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Republicans: “THE SKY IS FALLING!! THE SKY IS FALLING!!”

Posted by Warm Southern Breeze on Monday, September 6, 2021

Spendthrift Democrats ignore looming bankruptcy of Social Security and Medicare
By Liz Peek, Opinion Contributor — 09/04/21 03:00 PM EDT
Liz Peek is a Fox News contributor, conservative commentator, former partner of the now-defunct major bracket Wall Street investment banking firm Wertheim & Company, who worked as a oil industry research analyst on Wall Street over 20 years.

https://thehill.com/opinion/finance/570809-spendthrift-democrats-ignore-looming-bankruptcy-of-social-security-and


Liz Peek’s “bash piece” is purely tripe.

Let’s take it line-by-line — all my remarks are highlighted in GREEN and some are emboldened.

Here’s her opening line:

Are Democrats serious about confronting the impending collapse of Social Security and Medicare? It sure doesn’t seem so.

WOLF! WOLF! WOLF! Remember the Aesop’s fable of “The Boy who Cried ‘WOLF!'”?

Next line:

Instead of focusing on the looming bankruptcy of these programs, Democrats are pushing to spend $4-$5 trillion on a progressive wish-list of expensive new federal giveaways. Perhaps they believe that promising voters free college, free child care, free elder care and so much more will distract them from realizing that our most important safety nets are falling into disrepair.

“Federal giveaways,” she writes. You mean like TAX CUTS FOR THE WEALTHY & THEIR CORPORATIONS? That’s CORPORATE WELFARE. And we mustn’t forget Jeff Bezos who paid NO INCOME TAX, nor did his MEGA CORPORATION AMAZON. And then, there’s the “Paris Hilton Tax Cuts,” which DOES NOT TAX inheritance… even though it’s like winning the lottery. They did NOTHING TO EARN IT. And that’s just a drop in the bucket.

Next line.

Moreover, President Biden and congressional Democrats want to significantly hike taxes to pay for shiny new entitlements. But taxpayers are already facing big hits just to maintain the ones we already have.

Refer to the preceding paragraph about income tax rates for individuals, and corporations, and those who do NOT pay income taxes — the wealthy. They DO NOT see the paying of taxes, including income taxes, as being a patriotic duty. And yet, it is. During the 2-term Republican administration of President Dwight David Eisenhower, income tax rates upon the wealthiest Americans was 90%+, and upon corporations was 50%+. AND DURING HIS ADMINISTRATION, OUR NATION GREW LIKE GANGBUSTERS. Some complain about “tax and spend.” And yet, that is EXACTLY how it works. And the spending goes RIGHT BACK INTO THE PRIVATE SECTOR, which is where it originated. Presently, in 2021, the highest personal income tax rate is 37%, while the highest corporate income tax rate is 21%.

Next couple of paragraphs.

This week, the trustees of the Social Security and Medicare programs released their annual reports; the news is not good.

The bottom line: Both funds are running out of money, faster than expected. Both Medicare and Social Security will need to be propped up, the sooner the better. Specifically:

    • Medicare’s Part A Hospital Insurance trust fund will go broke in five years; outlays are projected to exceed income by nearly $600 billion over the next 10 years. Over the longer term, we would need a 27 percent increase in the payroll tax or a 16 percent spending cut to keep the program running.
    • Gross spending on Medicare will increase from 4.1 percent of our entire economy this year to more than 6 percent over the next 20 years.
    • Social Security will become insolvent in 13 years. Under current law, the administration cannot guarantee full benefits to today’s retirees.
    • The trustees’ report says that Social Security will run cash deficits of $2.4 trillion over the next 10 years, equal to 2.3 percent of total taxable payrolls.
    • Social Security is estimated to post a cash-flow deficit of $147 billion this year, equal to almost 0.7 percent of GDP

The date of projected insolvency for these entitlements moved closer over the past year; the proposed remedies from the Committee for a Responsible Federal Budget (CRFB) become more draconian as time goes on.

The link provided by the author, Liz Peek, was NOT to an official United States Government website. It was to a group calling themselves “Committee for a Responsible Federal Budget.” And even that group DID NOT present a link to official sources. Yeah… that sounds about right. Find someone who’ll agree with you on everything you say, and present that echo chamber as reality.

Here’s the “2021 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS“:
https://www.cms.gov/files/document/2021-medicare-trustees-report.pdf

Here’s the Social Security Administration’s “SUMMARY OF THE 2021 ANNUAL REPORTS“:
https://www.ssa.gov/OACT/TRSUM/index.html

Here’s the “Fact Sheet: 2021 Social Security and Medicare Trustees Reports” from the United States Treasury:
https://home.treasury.gov/system/files/136/Fact-Sheet-2021-Social-Security-and-Medicare-Trustees-Reports.pdf

Here’s the Social Security Administration’s “Social Security 2021 Trustees Report.” Read the rest of this entry »

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