Social Security = An American Success Story, Since 1937

source: http://finance.yahoo.com/focus-retirement/article/111849/social-security-changes-in-2011;_ylt=Ar2CN1kgbai4S3ZGaq.hF9u7YWsA;_ylu=X3oDMTE1ZG5nbHMzBHBvcwMzBHNlYwNmaWRlbGl0eUZQBHNsawM0c29jaWFsc2VjdXI-?mod=fidelity-readytoretire&cat=fidelity_2010_getting_ready_to_retire

EXCERPT:

“Lower Social Security taxes. The amount workers pay into the Social Security trust fund will temporarily drop from 6.2 percent of taxable wages up to $106,800 annually to 4.2 percent in 2011 only. For self-employed workers, the Social Security tax rate will drop from 12.4 percent to 10.4 percent next year, due to provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed by President Obama on December 17. Employers will continue to pay 6.2 percent of wages into the entitlement program.

The Social Security system’s finances are not expected to be harmed because the trust fund will be reimbursed for the full amount of the tax break from the general fund of the Treasury. However, this change also means that the Social Security trust fund will no longer be completely funded directly by citizen contributions. ‘This pretty much ends the claim that Social Security is self-financing or that it doesn’t contribute to the budget deficit,’ says Andrew Biggs, a resident scholar at the American Enterprise Institute and a former deputy commissioner of the Social Security Administration [during the George W. Bush administration, which wanted to privatize Social Security, or turn it into stocks traded on Wall Street! We would have lost our Social Security if your George W. Bush got what he wanted…the Dow was at 14,000 and got whacked to below 7,000.]”

* words inside brackets are my own.

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No, I do not trust Andrew Biggs’ motivation. However, he does make a valid point. Social Security is and will be again, a “self-financing” program to benefit the majority of Americans in retirement. Remember, FDR created the retirement safety net, paid into by all American workers since 1937, after the mismanagement of three consecutive Republican presidents – Harding, Coolidge, and Hoover-begat the Stock Market Crash of 1929 and the ensuing Great Depression.

Here’s Andrew Biggs’ bio; notice the word “Bush” on it:

http://www.cato.org/people/andrew-biggs

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In my opinion, from what I have read and seen in interviews, the American Enterprise Institute is a conservative think-tank with a right-wing economic ideology that favors profits at all cost for the corporations of America. The American Enterprise Institute regularly sides with BIG OIL companies over the renewable energy industry of our country’s future – like Solar Electricity, that is electrical power from the Sun.

Picture1

source: http://www.nextenergysolar.com/html/energy_efficiency.html

* Solar Electricity works better for residential applications. I would not recommend wind power for the home.

Yes, I have heard representatives of the American Enterprise Institute argue against the overwhelming evidence of human beings burning too many fossil fuels is the cause of global warming. Hello! We could have a solar-electric system on every available rooftop and a plug-in electric car in every available garage…and then we can cap the cost of running our homes and our passenger vehicles, as well as reduce pollutants in the air, which then reduces the warming of the Earth. Relying on BIG OIL and burning fossil fuels un-balances our 70-percent water world, according to the top 100-plus scientists from countries all over the world assembled by the United Nations to conduct several scientific studies and publish their peer-reviewed reports for all the world to see. Then ideologues like people from the American Enterprise Institute get on TV and disagree with the 100 scientists, and put a pro-corporate spin on it.

source: http://www.google.com/search?hl=en&source=hp&biw=1280&bih=707&q=scream+edvard+munch&aq=f&aqi=g3g-m7&aql=&oq=

Scream by Edvard Munch

the-scream-edvard-munch

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