Category Archives: social security

Economy, health care, Poverty, safety net, Seniors, social security, unemployment

US Capitalism Redistributing Wealth ‘Upward’

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Nine Economic Facts That Will Make Your Head Spin

By Lynn Stuart Parramore
Beaver County Blue via Alternet.org

Feb 18, 2013  |  How much will you need for medical expenses in retirement? What does it cost to keep 2.5 million Americans behind bars? Here are a few facts and figures that might surprise you.

1. Recovery for the rich, recession for the rest.

Economic recovery is in rather limited supply, it seems. Research by economist Emmanuel Saez shows that the top 1 percent has enjoyed income growth of over 11 percent [3] since the official end of the recession. The other 99 percent hasn’t fared so well, seeing a 0.4 percent decline in income.

The top 10 percent of earners hauled in 46.5 percent of all income in 2011, the highest proportion since 1917 – and that doesn’t even include money earned from investments. The wealthy have benefitted from favorable tax status and the rise in stock prices, while the rest have been hit with a continuing unemployment crisis that has kept wages down. Saez believes this trend will continue in 2013.

2. Half of us are poor or barely scraping by.

The latest Census Bureau data shows that one in two Americans currently falls into either the “low income” category or is living in poverty. Low-income is defined as those earning between 100 and 199 percent of the poverty level. Adjusted for inflation, the earnings for the bottom 20 percent of families have dropped from $16,788 in 1979 to just under $15,000. Earnings for the next 20 percent have been stuck at $37,000.

States in the South and West had the highest proportion of low-income families, including Arizona, New Mexico and South Carolina, where politicians are eagerly shredding the social safety net.

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Economy, GOP, Infrastructure, Right Wing, safety net, social security, unemployment

A Sensible "Deal for All" Challenges the Dreaded "Simpson-Bowles" Cutbacks

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Photo: Cardboard image of Jamie Dimond, JP Morgan’s ‘Simpson Bowles’ Advocate.

By Carl Bloice
Beaver County Blue via Black Commentator

‘The real losers would be seniors, sick poor people, the unemployed, and people with disabilities.’

July 26, 2012 – A highly placed journalist spoke up boldly over the weekend on behalf of the country’s serious people, "those of us who crave a little common sense," who are feeling a bit of "despair," right now because the nation’s capital has become "a sludge pit of dysfunction." This state of affairs, wrote New York Times former executive editor. Bill Keller, could be attributed to "Republican cynicism, Democratic fecklessness or presidential disengagement."

"Talk to any credible economist, wire any serious politician to a polygraph, and you will hear at least 80 percent agreement on what is to be done: investment to goose the lackluster recovery and rebuild our infrastructure, entitlement reforms and spending discipline to lower the debt, and a tax code that lets the government pay its way without stifling business, punishing the middle class or rewarding sleight of hand," wrote Keller in the Times July 21. The problem, he asserted, is the failure of the responsible people to come up with a "grand bargain," the outline of which is pretty much summed up in (a little drum roll here) our old friend, the magic elixir; "Simpson-Bowles."

It just won’t go away. Its promoters continue to use a nonexistent "Simpson-Bowles" report from the failed Presidential deficit reduction commission as the code for what a powerful group among the nation’s political and economic elite want to enact by hook or by crook, whether we the people want it or not.

Continue reading A Sensible "Deal for All" Challenges the Dreaded "Simpson-Bowles" Cutbacks →

Democrats, Economy, safety net, social security

‘Third Way’ Dems and the Road to Perdition

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Why Any Deal to Cut Social Security,

Medicare or Medicaid Would be

a Moral, Economic and Political Disaster

By Robert Creamer
Huffington Post, March 28, 2011

Friday, the Democratic group Third Way published a memo arguing that Democrats should support "entitlement reform" — by which they mean cuts in Social Security, Medicare and Medicaid. I don’t doubt the sincerity or intentions of their proposal, but I believe that if Democrats took their advice it would result in a moral, economic and political disaster.

