NPR Marketplace pushes tripe on social security

[Hannah Bell]

Marketplace Pushes Tripe on Social Security

Does Marketplace's host have any idea what she is talking about when she says: "Social Security is in such a sorry state"? According to the Congressional Budget Office the program can pay all benefits for the next 34 years with no changes whatsoever and even after that can pay more than 75 percent of benefits indefinitely. The program is in much better shape in this respect that it was in the 40s, 50s, 60s, or 70s. So what on earth is this person talking about? Can Marketplace Radio pay all its expenses for the next 34 years?

Marketplace's expert then tells us that Social Security will probably be means-tested. This idea is extremely unpopular among both the public and policy experts, so it would be interesting to know the basis for this assessment. She also recommends raising the retirement age, apparently unaware of the fact that the retirement age has already been raised to 67. She also is apparently unaware of the fact that the vast majority of the huge baby boom cohort has almost nothing saved for retirement and therefore will be almost entirely dependent on Social Security.

http://www.cepr.net/index.php/blogs/beat-the-press/marketplace-pushes-tripe-on-social-security/

[NoNothing]

1. The CBO estimates

Are based on the premise that the Treasury buys back the bonds that are held by Social Security. BUT - practically, the money to buy those bonds has to come from somewhere. So while the CBO is *technically* correct, NPR is *practically* correct.

[damntexdem]

6. Bullshit. The U.S. has never reneged on a debt.

And if it doesn't honor these bonds, forget Social Security -- the fallout of such a default will bring down the world economy. The NPR hit piece was total crap.

And increasing or eliminating the income cap on FICA taxes would completely fund Social Security for the foreseeable future.

And note the 2030s/2040s scenarios for the SS surplus running out -- right when we boomers will be leaving this mortal coil in great numbers, thus lessening the pressure on SS.

[Hannah Bell]

9. +100

[NoNothing]

13. I don't doubt that the U.S. will honor the bonds

That doesn't change the fact that the money to honor those bonds has to come from somewhere! *Honoring the bonds* will be the real challenge and that will have to start being dealt with immediately as there is no more surplus. (I think you meant "trust fund" when you wrote "surplus.") As far as the CBO is concerned, honoring the bonds is just *assumed,* but the NPR piece deals with the reality that actually honoring those bonds will be difficult.

[leftstreet]

21. +1

:applause:

[customerserviceguy]

29. And they won't (totally) on this

But, if they don't lower spending, raise taxes, or some combination of the two, they will simply print money. Inflation will run rampant.

Oh, and the peak of the baby boom was 1957. They'll turn 73 in 2030, and there will still be a fair number of them alive ten years later.

[SlipperySlope]

43. Never reneged on a debt? Balony!

"The U.S. has never reneged on a debt."

Gold and silver certificates were debt obligations of the United States payable on demand to the bearer in gold or silver.

Try to redeem one today.

The US reneged that debt. Sure, you can exchange those certificates for federal reserve notes of the same nominal value, but the pure underlying debt promise was repudiated.

Same thing will likely happen with Social Security. Even if paid in dollars, they won't be the dollars we know.

[Ikonoklast]

11. So, the U.S. is going to default on Treasuries.

Right-wing bullshit.

'Practically' utter nonsense.

In what scenario do you see this happening?

[NoNothing]

15. I don't see it happening

That doesn't mean it won't be difficult! Remember, the money still has to come from somewhere. Sticking your head in the sand won't pay the bills.

[Hannah Bell]

22. like i said, income tax increase on the top 1%, who borrowed over a trillion from the ss trust fund

in the form of tax cuts during the eight bush years.

it's not that difficult to figure out.

[NoNothing]

26. Well golly, nothing is hard if you just assume it will happen

I mean, it's not like anybody ever objects to big tax hikes.

[Hannah Bell]

32. lol. too bad. Loans from Social Security funded their tax cuts, they had the use of the money for

10 years, during which time they invested it to make even more bucks....

Time to pay it back.

Rescinding the bush tax cuts on the top 5% would pay down the entire SS Trust Fund.

Rescinding those on the top 1% would pay off half of it.

[dionysus]

37. and don't bush's cuts expire at the end of the year?

[Hannah Bell]

38. supposedly; but there's been noise to extend them.

can't "raise" taxes during a recession, you know.

even when one of the reasons for the recession is that the top 10% has all the money.

[Hannah Bell]

20. "somewhere" would be an income tax increase on the top 1%,

those who "borrowed" over a trillion in tax cuts from the social security trust fund.

[uponit7771]

2. NPR has gotten on my nerves when it comes to social programs which they are partly one of them. They

...HARDLY have a factual balance when it comes to spending and the pendents don't press the stupid come from the right on their hatred of government unless a multibillion dollar company is involved.

[lurky]

3. Marketplace is a joke.

Has been for years.

