President Obama isn't just destroying the Democratic Party and the country,

[JDPriestly]

79. ProSense, I'd like to know your response to the arguments from Michael Hudson

in this article on Obama's chained CPI proposal:

HUDSON: . . . .
When the government printed $13 trillion to give to the banks after the 2008 breakdown, nobody complained at all about the fact that the government can simply print the money and pour it into the economy. Nobody is complaining about the increased war spending that we’re doing, the waste that the Pentagon itself is complaining to congress about.

Why is it that these complaints focus on one particular small part of the budget, Social Security and medical care and health care? And the reason is this is pure, naked class war. There’s no other word for it. You can’t believe that people are being honest when they don’t talk about the whole budget or the overall economy when they’re singlemindedly tunnel-visioned, focused only on how do we pay retirees less, so that we can give the bankers more when President Obama continues the bank deregulation he’s sponsoring. The idea is to cut back Social Security in order to gear up for the next big bank bailout that’s going to result from current policies.

. . . .

(About Obama's proposal to raise the marginal income tax rates for the rich

It’s a fraud. It’s doubletalk. Rich people don’t make income if they help it. To paraphrase Leona Helmsley, income is for the little people. Rich people make capital gains.

So they fill out your tax returns, they don’t say that they’re earning income. They report capital gains, taxed at a much lower rate. So what Obama is doing is flimflam. The Congressional Budget Office has shown that the wealthy people get most of their rise in net worth by capital gains, not income. He’s not making a peep about that.

http://www.counterpunch.org/2013/04/12/obamas-cat-food-social-security-reform/

Michael Hudson puts the entire chained CPI and Social Security issue in the context of our whole economy.

I would like to know what you think about what he has to say. Thanks.