Here’s why:

The immorality of "entitlement reform." The very idea that seniors on Social Security — whose average income is $18,000 a year — should be asked to tighten their belts while the Federal Government still gives huge tax breaks to millionaires and subsidies to oil companies is just plain wrong.

The principle voices for "entitlement reform" are the multi-millionaires from Wall Street who argue that we need to cut Social Security and Medicare benefits as part of a bargain to reduce the long-term federal deficit and give the "markets" confidence. Never mind that Social Security in particular does not contribute anything to the deficit and has in fact generated a $2.6 trillion surplus that was paid for by workers and employers through Social Security taxes. Never mind that the Wall Street gang clamoring for "entitlement reform" demanded extension of the Bush tax cuts for the wealthy, subsidies for the oil companies, tax breaks for companies that send jobs overseas and an end to the estate tax that only affects the sons and daughters of multi-millionaires.

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Economy, social security, unemployment

Put This Neoliberal Warning Label on Blue Dogs, the GOP and Other Wavering Centrists

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10 Ways Right-Wingers Will Try

to Wreck Any Economic Recovery

By Isaiah J. Poole
Beaver County Blue via Blog for Our Future

Dec. 27, 2010 – Conservatives have a legislative agenda for 2011 that will hurt your ability to get or keep a job, your neighborhood’s ability to recover from the recession and this country’s ability to regain its footing in the global economy.

To keep conservatives from enacting policies that will kill a nascent economic recovery, progressives will have to organize against these top 10 economy killers.

1. Repeal of Health-Care Reform

Republicans have placed "repealing Obamacare" at the top of their legislative agenda for 2011. If they succeed, the economy is going to come down with multiple serious illnesses—at least 24, according to a report released this month by Rep. Peter Stark of the House Ways and Means Committee.

Among them: a $143 billion increase in the deficit by losing the savings the reforms created, an increase the number of uninsured by 30 million people, an end to free preventative care services and the loss of the requirement that insurance companies devote the bulk of premium payments to health care costs rather than expensive advertising and executive perks. While a Virginia judge is a conservative hero for blocking health-care reform’s requirement that people buy private insurance, conservatives are silent on the fact that if that requirement goes, the reform’s mandate that insurance companies cover preexisting conditions is unsustainable.

We’ll be back to uncontrolled cost increases in private insurance. But, as the state of our health compared to other leading nations continues to decline, conservatives will at least be able to say that they maintained the United States’ global leadership as the nation that spends the most on health care and gets the least.

2. Diminish the Federal Government’s Ability to Support Job-Creation

Conservatives are poised to execute a strikingly broad assault against federal spending, particularly programs that help jump-start and steer the nation’s job-creation engine. It includes the expected targets—such proven programs as Community Development Block Grants—as well as some new ones, such as the Small Business Administration (there goes all that Republican fealty to "small business") and even the requirement that the Federal Reserve take employment impact into account when it sets monetary policy.

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Economy, social security

Message to Altmire: Cutting Social Security Is Both Dishonest and Whacko

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Simpson’s ‘Tits’ Are the Least of It

 

By Robert Kuttner

Beaver County Blue via The American Prospect

When you think about it, Alan (“Tits”) Simpson is the ideal jester to deflect attention from the bigger joke — the fiscal reform commission itself. The problem is less Simpson’s dopey comments and more the idiocy of the rest of the commission.

Given what is happening to the real economy in the real world, the prospect of a double-dip recession and the prospect of a lost decade of high unemployment, the idea that the bigger menace is Social Security is just whacko. Let’s recall that Social Security is in surplus until 2037!

Yet the idea that the road to recovery leads though cuts in Social Security, Medicare, and other social outlays that are keeping the depression from worsening, if anything, is gaining traction among opinion elites.

Continue reading Message to Altmire: Cutting Social Security Is Both Dishonest and Whacko →