It's Time the Wealthiest Americans Paid Their ShareSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 
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It's Time the Wealthiest Americans Paid Their Share
 


16 August 2010 at 6:03:12 PM
humanbeing

I will never understand the support given to the Republican Party here in Texas by so many citizens from the lower and middle class who apparently believe the wealthiest Americans need their tax breaks more than the rest of us, the 'worker bees', the ones who produce everything and every service. Are they afraid these people will not be able to get their needs met? Here's something to think about from Dave Lindorff, Common Dreams.

"New York Times columnist and economist Paul Krugman, in his column today, is right to expose the attacks on Social Security as being the work of right-wing ideologues eager to destroy a government program that works, backed by cowardly Democrats who want to show their fiscal "responsibility" by getting tough with future pensioners.

But he doesn't go the extra step to point out that this program, founded 75 years ago as a cornerstone of Franklin Roosevelt's New Deal, could be much more fair and even generous to elderly and disabled retirees, and also placed on a much sounder economic footing, by a few simple reforms that would not cost most people a penny, or require hard working folks to work one day longer before retiring.

There is a problem facing Social Security, which Krugman doesn't mention. The Novel economist is correct that the system has built up a huge multi-trillion-dollar surplus over the years. And he is correct in noting that this surplus--the Trust Fund--is big enough to fund the system probably indefinitely, even during the huge bulge in retirement that is starting now that the Baby Boomer generation is hitting retirement age. What he fails to mention is that the Trust Fund has all been stolen (okay, technically borrowed) by the federal government to fund its own annual deficits, and given the national attitude towards taxes, it will never be repaid. That's why the right is able to create a panic by falsely claiming that Social Security is going to go "bankrupt" when current workers' Social Security taxes can no longer pay for the benefits of current retirees.

But there is a simple solution to even this deception, which is to eliminate the cap on income which is subject to the Social Security tax."

Please read more: http://www.commondreams.org/view/2010/08/16-7

 

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1 - humanbeing   16 Aug 2010 @ 6:16:13 PM 

And here is Paul Krugman's article referenced above:

From NY Times: http://www.nytimes.com/2010/08/16/opinion/16krugman.html?_r=1&hp


Latest Blog Post by humanbeing -State Department Admits It Doesn't Know Keystone XL's Exact Route
2 - humanbeing   16 Aug 2010 @ 6:47:22 PM 

One more suggestion: read some of the comments posted by Americans on the Krugman article, NY Times.


Latest Blog Post by humanbeing -State Department Admits It Doesn't Know Keystone XL's Exact Route
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