Yes, I know this title is dramatic but we're now reading multiple reports
Governing elites in Washington and Wall Street have devised a fiendishly clever "grand bargain" they want President Obama to embrace in the name of "fiscal responsibility." The government, they argue, having spent billions on bailing out the banks, can recover its costs by looting the Social Security system. They are also targeting Medicare and Medicaid. The pitch sounds preposterous to millions of ordinary working people anxious about their economic security and worried about their retirement years. But an impressive armada is lined up to push the idea--Washington's leading think tanks, the prestige media, tax-exempt foundations, skillful propagandists posing as economic experts and a self-righteous billionaire spending his fortune to save the nation from the elderly.
Word has it that President Obama intends to appoint a task force the week after next which will be charged with "reforming" Social Security. According to inside gossip, the task force will be led entirely by economists who were not able to see the $8 trillion housing bubble, the collapse of which is giving the country its sharpest downturn since the Great Depression.
This effort is bizarre for several reasons. First, the economy is sinking rapidly. While President Obama's stimulus package is a good first step towards counteracting the decline, there is probably not a single economists in the country who believes that is adequate to the task. President Obama would be advised to focus his attention on getting the economy back in order instead of attacking the country's most important social program.
Back during the primaries, I got a lot of crap for this post on Obama's Economic advisers and how they were recommending privatizing social security...
so now our more Progressive, worker oriented Journalist watch dogs are reporting on some horrific developments.
Even the film I.O.U.S.A, written by and for deficit hawks, acknowledges social security is solvent. I find the documentary reasonably accurate which Greider blasts. That said, he might be blasting it due to the strategy behind the film. Check out this tidbit:
The authors of this plan are sixteen economists from Brookings and Heritage, joined by the American Enterprise Institute, the Concord Coalition, the New America Foundation, the Progressive Policy Institute and the Urban Institute. "Our group covers the ideological spectrum," they claim. This too is a falsehood. All these organizations are corporate-friendly and dependent on big-money contributors. No liberal or labor thinkers need apply, though the group includes some formerly liberal economists like Robert Reischauer, Alice Rivlin and Isabel Sawhill.
Is this true? Once again they are trying to destroy any last remainder pillars of social benefits to the American people? My, oh my do we have a war on our hands. Since retirement, pension funds are under attack and the next generations facing retirement pretty much have nothing as a result, if anything social security needs to be expanded.