US: Cuts in Social Security, Medicare to pay for bank bailouts

By Tom Eley
14 May 2009

A government report made public Tuesday indicates that Social Security and Medicare will deplete their trust funds more quickly than previously forecast. This has sparked new demands from within the US financial elite for substantial cuts in the two entitlement programs...

...All told, between direct cash infusions, loans, and guarantees on debt, Washington has handed over around $10 trillion to Wall Street in less than a year.

In comparison, Medicare would need $13 trillion and Social Security $5 trillion *over the next 75 years* to remain solvent, according to the report.

In other words, retirement benefits and healthcare benefits for several generations of the elderly could be secured at the cost of one year’s bailout of the financial aristocracy.

http://www.wsws.org/articles/2009/may2009/ssmd-m14.shtml

"new demands from within the US financial elite" ... :wtf: It's not their decision! Is it?

Obama has installed a revolving door between Goldman Sachs and his administration. x(

He is giving the banks everything they ask for, so I'll bet their lobbyists are writing his agenda. If they want him to make these cuts then I bet it's on the agenda again. :(

Meanwhile, Obama is INCREASING the military budget. We already spend more than every other nation in the world combined. We don't seem to be leaving Iraq or Afghanistan. We're pumping trillions into the banks.

Services for the elderly and poor are the only things that are left for him to try to cut.

I don't think Obama is going to actually risk the anger of retirees. I don't think he'll chop Social Security or Medicaid. But I bet it gets a lot of discussion in his Treasury Department before getting shot down.

feel the power of change... stick your finger into a wall outlet.. feel the power..

about what is really important to Congress - their lobbyists.(read - their money supply.)

Politicians are scum, no matter what party they are affiliated with.

mark

We'd have a blood in the streets revolution first.

they can do that because people don't pay attention. people don't really want to know how it works, as long as it's there when they want it. remember how gore got laughed at because of his 'lock box' for social security. doesn't sound so funny right now, does it.

The govt. can tax the rich to pay social security--if it wants to.

But it CANNOT break the social contract. It daren't.

One thing you should have learned over the last Decade, Nothing is Sacred..

What part of this alleged "social contract" allows the government to shovel TRILLIONS to banks and foreign multi-national corporations while refusing to help homeowners and driving domestic industry into bankruptcy?

And what part of this alleged "social contract" says that the Boomers can leave their children and grandchildren as the first generations of Americans to experience a lower standard of living than their parents? Hmmmm? :hi:

"it CANNOT break the social contract. It daren't."

:rofl:

for the coming two years.
That is the FIRST TIME EVER since the conception of SS to not have a COLA increase.
Where's the blood? I'll add mine. Sick of seeing poor old people starve.

Yet a majority of people were easily convinced that Iraq was behind it.

Give banks tax money
Cut Social security to make up the loss
Cut Medicare to make up the loss

and in exchange, banks "promise" to "play nice", then just play nice with EACH OTHER...

http://costofwar.com/

It's sick that OUR government will spend that kind of money on war, and the banks who got us into this mess, and not social security. They WILL NOT get away with this. :grr:

.. they skim off the surplus to the general fund.. to finance war, black ops we aren't allowed to know about and health care for CONgress members.

(CONgressional members have access to a level of health care that is unknown to the average American. It's a free ride for them.)

Hey ...lets tax sick people too.

This was what they told us they would do. They got bush elected and did it.

Payback is a bitch, and the people of this country are in for some payback for letting the oaf in office -TWICE!