[bobbolink]

4. That's not the point. The POINT is that this is being pushed, people are being persuaded,

and the fight to abolish SS is on.

Mainly because of the same old dynamic... the Right attacks with lies, and the left can't/won't counter the lies.

[lurky]

27. I don't disagree. Unfortunately, there is no "left" in our national dialogue.

At least when it comes to economic issues. I can't think of a single major news outlet that does not push the pro-corporate party line.

Often, the distortions you see are embedded in news reporting as statements of fact, just like you described. If all your information came from these sources, you would get the impression that real dissent does not exist, or that it is a marginal opinion held only by wackos and extremists in places like San Francisco or Cambridge.

And don't hold your breath waiting for our Dem leaders to stand up for their principles and risk losing all those big corporate campaign donations.

But, yeah, I get your point: It seems the anti-SS campaign is gearing up.

[bobbolink]

30. The Point is that we keep repeating these very same items which you have enumerated.

As if that takes care of it.

What comes across to me is that you are just fine with the suffering and dying of those below you.

If that is not true, then rather than keep repeating these same things, its past time to start organizing some action.

I mean, "progressives" are willing to fight for gay marriage, fight against horrendous immigration crap like in Arizona, get involved with environmental issues, but when it comes to poor people suffering and dying, it is all the fault of the "media", and nothing can be done.

You see, it finally comes down to EVERY SINGLE ONE OF US.

[lurky]

42. Not sure why you think I'm fine with anything.

I'm feeling pretty frustrated and disillusioned with things right now. Maybe that comes across as detached and callous. This definitely doesn't just affect people "below" me. Unfortunately, this could be devastating to people close to me. I don't think we disagree about anything...

:hi:

[county worker]

5. We are being primed for the deficit reduction committee's answers to how to cut the deficit.

In December of this year the Dems in Congress will tell us we have to cut Social Security. What I don't like about it is cutting Social Security has long term effects and the deficit is a short term problem.

We could end the two wars we are in and use the money to cut the defect.

[damntexdem]

7. Support the third rail -- and dare the pols, GOP and Dem, to touch it.

If they really come after Social Security, the upheaval will make the Tea Party's antics look like a child's . . . tea party.

[flamingdem]

14. +1 yes indeed

[county worker]

16. The thing to watch is how many citizen's start believing the bull shit they going to serve up.

[Hydra]

8. Eliminating social programs

"Entitlements" as they call them.

Personally, I feel VERY entitled to it when I'm forced to pay into it, don't you?

[Hannah Bell]

12. that was the original meaning: benefits people are entitled to because they paid for them.

the right has utterly perverted the meaning, in their orwellian way.

[Odin2005]

10. Marketplace is little different than CNBC, pro-Corporatist propaganda.

[blindpig]

17. Will people take this lying down?

Where the hell is the breaking point?

k&r

[leftstreet]

23. Yes

Not that they desire to do so. There is NO understanding of class in this country. None, zip, nada. The 'rugged individual' is indoctrinated to 'break' on others within his/her own class.

The ruling elite sleep like babies.

:cry:

[blindpig]

25. It is up to us to make a racket

As the jaws of capitalism closed upon us, seemingly from every direction, people will react. It is our job that they know who the enemy is.

[maryf]

31. + 1,000

Bullhorn is ready...

[elleng]

18. Would be useful to have 'her' name, imo.

[Hannah Bell]

19. The interview is linked in the original source.

http://marketplace.publicradio.org/display/web/2010/06/11/mm-getting-personal/

[elleng]

Not provided here, linked in post.

http://www.cepr.net/index.php/blogs/beat-the-press/marketplace-pushes-tripe-on-social-security/

[Hannah Bell]

35. like i said, linked in the original source, & i linked you to the interview as well in the post you

just responded to.

here it is again, direct to the npr interview:

http://marketplace.publicradio.org/display/web/2010/06/11/mm-getting-personal/

"Host Tess Vigeland and Kathy Kristof of CBS MoneyWatch take your questions on retirement"

[elleng]

33. dupe

[madrchsod]

24. ya the fuckers took our pensions and gave us 401`s

there`s tens of millions like me got nothing for my labor....i see these guys when i walk into walmart..working part time to pay their medicare and medicare supplemental.

[SocialistLez]

28. I haven't listened to NPR in a while. It's either classical or the MPR player. NT

[fascisthunter]

34. I Stopped listening to NPR a few years ago

they had some nut on their claiming people identify themselves with products and how that was a good thing. If I could have, I would have reached into the radio and strangled the worm.

[elleng]

41. Here, they took 'market' from cbs.

[elleng]

36. Commenters noted 'she' doesn't know what she was talking about.

From CBS MoneyWatch.

http://marketplace.publicradio.org/display/web/2010/06/11/mm-getting-personal

[Hannah Bell]

39. i really don't understand what your beef is.

the names are clear in the original interview, which is linked.

[Name removed]

40. Deleted message

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