Ben
05-20-2009, 01:08 AM
Obama Turns Back on New Deal
By Matthew Rothschild, May 13, 2009
Soon after getting into the White House, Barack Obama said bemusedly that some of his opponents were still fighting the New Deal.
But now it looks like Obama himself may chip away at one of the cornerstones of the New Deal: and that is Social Security.
After announcing that the recession has shrunk the payroll taxes that fund Social Security, Obama’s pathetic Treasury Secretary Timothy Geithner signaled that cuts in the program may be in the offing.
“The President explicitly rejects the notion that Social Security is untouchable politically,” Geithner said.
Obama’s OMB director, Peter Orzag, came out with a paper several years ago calling for reductions in benefits for all recipients who are currently 55 or under. The cuts would be from 2 percent to 9 percent.
Obama himself uses the derisive term “entitlement” for this benefit, as if the elderly and the disabled are acting like entitled little brats to expect to have any government help.
Another outrageous thing about this targeting of Social Security is that it’s so unnecessary.
Even with this week’s figures, Social Security would be able to pay every dime of benefits to every recipient through the year 2037. And if we lifted the ceiling on Social Security payroll taxes, which is now just slightly more than $100,000, then Social Security would be solvent a lot longer.
Obama campaigned on preserving Social Security and accused McCain of wanting to cut it. Now, by preparing an assault on Social Security, he is engaging in a huge betrayal.
By Matthew Rothschild, May 13, 2009
Soon after getting into the White House, Barack Obama said bemusedly that some of his opponents were still fighting the New Deal.
But now it looks like Obama himself may chip away at one of the cornerstones of the New Deal: and that is Social Security.
After announcing that the recession has shrunk the payroll taxes that fund Social Security, Obama’s pathetic Treasury Secretary Timothy Geithner signaled that cuts in the program may be in the offing.
“The President explicitly rejects the notion that Social Security is untouchable politically,” Geithner said.
Obama’s OMB director, Peter Orzag, came out with a paper several years ago calling for reductions in benefits for all recipients who are currently 55 or under. The cuts would be from 2 percent to 9 percent.
Obama himself uses the derisive term “entitlement” for this benefit, as if the elderly and the disabled are acting like entitled little brats to expect to have any government help.
Another outrageous thing about this targeting of Social Security is that it’s so unnecessary.
Even with this week’s figures, Social Security would be able to pay every dime of benefits to every recipient through the year 2037. And if we lifted the ceiling on Social Security payroll taxes, which is now just slightly more than $100,000, then Social Security would be solvent a lot longer.
Obama campaigned on preserving Social Security and accused McCain of wanting to cut it. Now, by preparing an assault on Social Security, he is engaging in a huge betrayal.