Published on Online Journal, by Michael Collin, Nov. 11, 2010.
President Obama announced the new National Commission on Fiscal Responsibility and Reform (see also on wikipedia) on February 18 to address astronomical federal budget deficits. There has been considerable speculation that this commission will target current and future benefits for Social Security recipients to achieve its goals … //
… 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. (full long text).
(Michael Collins is a writer in the DC area who researches and comments on the corruptions of the new millennium. His articles focus on the financial manipulations of The Money Party, the abuse of power by government, and features on elections and election fraud. His articles can be found here. His website is called The Money Party (see also chronologically).
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