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Obama Lies on Social Security
Seems distorting the opponent's positions is just part of the game.
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Obama says McCain would gamble with retirement funds
DAYTONA BEACH, Florida (Reuters) - Democrat Barack Obama accused Republican presidential rival John McCain on Saturday of wanting to gamble with the retirement savings and health care of Americans by subjecting them to the uncertainty of open markets.
As the government prepared another costly bailout of the reeling U.S. financial system, Obama said McCain's support for privatizing Social Security and opening up the health care system to market forces would put Americans at financial risk.
He attacked McCain for supporting some privatization of Social Security retirement funds, a proposal President George W. Bush made a centerpiece of his 2004 White House campaign but was unable to push through Congress.
"I know Senator McCain is talking about a 'casino culture' on Wall Street -- but the fact is, he's the one who wants to gamble with your life savings," Obama said at a rally in Daytona Beach in Florida, a state with a large population of seniors and retired workers.
"That is not going to happen when I'm president," the Illinois senator said, asking the crowd to imagine the fears of retirees who found their Social Security funds tied to the current market.
"We're not going to gamble with your ability to retire with dignity after a lifetime of hard work. We're going to strengthen and protect Social Security so it's a safety net our families can count on -- today, tomorrow and always," he said.
The latest political skirmishing came as the Bush administration readied a $700 billion financial markets rescue plan for Congress that would almost certainly restrict the agenda and limit the number of costly programs advocated by whoever becomes the next president.
The turmoil on Wall Street recently has dominated the campaign for the November 4 presidential election, with McCain and Obama trading attacks over who offered the best economic approach. Continued... DAYTONA BEACH, Florida (Reuters) - Democrat Barack Obama accused Republican presidential rival John McCain on Saturday of wanting to g... more -
Spain To Pay Jobless Immigrants To Leave
Spain will pay jobless immigrants to go home under a decree approved Friday, more dramatic evidence of how a once-booming economy has quickly gone bust.
Labor Minister Celestino Corbacho said the Cabinet had fast-tracked the measure to take effect in about a month. Its approval by Parliament is expected.
The plan targets tens of thousands of non-EU citizens who have been laid off in Spain and are entitled to various unemployment benefits, based on length of employment. The plan, however, offers them 40 percent of their full entitlement once they renounce their work and residency permits, and the remaining 60 percent once they get home.
The program is strictly voluntary, and applies to people from 19 non-EU countries with which Spain has signed bilateral agreements to pay people's social security benefits that are accrued one another's country.
People who sign up for it must agree not to come back to Spain for three years, but can come back after that and recover their work and residency permits.
The government has been grappling with growing unemployment in an economy now flirting with recession after more than a decade of solid growth. Spanish unemployment is now an EU-high of 10.7 percent, according to the bloc's statistical agency Eurostat.
The meltdown stems mainly from a collapse in the construction industry, which apart from being the main engine of growth has also been a key employment source for low-skill workers from Latin America, North Africa and Eastern Europe.
These immigrants are being hit by building companies' layoffs, and are the ones the government now wants to pay to go home until things get better in Spain.
"We are trying to facilitate the return of those workers who, having contributed to the growth of this country, decide to go back to their own," Deputy Prime Minister Maria Teresa Fernandez de la Vega told a news conference. She gave no further details.
In July, the government said it believed some 10,000 jobless non-EU citizens - out of a total of 165,000 recorded as of that month - would go along with the plan. Spain will pay jobless immigrants to go home under a decree approved Friday, more dramatic evidence of how a once-booming economy has ... more -
McCain's real plan: to privatize social security
GREEN BAY, Wisc. - Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong. It also left him defending his support for privately investing Social Security money in the same markets that had tanked earlier in the week.
The Republican presidential nominee says all options must be considered to stave off insolvency for the government insurance and retirement program, and top McCain advisers say that includes so-called personal retirement accounts like those President Bush pushed in 2005 but abandoned in the face of congressional opposition.
The aides tried to soothe voters concerned about the bankruptcies, takeovers and bailouts on Wall Street by declaring McCain favored only the option of such accounts, just for younger workers, and most likely in a conservative investment vehicle such as bonds.
Private accounts for Social Security are "always an easier sell when the markets are going up instead of going down," said David Wyss, chief economist at Standard & Poor's. "I don't think this is a good week to sell that one politically, but you're looking at the long term here. You're investing your retirement funds for 20 or 30 years down the road."
A headline Friday in the Manchester, N.H., Union Leader, the leading paper in that battleground state, underscored the political challenge. "Pension funds for workers take a hit," read a story about a roughly $500 million decline the past three months in the state's public pension fund.
Democrat Barack Obama opposes the accounts and has warned they could be a precursor to eliminating the government entitlement program. Critics also note that one of McCain's top economic advisers is former Texas Sen. Phil Gramm, a free-marketeer who pushed the idea of a privatized retirement system as far back as 1988.
