Conspiracy Theory: Jesse Ventura Takes On Wall Street -- Part One
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Posted on 11/10/2010 3:49:32 PM PST by FromLori
Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.
The proposal also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction.
As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn't look like it can win support from 14 of the commission's 18 members to force a debate in Congress. Bowles is a Democrat and was former President Bill Clinton's White House chief of staff.
Cuts to Social Security and Medicare are making some liberals on the panel recoil. And conservative Republicans are having difficulty with options on how to raise tax revenue. The plan also calls for cuts in farm subsidies, foreign aid and the Pentagon's budget.
(Excerpt) Read more at cnbc.com ...
(Un)Earned income credit has been a burr under my saddle since its inception. It’s just another sop to welfare types. Why don’t we require everyone on welfare to have to pay income tax? We have to pay tax on our Social Security income. We have to pay tax on Unemployment Insurance income. Why not welfare? Just askin’. sd
As soon as they’re in office, the Republicans could pull a hat trick, here.
Social Security was originally intended *solely* for minimum wage workers with no other form of retirement. Had it remained just for them, it would have been a good retirement for them. However, socialists wanted to expand it to create a national retirement system, and this fouled it up.
So the end result of SS reform should be to return it to its original purpose. That being said, the question is how do we get everybody else off the system with minimal pain? There is an answer.
First thing, only allow new people into the system if they are minimum wage employees. Nobody else who would otherwise enter the system has to pay FICA (which is both for SS and Medicare, which is also on its way out.)
Then, some years ago, it was suggested that there should be “means testing”, so that people with other retirement shouldn’t get SS payments. This was a no-go and was soundly rejected.
But there is an alternative, RIGHT NOW. Because the ending of the W. Bush tax cuts will be an economic disaster, the Republicans want to restore them. But they should hold off, and instead use this as an opportunity to downsize SS - with tax cuts!
That is, offer people who would get SS payments a deal. If they want the money, fine. But, if *they* want, they can get slightly *more* money through tax deductions (though it would appear to be a lot more, as you can only deduct part of a deduction against your taxes.)
The hat trick is that the Republicans would, in effect, be restoring the W. Bush tax cuts, but at the same time reducing the expenditure of SS dollars, which would make the system far more stable, even sound.
Once the people who are actually getting benefits get this deal, then a version of these tax cuts could be extended to those who are still paying into the system. Instead of paying FICA, which would about double many people’s paycheck, they get a tax deduction for the money they already paid in to FICA.
Each year, they get a deduction to pay for the money they put into the system, so in a matter of speaking, they get their money back as a *double* increase in their net income, both by not paying FICA, and by getting a previous year’s FICA-payment in tax deductions.
For someone still working, this would be quite a windfall, and there should be private retirement programs available for them to put this extra money into. Fortunately such programs exist right now.
Now, this all will cause a big hit to the federal revenues, but in turn it creates a great opportunity to replace the federal income tax with some much better alternative.
I didn’t mention Medicare in this, but it will need equally drastic reduction heading to elimination as well. But that will be a much tougher nut to crack.
The deeper I’ve looked into it it becomes apparent that General electrics, General motors, and JP Morgan have an extrordinary ammount of influence over that commission. of the top 6 members, at least 5 are connected to at least two of those companies.
My question would have to be what cost of living increase for social security?
Well, if they do away with the mortgage interest deduction I’ll dip into an IRA after the first of the year and pay the damn thing off, as it won’t make any sense to keep a mortgage any longer.
This needs to be the first order of business and absolutely NO ONE should be allowed to draw more than they have paid.If you haven’t paid into NO DRAWING. Also get anyone under 65 off of medicare/medicaid.
This needs to be the first order of business and absolutely NO ONE should be allowed to draw more than they have paid.If you haven’t paid into NO DRAWING. Also get anyone under 65 off of medicare/medicaid.
Yup. The Dept of (no) Energy employs 16,000 people. All they do is sit around, collect paychecks, dream up ways why we can't develop our own resources and push for toxic florescent light bulbs.
{i}It’s a start. I’m 55 this year, I don’t expect SS to be there when I retire and have never planned on it.{/i}
You will probably get SS but it may be cut down a little or they may make you wait to age 68 to get it.
I’m 27 and I don’t expect any SS at all. :(
Good question.
I can not begin to answer it without too long an explanation. This movement for global communist government is beyond Democrats and Republicans. The American and global elite are playing a their role in the overall game plan. They have set the economy up to crash with a series of moves going back to Clinton. But you know, the more I think about it - the real mind behind it - the inspiration that drives Soros and all these creepy people - is not of this earth. Many don’t fully understand what role they are playing in the destruction of America and the enslavement of the world because they don’t really understand the end game of the mind working them - tempting them and rewarding them. It is not the mind of God. That is who uses them all to pay them all.
Sounds like a good deal. Obama won’t be for a flat tax.
All internationalists. All socialists.
Conspiracy Theory: Jesse Ventura Takes On Wall Street -- Part One
Suggestion: Please copy this post and email it to everybody
Gerald Celente -- Financial Mafia Controls U.S. and Wall Street
Everyone needs to pass this around — before the next financial meltdown happens!
The problem is that most people who post on FR still believe America has a viable two party system. They do not understand that corporate corruption and BIG MONEY ruined everything. Sadly, we are about 3/4 of the way to full blown fascism and our population is too dumbed down to see it.
Thanks for the links.
I beg to slightly differ . . .
These blokes . . .
http://www.theforbiddenknowledge.com/quotes/index.htm
Have been satanic and corrupted . . . and in charge of
BOTH commerce & government for a very long time . . . some quotes are from 166 years ago.
Some sources trace the families and power clusters back 400 years.
Certainly satan has been scheming toward this end a lot longer.
Speech in British House of Lords: 1 Nov 2010
Best to tell everybody you know about this video . . . Or email the whole world.
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