Daily Archives: August 1, 2010

Did you see this from MoveOn.com?

Top 5 Social Security Myths

Rumors of Social Security’s demise are greatly exaggerated. But some powerful people keep spreading lies about the program to scare people into accepting benefit cuts. Can you check out this list of Social Security myths and share it with your friends, family and coworkers?

Myth: Social Security is going broke.

Reality: There is no Social Security crisis. By 2023, Social Security will have a $4.6 trillion surplus (yes, trillion with a ‘T’). It can pay out all scheduled benefits for the next quarter-century with no changes whatsoever.1 After 2037, it’ll still be able to pay out 75% of scheduled benefits–and again, that’s without any changes. The program started preparing for the Baby Boomers retirement decades ago. Anyone who insists Social Security is broke probably wants to break it themselves.

Myth: We have to raise the retirement age because people are living longer.

Reality: This is red-herring to trick you into agreeing to benefit cuts. Retirees are living about the same amount of time as they were in the 1930s. The reason average life expectancy is higher is mostly because many fewer people die as children than did 70 years ago.3 What’s more, what gains there have been are distributed very unevenly–since 1972, life expectancy increased by 6.5 years for workers in the top half of the income brackets, but by less than 2 years for those in the bottom half.4 But those intent on cutting Social Security love this argument because raising the retirement age is the same as an across-the-board benefit cut.

Myth: Benefit cuts are the only way to fix Social Security.

Reality: Social Security doesn’t need to be fixed. But if we want to strengthen it, here’s a better way: Make the rich pay their fair share. If the very rich paid taxes on all of their income, Social Security would be sustainable for decades to come. Right now, high earners only pay Social Security taxes on the first $106,000 of their income. But conservatives insist benefit cuts are the only way because they want to protect the super-rich from paying their fair share.

Myth: The Social Security Trust Fund has been raided and is full of IOUs

Reality: Not even close to true. The Social Security Trust Fund isn’t full of IOUs, it’s full of U.S. Treasury Bonds. And those bonds are backed by the full faith and credit of the United States. The reason Social Security holds only treasury bonds is the same reason many Americans do: The federal government has never missed a single interest payment on its debts. President Bush wanted to put Social Security funds in the stock market–which would have been disastrous–but luckily, he failed. So the trillions of dollars in the Social Security Trust Fund, which are separate from the regular budget, are as safe as can be.

Myth: Social Security adds to the deficit

Reality: It’s not just wrong — it’s impossible! By law, Social Security funds are separate from the budget, and it must pay its own way. That means that Social Security can’t add one penny to the deficit.

I got this at HoldFast.com. Good List!

On Sunday Morning… getting ready to go to the Farmer’s Market

In about 5 minutes Elly’s rye bread will be out of the oven and we’ll head off to the Farmer’s market to see if we can pick up some fresh sweet corn. Then there are a couple of art shows we want to see in town as part of the weekend’s Festival… we saw a couple yesterday, plus we went to a documentary screening about Historic Shepherdstown and a CATF lecture on protecting art in wartime (related to “Inana”, the play about how a museum curator copes with the oncoming American invasion.)

Weekends in the summer are full of things to check out around this area… and much of it is free. The Shepherdstown Visitors Center is a good place to check on what’s going on.

Another Democrat Faces Ethics Charges…

clipped from www.salon.com
A second House Democrat, Rep. Maxine Waters of California, could face an ethics trial this fall, further complicating the election outlook for the party as it battles to retain its majority.
People familiar with the investigation, who were not authorized to be quoted about charges before they are made public, say the allegations could be announced next week. The House ethics committee declined Friday to make any public statement on the matter.
Waters, 71, has been under investigation for a possible conflict of interest involving a bank that was seeking federal aid. Her husband owned stock in the bank and had served on its board.
Waters came under scrutiny after former Treasury Department officials said she helped arrange a meeting between regulators and executives at Boston-based OneUnited Bank without mentioning her husband’s financial ties to the institution.
Her husband, Sidney Williams, held at least $250,000 in the bank’s stock and previously had served on its board.
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Waters’ spokesman has said Williams was no longer on the board when the meeting was arranged. She defended her role in assisting minority-owned banks in the midst of the nation’s financial meltdown and dismissed suggestions she used her influence to steer government aid to the bank.

“I am confident that as the investigation moves forward the panel will discover that there are no facts to support allegations that I have acted improperly,” Waters said in a prior statement.