's This Commission Really Up To?
The commission may very well be a replica of the 1983 Greenspan Commission on Social Security Reform. Greenspan was tasked with producing a plan to shore up trust fund finances. As a result of changes put in place at that time, the trust fund rapidly accumulated a surplus, currently at $2.5 trillion (in IOUs). This sounds like a positive move until you factor in the federal deficits funded by enhanced trust fund revenues. The total federal deficit accumulated between 1983 and 1996 is $2.8 trillion, a sum that could not have been spent without the ready cash taken from world's largest retirement system, Social Security.
We've reached another crisis point in the history of the ruling elite. Their ability to raise money is dwindling. The dot.com bubble burst, now the real estate bubble is down for the count. We have depression level unemployment. What to do? Raise payroll taxes; reduce benefits, and continuing taking every available dollar of citizen payroll taxes in return for IOUs that they can worry about later. Our payroll taxes for Social Security are "interest-bearing securities backed by the full faith and credit of the United States" government. We all know who that is, the Money Party. And we know how good their word is.
END
See: Statement to the Commission on Deficit Reduction - James K. Galbraith, June 30, 2010
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