By Owen Paine on Thursday May 14, 2009 10:55 PM
Braying jackass of the week award -- in a rich week I must add -- to house majority leader Steny Hoyer, for lumping "reform" of the Social Security retirement system with health insurance.
Here's Chris Bowers on the topic, in paraphrase: "Hey, why not? Let's open the tax books here. Maybe we oughta pop the tax cap on SSI!"
Why is raising payroll taxes the hee-haw answer to everything?
At least this raise is on the better-off jobsters, the merit and hustle crowd. But what if, once the cougar's out of the bag, our beloved corporate-congo morph magic steps in, and on our way to the thousand years of solvency we get something more like this --
"Administration officials said that if Congress were to act immediately, the impending gap could be filled three ways: by raising workers' Social Security payroll taxes by 2 percentage points, from 12.4 percent to 14.4 percent; by reducing benefits by 13 percent; or a combination of the two approaches. The officials briefed reporters on the condition of anonymity on the technical aspects of the trustees' findings."More fun for pointy-heads. "Do the virtuous sacrificing bit, you wage hogs. An uncap on your betters and craftiers -- don't make us laugh. Its your gray years' dole plan, anyway, right? So you oughta foot the bill -- right?"
Comments (7)
Even the Maryland terrapin loves Steny.
Why is raising payroll taxes the hee-haw answer to everything?
After the 1099'ers (who pay both the employer/employee fraction) plus businesses start screaming, you'll see that it isn't.
by reducing benefits by 13 percent
Grandma got run over by the Hope/Change Express.
Posted by dc | May 15, 2009 12:58 AM
Posted on May 15, 2009 00:58
To be clear, from Obama's town hall today:
"the Social Security trust fund is worse off now because of the recession than it was. We were already having some issues with Social Security, and so we're going to have to do some significant reforms of Social Security."
h/t correntewire.com
Posted by dc | May 15, 2009 1:06 AM
Posted on May 15, 2009 01:06
Goddamned furries.
But seriously, I agree with MJS that the teabaggers had a point, even if many of them didn't realize it.
Posted by JTG | May 15, 2009 4:44 AM
Posted on May 15, 2009 04:44
And I've never bought for a second Obie's promise to only tax the $250K and up crowd.
Posted by JTG | May 15, 2009 4:52 AM
Posted on May 15, 2009 04:52
The last time social security taxes were raised, Greenspan promised that that would create a reserve that would last forever. Instead, Congress borrowed the reserve (and gave Treasuries in return) to cover its operating deficits. Now, wtf are they raising taxes for again? More of the same?
Posted by hce | May 15, 2009 12:35 PM
Posted on May 15, 2009 12:35
They're just trying to figure out how to eliminate Social Security since it doesn't benefit the rich and/or powerful in any way and tends to engender obnoxious democratic sentiments in the masses. Seeing that Bush's direct assault on it was to blatant and generated too much bad publicity they're seeking a subtler approach--"you get choose, unaffordable taxes...or a reduction in [so called] entitlements." I.e., they are offering us one option in two wrappers. Another reason to love the Democrats!
Posted by Peter Ward | May 15, 2009 6:56 PM
Posted on May 15, 2009 18:56
Seems like a good issue for Repugs to hang the Dems with, except that it would go against their principles. Whoa, what am I thinking? Principles?
How is it that SS has been a sacred cow all these years, and suddenly pols can take about dismantling it?
Posted by hce | May 16, 2009 10:13 AM
Posted on May 16, 2009 10:13