Obama, a senator from Illinois, has suggested shoring up the program by imposing a Social Security tax of no more than 4 percent on earnings above $250,000; currently, only the first $102,000 in income is subject to the tax. Income in the "doughnut hole" between those figures would not be taxed.
McCain calls such a tax punitive and counterproductive. He also says refusing to discuss private accounts amounts to political posturing. He says his willingness to broach the subject is emblematic of his "Country First" campaign motto and harkens back to bipartisan discussions between President Reagan and Democratic House Speaker Tip O'Neill Jr. the last time the system was revamped in 1983.
"We have to have some straight talk for America. The Social Security system is going to go broke. It will not be there for present day men and women who are working. And we have to fix it and we have to do it in a bipartisan fashion," the Arizona senator said Wednesday during a town hall meeting with running mate Sarah Palin in Grand Rapids, Mich. GREEN BAY, Wisc. - Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong... more -
McCain would risk Social Security on Wall Street
Now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans what the world would look like if John McCain was in charge of our economic policy. Plenty of people are losing plenty of their retirement savings as it is. But if we had let Bush and McCain privatize social security, some of those people would be losing a lot more. Now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans ... more
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US government immorality will lead to bankruptcy
David Walker warns America of its true threat.
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Save Social Security the Easy Way
The best way to save Social Security is to raise the cap. Does everyone realize once you make over $102,000 a year the Social Security tax stops. All we have to do is make sure that this income is also taxed. I'm confused that in America, a country that gives so much to help people get to the top of their professions, why can't those same people stay in it with the rest of us so everybody can do well. Not just the stockbrokers, or CEO's but maybe the nurse-techs, and the EMT's or the car mechanics. Where would you be Mr. CEO, if you were in an automobile accident, and that poorly paid Paramedic weren't there to literally scrape you off the pavement and hold your life together until you got to a hospital? I've heard the criticism, nobody gets rich in the medical field, why didn't you get into something more lucrative? I know teachers that were told the same thing. The answer is we care about other people and want to do a fair share. I'd like to see some of the top wage-earners to step forward to save Social Security. We can't divert any of the currently deducted money to any separate account. Every penny that is being collected is immediately going out to pay current Social Security benefits. That's how the system was designed in the 1940's. Then they expected each generation to be bigger than the last. The best way to save Social Security is to raise the cap. Does everyone realize once you make over $102,000 a year the Social Secur... more
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Social Security Robs Mom
I am new to Current TV and learned of it from "The Assault on Reason," by Al Gore. Therefore, I'm not sure this is the kind of story people want to hear, but to me it's an American story -- what America has become, that is...
My father was diagnosed with paranoid schizophrenia when he was a young man, after fathering six children, two of whom were juvenile diabetics. My mother was left on her own, without a job, and through the welfare system became educated and skilled as a court reporter. In those days, welfare workers came to our home monthly and opened every cabinet door and checked the basement to make sure we weren't spending the taxpayers' money on booze, etc.
Through court reporting, she kept us together and worked hard all of her life. She taught us how to live and work responsibly.
On September 3, 2007, mom succumbed to sarcoidosis of the lungs. On September 1, 2007, she stated, "Honey, I made it to the 1st of the month, so my social security check will be automatically deposited to take care of the bills". She had me added to all of her banking accounts. By about the third week of October, I noticed the SS Admin "reclaimed" the last check. Took it right out of the account with no notice to me, a co-signer on the account. That aside, when I inquired, they said they had "seen something somewhere" which indcated she died on August 3rd. So, of course, I was left to set their records straight. I immediately sent them a copy of the Death Certificate. What I received back was a slew of paperwork to fill out, including the names, SS#'s, Birth Certificates, marriage certificates, divorce decrees of ALL LIVING SIBLINGS, blah, blah, blah...
I did the very best I could to respond. It's now July 2008, almost ten months later, and no word; more importantly, no money. I have 800 numbers to call and people on the other end who pass the buck by saying if they make a note to the file, it will just delay the process further.
I guess I think it's an awful shame that a woman who worked, voted, raised an American family, had to bury two children before their time, and who paid taxes and never cheated the system should be cheated this way. When government can take what's not theirs from your supposedly personal checking account and not even give the courtesy of a phone call, well, where's the justice in that??? I am new to Current TV and learned of it from "The Assault on Reason," by Al Gore. Therefore, I'm not sure this is the ... more -
Obama's Social Security Fine Print
By DONALD L. LUSKIN
June 25, 2008; Page A15 Wall Street Journal : http://online.wsj.com/article/SB121435112024101581.html
Last week, Barack Obama revealed his plan to shore up Social Security's shaky finances by raising the income level on which the payroll tax is applied. Currently, incomes above $102,000 are exempt, with that threshold rising every year indexed to wage inflation. Mr. Obama would keep that limit in place, but then assess payroll taxes on incomes above $250,000, which his campaign claims would apply to only the richest 3% of Americans.
