General Discussion
In reply to the discussion: If You Are A Baby Boomer - the real reason YOU SHOULD BE FURIOUS over CPI cuts: [View all]customerserviceguy
(25,406 posts)That $2.6 trillion isn't going to go all that far, especially if we get renewed inflation. COLA's will eat it up, especially if we get the stagflation of the mid-Seventies. That's where you still have inflation, yet the economy is stagnant. Look it up to see what I'm talking about.
I never said that Social Security had directly borrowed, but money was borrowed on its behalf to enable it to continue to produce Social Security checks. Remember that payroll tax holiday that just expired? Money was transferred on the books from the general fund to the SS Trust Fund to make up for the lost FICA taxes. THAT money was borrowed in part.
I'm not against taxing the well off (and for me, that would include a lot of folks who get described by politicians as middle class), but I think you know how very, very difficult that is. It took quite a bit of manuevering for the President to get the tax increases that he got on January first of this year, and the Rethuglicans aren't going to be manipulated as easily next time. In fact, they were all too willing to let the sequester take place rather than close loopholes. No, the only way those loopholes get closed is if there is a grand bargain that lowers rates on the top tier, cuts spending, and limits entitlement spending.
Yes, we need to elect a progressive Congress, but between 2009 and the end of the lame duck session in 2010, when we had control of both houses and the White House, did we fix things then?
I get my ideas in part from Dr. Allen W. Smith, who is as progressive as anyone here, look him up. Attacking my arguments by labeling them as being from the Heritage Foundation, or as 'right wing talking points' is a poor substitute for intelligent argument.