Guardian: The classic definition of “chutzpah” is the kid who kills both of his parents and then begs for mercy because he is an orphan. The Wall Street crew are out to top this. After wrecking the economy with their convoluted finances, and tapping the US Treasury for trillions in bail-out bucks, they now want to cut Social Security and Medicare because we don’t have the money.
If there is any effort in Congress to follow-up on this talk about taking away people’s Social Security and Medicare, then there will have to be some very serious pain inflicted on the politicians in Washington. Let’s start with some facts.
Unlike Robert Rubin’s Citigroup, Social Security is solidly funded long into the future. According to the latest report from the Congressional Budget Office (pdf), it can pay all promised benefits through the year 2049, with no changes whatsoever. Even after that date it will always be able to pay benefits that are far higher than what current retirees receive.
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