Neel Kashkari, TARP Guru
July 28, 2010 by staff
Unless we control our deficit will face stifled economic growth and declining living standards and perhaps even as soon as a couple of years. Most economists agree that raising taxes can not pay for these commitments, rights must be cut.
One of the “rights” is referring to Social Security. The conventional wisdom that Washington did not tell anyone is that if the income limit Social Security liabilities rose for those who earn more and 110,000 were paying their fair share of tax of 7%, then Social Security would be solvent until 2087, so that Neel Kashkari is wrong to suggest that “raising taxes” would not solve the problem. The conventional wisdom in Washington not tell anyone is that no Social Security “Trust Fund” until the Reagan administration. During the Reagan years promoters Wall Street, Alan Greenspan, David Stockman and plotted for the phase of increase in Social Security taxes, payroll before you need to increase the Social Security surplus. This was sold to President Reagan, actually save Social Security. This is where the scam started as the surplus money from increased taxes paid by U.S. workers put in a Social Security “Trust Fund” in the Department of Finance. Once in the Treasury the money could be used in the general budget, provided that a note was placed in the Trust Fund to replace money that was taken.
Twenty years later the trust fund is filled with billions of dollars in notes, after the Social Security money was used to pay for things like wars in the Middle East, tax cuts for the rich, and TARP. The alarmists as Neel Kashkari, the architect of the TARP and Hank Paulson, former Bush Treasury Secretary, are now coming back and tell the American people that Social Security benefits, should be cut to save the budget deficit. What they’re really saying is that after billions of dollars of debt of the middle and working class in this country through the notes of Social Security, Wall Street and friends in government does not want to pay. Republicans cry about how Social Security is a giant Ponzi scheme, and should know and who created it. Were led to believe that Americans were paying for their retirement, as were increased payroll taxes in the years 80 s, only to channel this money to Wall Street and the Military-Industrial Complex. Now they are trying to pull another scam on the American people and convince them that they can never get your money back retirement because Social Security is in “crisis.” Do not let them.
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