Mr. Obama angered liberals last year when he admitted that there was a "Social Security crisis." But at least Mr. Obama's base should be appeased now that his solution to the "crisis" is to soak the rich. One liberal columnist actually noted with glee the fact that this would take us back to top tax rates not seen since the 1970s.
According to the nonpartisan Tax Policy Center, Mr. Obama's new tax would siphon off 0.4% of gross domestic product annually. Combined with Mr. Obama's other tax-hike initiatives, "the total tax on labor would be close to 60 percent. In high-tax states like California and New York, the top rate would be even higher."
Would it help Social Security's financing problems? Mr. Obama has no idea. One of his senior economic advisers admitted to me that no one on the campaign has run any detailed models or performed any rigorous analysis. When one proposes an enormous tax increase, shouldn't there at least be a spreadsheet somewhere?
But the most alarming thing about Mr. Obama's proposal is that the $250,000 threshold, above which the payroll tax would be applied, refers to household income, not individual income. So it's quite deceptive when he claims that the $250,000 threshold will "ensure that lifting the payroll tax cap does not ensnare any middle class Americans."
Suppose your household consists of you and your spouse, each earning wages of $150,000 per year. Currently, you are each subject to the payroll tax up to $102,000 of wages, so together you are taxed on $204,000. Under the Obama plan, you'd be taxed again on another $50,000 of wages.
At the current payroll tax rate of 12.4% – 6.2% from wage-earners and 6.2% from their employers – your household would be looking at a tax hike of $6,200 per year. You probably didn't consider yourself rich before, and you certainly won't after paying that tax bill.
But that tax bill could be higher still. While the payroll tax has always been calculated just on wages from labor, Mr. Obama hasn't decided yet what forms of income will be included in the $250,000 threshold. It's an open question whether it might include interest on savings and capital gains income.
And neither has Mr. Obama said whether the rich – and, truth be told, the middle class – paying his new higher taxes will get correspondingly higher Social Security benefits when they retire. Throughout the history of the Social Security program, there has always been a connection between what you contribute in taxes and what you get back in benefits. If Mr. Obama uncaps the wages subject to tax, but doesn't uncap benefits, then he has severed the link between them. Social Security would stand revealed not as a work-related contributory retirement system, but simply as a tax-funded welfare and income-redistribution program.
And for all that, Mr. Obama's proposal won't help Social Security's long-run solvency problems.
http://online.wsj.com/article/SB121435112024101581.html By DONALD L. LUSKIN June 25, 2008; Page A15 Wall Street Journal : http://online.wsj.com/article/SB121435112024101581.html ... more -
Japan's sales tax may rise due to aging population
In short, the current 5% sales tax will not be enough to pay for the influx of people that will be eligible for aid next fiscal year. The Financial Minster pushes the idea to increase the national sales tax to combat the costs as soon as possible. Prime Minister Fukuda expresses similar concern. Tokyo is already the second most expensive city in the world to live in-- imagine after the tax!
Sooner more than ever, travelers should shop duty-free! In short, the current 5% sales tax will not be enough to pay for the influx of people that will be eligible for aid next fiscal year. ... more -
Obama launches economic attack on McCain
Barack Obama today launched a broad attack on his Republican presidential rival's economic proposals, saying John McCain promises "more tax cuts to the wealthy, more corporate tax breaks, more mountains of debt, and little to no relief for families struggling with the rising costs of everything from healthcare to a college education".
Speaking at Raleigh, North Carolina, the presumptive Democratic nominee said the current economic slow-down in the US is in part the product of conservative politics promulgated by Bush, and is "the logical conclusion of a tired and misguided philosophy that has dominated Washington for far too long".
"For eight long years, our president sacrificed investments in healthcare, and education, and energy, and infrastructure on the altar of tax breaks for big corporations and wealthy CEOs – trillions of dollars in giveaways that proved neither compassionate nor conservative," he said.
Obama proposed curbing corporate tax loopholes and havens and using the savings to fund a tax cut for the middle class that would provide $1,000 to 95% of workers and their families. He called for a windfall profits tax on oil companies, which would fund energy subsidies for struggling families. Also, he pledged to eliminate income taxes for retirees who bring in less than $50,000 per year. He said he would ward off efforts to privatise social security. Barack Obama today launched a broad attack on his Republican presidential rival's economic proposals, saying John McCain promises... more -
America's Total Debt Report: $53 Trillion and Soaring!
"America has become more a debt 'junkie' - - than ever before
with total debt of $53 Trillion - - and the highest debt ratio in history.
That's $175,154 per man, woman and child - - or $700,616 per family of 4,
$33,781 more debt per family than last year.
