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Kucinich: The White House Now Conceals Plan to Cut Social Security

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woo me with science Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:30 PM
Original message
Kucinich: The White House Now Conceals Plan to Cut Social Security
http://www.dailykos.com/story/2011/07/26/999131/-The-White-House-Now-Conceals-Plan-to-Cut-Social-Security


The White House Now Conceals Plan to Cut Social Security
by Congressman Dennis Kucinich

Last Friday, the President told the nation that he offered a plan that would cut $650 billion from Medicare, Medicaid and Social Security. Last night in his address to the nation, the President didn’t want to ‘bore’ Americans with the details of his plan but threatened that Congress must accept a deal on the debt ceiling or seniors face the possibility that Social Security checks won’t go out.

Curiously, the President didn’t explain in his primetime address to the nation that ‘the deal’ he has been advocating cuts Social Security benefits and pushes back the retirement age. These changes are unwarranted and indefensible.

Social Security is 100% wholly funded up to the year 2036 without any changes whatsoever. It has no place in the debt ceiling debate at all. Furthermore, it is not the government’s money but the money of the workers who have paid into the program their entire lives.

Threatening the withholding of Social Security checks to advance an agenda that includes cutting Social Security benefits is not befitting of the Democratic Party, it is not fair to the American people, and it represents a sellout of the interests of seniors.

I want to be supportive of the President. It would be easier to be supportive if the President’s candor matched the level of his eloquence.
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Wilms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:34 PM
Response to Original message
1. .
"Social Security is 100% wholly funded up to the year 2036 without any changes whatsoever. It has no place in the debt ceiling debate at all. Furthermore, it is not the government’s money but the money of the workers who have paid into the program their entire lives."


Here's more of DK calling it what it is.

http://www.youtube.com/watch?v=tFabLp-Jcbg

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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:34 PM
Response to Original message
2. No one threatened to withhold SS checks.....
Edited on Tue Jul-26-11 11:37 PM by FrenchieCat
The President when asked, simply stated that in case of a default, he couldn't guarantee them....which perhaps woke up a few who were sleeping in their armchairs!

What is wrong with Dennis??? Has he lost all perspective, and if so,
how does that help anything??? Perhaps he should be going after Republicans,
cause they are the ones that have fucked him up with their redistricting.
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EFerrari Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:36 PM
Response to Reply #2
3. No, **Dennis** has not lost all perspective. n/t
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:38 PM
Response to Reply #3
4. So ok...then he lied.
Not any better. In fact, that's worse.
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EFerrari Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:48 PM
Response to Reply #4
10. Personally attacking Dennis is not a rebuttal. n/t
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MannyGoldstein Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:39 PM
Response to Reply #2
5. The President chooses who to pay in a default.
His patrons come first, old poor people way down the lost
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:41 PM
Response to Reply #5
6. Hyperbolic bullshit.....
Edited on Tue Jul-26-11 11:43 PM by FrenchieCat
The president rightly got some folks off their ass and looking into what all of this shit is about.

Of course, I keep forgetting that this President, unlike any other, is not allowed to make any statements that may politically get folks asking questions ABOUT WHAT IN THE FUCK IS GOING ON?
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madfloridian Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-27-11 12:04 AM
Response to Reply #6
13. Not really. It appears he and Geithner have a lot of power in that regard.
Social Security can go out on time if debt limit not raised?

If the debt limit is not raised, Social Security's Board of Trustees could and should exercise its right to redeem (cash in) as many of Social Security's bonds as needed to pay benefits. Every dollar of principal (though not accrued interest) that the federal government would be required to pay to redeem the bonds would reduce the total debt subject to the $14.3 trillion limit. That would make room under the debt ceiling and allow the government to borrow an additional dollar from the public to replace every dollar of principal paid by the government.

...""federal government is the plan sponsor, the president should be especially careful to act as a fiduciary. That means ensuring that all plan income and assets are carefully accounted for and used for their intended purpose."


And Geithner:

And it appears Tim Geithner is the managing trustee.

The only threat that benefits will not be paid, in addition to the threat that the United States might default with respect to all creditors, is if the Managing Trustee, who happens to be the Secretary of the Treasury, Timothy Geithner, refuses to exercise Social Security's right to redeem the bonds. Any technical difficulties in doing so can be resolved, if there is a will to do so.


And they both best have the will to do so.



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PSPS Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:42 PM
Response to Reply #2
7. Sorry, but that's what he said
Here's a direct quote:

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it."
-- Obama to Scott Pelley July 12, 2011

This is not true, of course. The money to pay those checks is on hand and paying them has no effect on the "credit limit" or the federal budget. And Obama cannot halt their distribution by fiat.

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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:46 PM
Response to Reply #7
9. not true?
Edited on Tue Jul-26-11 11:47 PM by dennis4868
CNBC had experts on saying the same thing about SS checks not going out if there is a default...actually many other experts have said if the government defaults, Social Security checks may not arrive.
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FreakinDJ Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:44 PM
Response to Reply #2
8. When he said it a Majority of Americans favored defaulting on debt
Americans were not taking this very seriously and all kinds of shit was being proposed under the radar.

Now that he has the country's attention .....

Well ask the House IT Server guy what I mean
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EFerrari Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 11:50 PM
Response to Reply #8
11. This is the Patriot Act all over again, only directly targeting people
who are among the most vulnerable.
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FreakinDJ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-27-11 12:00 AM
Response to Reply #11
12. Ok I give - if all the rumors are true - then it is truly horrible
Last I heard - because yes the White House was out in force trying to resurrect or at least defend the Grand Bargain in the News Cycle today.

All the Repukes were criticizing him because nothing was ever put on paper. AND As Sure As the Sun Rises - if Obama had actually penned that to paper and placed it in RePuke hands that would have been the "Fastest Leaked Document in the History of Washington"



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EFerrari Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-27-11 12:50 AM
Response to Reply #12
14. I can only go by people that I trust, like Dean Baker,
Robert Reich and Paul Krugman. If all three of them are saying the same thing -- different as they all are in style and in political tendencies -- I better listen. :shrug:
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flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-27-11 01:06 AM
Response to Reply #2
15. I believe that in fencing, they call that a parry.
Edited on Wed Jul-27-11 01:07 AM by flvegan
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