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Obama Aims To Cut Social Security & Other Federal Benefits? And This is a Surprise?

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    President Obama's proposal to cut Social Security by "chaining" it to the consumer price index will cost seniors a good 10% of monthly benefits a decade from now.  Republicans didn't force him into this, it's his opening proposal for negotiating.  Is anybody even surprised?  

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    What Else Must Obama Do For Blacks to Know That:

    To para-quote MJ- 'He Don't Really Care About Us'

    After Obama gets 95% of the Black vote to get re-elected, never-the-less He claimed the key to his victory was the Hispanic vote [@ 70% - means Blacks voted for Obama much more than did Hispanics both in total % of votes & in actual total number of votes]. And Obama 'came out of the closet' in favor of so-called 'Gay' marriage & strikes down DADT. Yet less than half a yr after Blacks voted for him to the tune of 95% [IE: his most loyal constituency]- he shows his 'appreciation' to Blacks [as the first 'officially' Black POTUS] by offering the Repugs these cuts in social-security & medicare. Even when, though the 'official' unemployment figures have allegedly dropped [NOT!]- for Blacks it has actually INCREASED w Obama at the helm! And just as Sis Yvette & Bro Pascal says- Obama's been telegraphing this move since even before he won the 2008 POTUS election.

    But IMO unfortunately most Blacks will likely find some way to blame the Repugs for Obama's treachery- while letting him off the hook!

     

    It's the Flip Wilson Defense all day all the time

    Quote:  "But IMO unfortunately most Blacks will likely find some way to blame the Repugs for Obama's treachery- while letting him off the hook!"

    You're being way too kind my friend by saying "most likely."

    Obama has the eternal Flip Wilson pass:  "The (White) devil made me do it."  It's the gift that keeps on giving.

    So what are we suppose to do is the real question?  Keep trying to ween the addict off of crack, or let the addict hit rock bottom to effectuate a wake up call?  I postulate that the latter is going to happen regardless of intervention.  Any bets?

    This Liberal triumph of "Immigration Reform" is going to set Black folks back 10 years.  Funny how we have all of these job possibilities no American wants that will now go to immigrants.

    Expect a 5 to 10% FIXED increase in Black structural unemployment w/n 5 years after "Immigration Reform."  But hey, we Black Libs can feel really progressive and good about ourselves as we "fade to black."

    http://zonadesabor.com/10025/latino-unemployment-rates-at-a-historic-low/

    Obama's deft deflection of blame.

    This could be Obama's greatest political talent, his ability to transfer blame to the other guy.  Obama is close to flawless in diverting causation to someone else.  Doesn't matter which "other" guy.  The Devil made me do it!  The White Devil made me do it!  The Republicans made me do it!

    He uses this deftly as he does exactly what he wanted to do in the first place.

     

     

    Social Security has long been

    Social Security has long been believed to be a good investment, on balance. Most people, for most of the agency's history, have gotten more than they paid in in disbursed Social Security. However, a recent Associated Press evaluation revealed that it isn't the case anymore.

    SS Trust Fund Scam

    Economist,  Warren Mosler writes, 

    "Why are Social Security Cutbacks on the table?’

    • Only one reason‐ our leaders don’t understand the monetary system
    • They don’t know spending is not constrained by revenue.
    • They think that to spend what we don’t tax we have to borrow from the likes of China, for  our grandchildren to pay back.
    • It’s all a tragic mistake of epic proportions.
    • The SS Trust fund is record keeping.
    • Social Security contributions are regressive taxes that function to reduce take home pay and aggregate demand.
    • Social Security payments are progressive distributions that add to take home pay and aggregate demand.  Therefore, budget negotiations which include dollar reductions in SS payments or increases in SS taxes cannot be justified on financial or economic terms. No matter the balance in the bookkeeping arrangement called the SS Trust Fund, SS recipients will receive their benefits without reduction.  Treasury checks never bounce and all SS benefits are disbursed from Treasury's General Fund Account, not the SS Trust Fund.

    Congress and the White House have used SS as the budget boogeyman when they know full well that SS/M/M are not fiscal problems.  The problem is Congress doesn't understand deficit spending in a fiat currency system.  The government's deficit spending equals, to the penny, net financial assets in the non-government sector. In plain English when the Federal government spends it can only do so in three ways; mark up your checking out or savingd account or give you cash.  When you receive this deficit spending yuou have, after taxes net financial assets---a surplus. Your surplus is equal, to the penny, to the government's deficit. Your savings have been increased due to the governments deficit. Click this link and you will see that overtime deficit spending has provided the private sector assets that it would otherwise need to borrow, as it did during the Clinton years and that led to a recession.  Yes, the budget surplus during the Clinton yearts was a "bad" thing because it drained net financial assets from the private sector. 

    http://images.huffingtonpost.com/2013-03-06-SectorFinancialbalances.jpg

    What Congress and the White House need to understand is that the funds to pay taxes and buy Treasury securities come from government spending. And, that t  Moreover, taxes serve to manage aggregate demand and not to raise revenue per se."

    When Nixon abandoned convertibility Congress should have repealed debt ceiling legislation since there was no need to maintain parity with gold in a flexible exchange rate world.

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