Know your BFEE: Social Security is a Side Show while Banksters Walk and You Pick Up the Tab

[Octafish]

95. Pete Peterson, the President's friend

Pay Back the Money Borrowed From Social Security

Sen. Don Riegle and
Lori Hansen Riegle
Apr 05, 2011 04:02 PM EDT


Throughout its 75 year history, Social Security has provided critical economic security to millions of retirees, families, children and the disabled. Social Security is paid for by the dedicated contributioans of workers and their employers, has administrative costs of less than one percent, and since it cannot borrow to fund its operations, Social Security does not contribute to the deficit. No wonder that Americans from all walks of life consistently and overwhelmingly support our nation's most successful social insurance program -- a level of support that is not achieved by other governmental programs.

Social Security currently has a $2.6 trillion surplus which has been building up since the 1983 amendments and is intended to help absorb the retirement of the baby boomers. This surplus is invested in US Treasury securities that are backed by the full faith and credit of the US government. According to the Social Security Trustees 2010 report, Social Security can pay full benefits until 2037, at which time, if nothing were done to strengthen its financing, Social Security would still be able to pay about 78 percent of benefits. This quarter of a century means there is time to strengthen its financing without cutting benefits for future beneficiaries. The American people will insist that Congress do what is needed for the program to pay full benefits and protect these benefits they were promised and have earned.

Social Security Opponents Use Fear to Manipulate Debate

Opponents of Social Security have been working for many years to tell a much different story about Social Security in order to influence how the media and Washington decision makers view it. One example of this is Wall Street insider Pete Peterson who has dedicated $1 billion of his Wall Street fortune to the destruction of Social Security as we know it. Peterson is joined in his efforts by other wealthy special interests that have much to gain if Social Security is cut or eliminated.

Despite the overwhelming public support for Social Security and the critical retirement, survivors and disability insurance it provides to millions of Americans, Peterson and his Wall Street friends want to reduce Social Security's protections and force average working Americans to put their future retirement, life and disability security in the hands of Wall Street -- the same crowd that nearly caused a collapse of our economy and pushed the country into the Great Recession.

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http://www.huffingtonpost.com/mobileweb/sen-don-riegle/post_1901_b_845106.html

PS: Thanks for the heads up. Thay is solid anslysis thay should be sen by every voter.