Posted by btchakir
This article is from Just The Messenger:
April 24, 2012
There Still Is No Social Security Crisis
By Richard (RJ) Eskow, April 23, 2012
“‘Medicare and Social Security’ don’t have a long-term problem: Medicare has a problem. No amount of spin or double-talk can change that. This year’s slight downturn in Medicare and Social Security finances was caused by the financial crisis of 2008, as lost jobs and wages led to lost revenue for the program. And that disaster was caused by the deregulation of Wall Street, which was carried out the same bipartisan crowd that’s now pushing cuts to these programs … Now they want ordinary Americans to take a hit to both their Social Security and Medicare benefits. A Social Security cut would be needless and counterproductive, and the nation would be better served with a benefit increase … What’s more, since Social Security is forbidden by law from contributing to the deficit, it’s absurd to connect its financing to discussions of the Federal debt. Medicare’s another story. Unless we address the runaway cost of providing health care to seniors, our Federal budget and are entire economy are in dire trouble. Notice, however, that we said ‘address the runaway cost’ and not ‘shift the runaway cost,’ as the Republican proposal would do.”
,…, “Social Security is essentially healthy, and its long-term issues can be fixed by lifting the payroll tax cap. A “Grand Bargain” to cut Social Security and Medicare will only make things worse. What we really need an overhaul of our health system to remove the corrosive effects of the profit motive on our medical economy – but they don’t want to talk about that.”
,…, “The report released today by the Trustees of the Social Security Administration has already occasioned some of the usual nonsense from the wealthy and highly-funded insider group represented by Clinton and his peers in both parties”.
Richard (RJ) Eskow is a well-known blogger and writer, a former Wall Street executive, an experienced consultant, and a former musician. He has experience in health insurance and economics, occupational health, benefits, risk management, finance, and information technology. He has a somewhat unique perspective on the current financial crisis, since he worked for AIG for a number of years (although not in its infamous Financial Products division).
Richard has consulting experience in the US and over 20 countries. Past clients include USAID, the World Bank, the State Department, the Harvard School of International Public Health, the Government of Hungary, as well as corporations and investors. He has experience in financial and data analysis, systems design, operations, and management.
- Social Security And Medicare Running Out Of Money (fox2now.com)
- More Falsehoods About Social Security And Medicare (duanegraham.wordpress.com)
- Social Security Is Still Doomed Sometime in the Future Based on Questionable Assumptions (mikethemadbiologist.com)
- Social Security and Medicare: Behind the Numbers and the Spin (crooksandliars.com)
- Social Security, Medicare Reaction Reflects Partisan, Election-Year Divide (npr.org)
- Insolvency, tax cuts, military spending and social security (dailykos.com)
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