Villager offering yesterday about Social Security, this time from Ceci Connelly and Lori Montgomery of the Washington Post....
It starts off with a small lie....
First as a senator and then as president, Obama has presided over the fastest, largest outlay of federal money since World War II. Over the past 12 months, the government has pumped more than $2 trillion into initiatives to ease the nation's financial and economic crisis, driving the federal deficit to historic proportions.
Is it true that Obama "presided", the last 12 months, "over the largest outlay of federal money"? Obama has been president almost 5 weeks. The dictionary defines "presiding" thusly....'to occupy the place of authority or control.' Did Obama have authority or control over federal spending the last 12 months? No. The Post authors are simply lying here.
"Societally, everybody's living for today and not taking steps to create a better tomorrow," said David Walker, a former government comptroller who is chief executive of the Peter G. Peterson Foundation, which advocates for federal fiscal responsibility.
What's the Peterson Foundation up to? And why would the Washington Post writers include a quote from it's CEO?
The Peter G. Peterson Foundation is pleased to announce that its first national television ad will run on Sunday, February 22 as part of a $1 million-plus public education campaign aimed at raising awareness of America’s fiscal challenges.
Why would a foundation spend $1 million raising awareness about "fiscal challenges?"
In an excellent Digby post yesterday, she explains what the Peterson Foundation is really up to....
Peterson has been leading a crusade for the past 30 years that's made it impossible to necessarily expand the safety net, to the point where we now have 50 million people uninsured and many tens of millions more ready to go over the cliff. This isn't just about social security. He wants to eliminate pensions for federal workers too. And medicare and medicaid. The man's mission is to eliminate all "entitlements."
Back to the larger and more open lies from the Washington Post, you know, where the Serious Professionals work....
Over the longer term, as things now stand, Social Security is projected to run out of money by 2041 and the Medicare health program will be bankrupt by 2019, according to trustees of the Social Security and Medicare trust funds.
Policy experts long ago outlined the handful of changes that would prevent the retirement fund from going bankrupt. The primary options include raising the retirement age, increasing payroll taxes or adjusting the benefits structure.
The bold text above reflects laziness, bias or simply a penchant for lying.
Authentic long range 2008 actuarial estimates of Social Security.....
Under the immediate assimptions, the OASDI cost rate is projected to increase rapidly and first exceed the income rate in 2017, producing cash-flow deficits thereafter. Redemption of trust fund assets will allow continuation of FULL BENEFIT PAYMENTS on a timely basis until 2041, when the trust funds are projected to become exhausted....present tax rates are projected to be sufficient to pay 78% of scheduled benefits after trust fund exhaustion in 2041 and 75% of scheduled benefits in 2082. Source
Social Security is not now bankrupt and will not become bankrupt. Social Security is not projected to "run out of money". These are lies, blatantly written in one of the leading so-called liberal newspapers.
Consider: Someone gives you a dollar and you spend 25 cents of it. You put the remaining 75 cents in your pocket. Subsequently, someone else asks you if you have any money. You tell them you've "run out of money." That would not be a truthful statement.
Say you can make all the payments on your bills, based on current earnings, for 32 years. Still based on today's earnings only, you project that after those 32 years, you'll still be able to pay 75-78% of your bills. Would you describe your situation as "going bankrupt?"
Why would the liberal Washington Post be trying to deceive it's readership?
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