Obama Weekly Address: GOP Trying To Destroy Social Security (VIDEO)
ERICA WERNER, Associated Press
First Posted: 08-14-10
WASHINGTON - President Barack Obama used the anniversary of Social Security to trumpet Democrats' support for the popular program and accuse Republicans of trying to destroy it.
Seventy-five years after President Franklin D. Roosevelt signed Social Security into law, Obama said in his weekly radio and Internet address Saturday: "We have an obligation to keep that promise, to safeguard Social Security for our seniors, people with disabilities and all Americans -- today, tomorrow and forever."
Some Republican leaders in Congress are "pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall," Obama said.
He contended that such privatization was "an ill-conceived idea that would add trillions of dollars to our budget deficit while tying your benefits to the whims of Wall Street traders and the ups and downs of the stock market."
(More here.)
First Posted: 08-14-10
WASHINGTON - President Barack Obama used the anniversary of Social Security to trumpet Democrats' support for the popular program and accuse Republicans of trying to destroy it.
Seventy-five years after President Franklin D. Roosevelt signed Social Security into law, Obama said in his weekly radio and Internet address Saturday: "We have an obligation to keep that promise, to safeguard Social Security for our seniors, people with disabilities and all Americans -- today, tomorrow and forever."
Some Republican leaders in Congress are "pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall," Obama said.
He contended that such privatization was "an ill-conceived idea that would add trillions of dollars to our budget deficit while tying your benefits to the whims of Wall Street traders and the ups and downs of the stock market."
(More here.)
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1 Comments:
This is just so sad. We all know the obvious, but even Obama can't admit it. SOcial Security is, was, and always has been a Ponzi Scheme. Just because it's a government-run Ponzi Scheme does not make it any more benevolent than Bernie Madoff or Tom Pedders or any of the other Ponzi Schemes that dominated recent news.
For 65 years, the Social Security Ponzi Scheme has ran with more newer investors than older ones. And, like any Ponzi Scheme, if you can keep the number of new investors as a larger pool than old investors, the fatal flaws in the Scheme remain hidden and out of view and it looks like a wildly successful program - until you start to run short of new investors which is where the fatal flaws appear. America's fertility rate is just above replacement level - 2.1. This is barely enough to keep Social SEcurity afloat under normal circumstances, but because the system has overpromised to old investors in order to retain their vote for re-election, a 2.1 demographic is too low to prevent the system from collapsing. Republicans aren't trying to destroy Social Security, it was already broken when it was set up. And the obvious is you can't tax, borrow or inflate enough to shore up the system any more than you can means test, raise the retirement age or any other demographic shift to save it.
2010 became the first year that Social Security paid out more in benefits than it took in in taxes making 2010 the year the Social Security Ponzi Scheme started its fatal collapse. We have no where to go with Social Security in its current form - it cannot be saved, just like any other garden variety Ponzi Scheme. Social Security is in terminal decline.
What I can't understand about Barack Obama is that he can't look at a problem and offer a solution that doesn't, in some way, shape or form, empowered politicians. He can't even think outside the paradigm of a solution that offers a political advantage to himself or Democrats. It's clear that Obama isn't really that smart and that he merely talks a good game. His intellect is juvenile and his attitudes are naive on nearly every front imaginable. And he would never suggest transitioning Social Security from the Ponzi Scheme that it is to an IRA system which removes government from the fiduciary responsibility of retirement because having an IRA system would not empower politicians and would not offer a political advantage for Democrats.
And so Obama fiddles while Rome burns. I, Patrick Dempsey, had written a policy paper many years ago as my application topic when i was admitted to the UofM Policy Forum in 2004. What I had written in that paper is what many honest and real reformers are talking about today in order to save social security. And the only way to save social security - the ONLY way - is to transition it to an IRA system. If you would like a copy of the paper, feel free to contact me.
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