Last year total debt increased $4.3 Trillion, 5.5 times more than GDP.
External debt owed foreign interests increased $2.2 Trillion;
Household, business and financial sector debt soared 7-11%.
80% ($42 trillion) of total debt was created since 1990,
a period primarily driven by debt instead of by productive activity.
And, the above does not include un-funded pensions and medical promises.
2 great questions:
Can the production of debt forever replace the production of goods and savings?
Can Americans forever borrow their way to prosperity?
Easy Answer > NO WAY !!"
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From "The Grandfather Economic Report"
by Michael Hodges "America has become more a debt 'junkie' - - than ever before ... more -
The dirty little secret everyone in Washington knows
U.S. Comptroller General (the governments accountant), David Walker, on 60 minutes explains that the country is on the verge of bankruptcy. After reviewing the nations income statements, balance sheets and our "future obligations" he has concluded that our standard of living is unsustainable unless we take drastic measures now. "It's been called the dirty little secret that everyone in Washington knows. A set of financial truths so inconvenient that most elected officials don't even want to talk about them." U.S. Comptroller General (the governments accountant), David Walker, on 60 minutes explains that the country is on the verge of bankru... more
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What are your thoughts on this upcoming election?
The Vanguard Journalism department is working on an upcoming special, focusing on the election. We'd love to hear your thoughts--are you enthusiastic about any specific issue or candidate? Are you more engaged this year than past elections? Why or why not? Give us your thoughts--upload a webcam or leave a text comment--and we might just use your input in our Vanguard special. The Vanguard Journalism department is working on an upcoming special, focusing on the election. We'd love to hear your thoughts-... more
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Internet Fraud
Internet fraud, it's a scary thing that you hear about all the time but until it happens to you it's not as surprising. The Company; tradeelectronics.com aka www.tradelee.org wants you to work for them and they offer a salary of up to 200K. That should ring a bell but for some people it takes a few more warning signs before they realize this is a scam. Karina Knausederova is her name and she will never pay you for the work you do for her website. Don't believe me? call her yourself and ask her what her last name is. She'll give you the run around if she thinks you can do the work she needs. 786-274-3846, 1800-319-3635, 1888-270-1170. It's amazing what people will do to take advantage. Turns out she's been scamming people for years, one guy even quit his full-time job to work with her. It's March of 2008 and I imagine she'll keep at it until she gets her business license revoked or shes put behind bars.......Again. Be careful people, she almost got me but I was one step ahead of her which mad her very angry. Internet fraud, it's a scary thing that you hear about all the time but until it happens to you it's not as surprising. The ... more
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Tax EVERYONE on their full income.
Currently, the Social Security payroll tax applies to only the first $97,500 a worker makes. Obama supports increasing the maximum amount of earnings covered by Social Security and he will work with Congress and the American people to choose a payroll tax reform package that will keep Social Security solvent for at least the next half century. - Taken from His website at the above link.
WHY are we only taxing the least wealthy Americans? WHY we (the have nots and have less than thems) supporting the system? $97K is all they can be taxed on? So you are telling me that People like Bill Gates are paying the same amount my dentist does?( the average dentist makes around $97,500) Now he drives a nice car and has a nice home, but no where near Bill Gates status.
If we pass a payroll tax reform to tax all Americans on their WHOLE income (not just the poor and middle class on their whole income) We would have a Social Security system that works through the boomer Gen so we don't have to let mom and dad move in and mooch off of us this time. THANKS MOM for letting me move back in when I was 22 :-) No disrespect meant! Currently, the Social Security payroll tax applies to only the first $97,500 a worker makes. Obama supports increasing the maximum amo... more -
New Yorkers use their friends corpse in a bizarre scam
Two New York men propped up their dead friend and tried to convince the guys at the Social Securty Centre to cash his welfare cheque. For $355 dollars would you prop up a dead friend in a public place? The lengths people go to...get a job! Stop pushing your dead friends about! Two New York men propped up their dead friend and tried to convince the guys at the Social Securty Centre to cash his welfare cheque. ... more
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More technology means higher demands
There are simply higher demands of our generation, yet less certainty of what the future will hold.
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Social Security is an important issue
I support Ron Paul's stance on allowing younger people to opt out of social security.
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Pair Wheel Corpse To Store To Cash His Money
"Two men wheeled a dead man through the streets in an office chair to a check-cashing store and tried to cash his Social Security check before being arrested on fraud charges," police said.
This is just like Weekend at Bernie's!
David J. Dalaia and James O'Hare pushed Virgilio Cintron's body from the Manhattan apartment that O'Hare and Cintron shared to Pay-O-Matic, about a block away, spokesman Paul Browne said witnesses told police."
People be crazy!!! "Two men wheeled a dead man through the streets in an office chair to a check-cashing store and tried to cash his Social Security... more
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Social Security
