Category Archives: benefits

GOP House passes plan to raise Medicare eligibility age to 67, then turn it over to insurance companies

Time after time, Mr. Donald Trump promised no cuts to Medicare and Social Security, but the current leader of the nation and Republican Party now seems to have a change of heart – to put it very kindly – or he has just wandered even deeper into the swamp.

It could be the President is distracted by his fake plan to lower taxes for the middle class  and so he hasn’t noticed the GOP-dominated House passed its 2018 budget resolution on Thursday by a vote of 219-206. The cunning House Speaker Paul Ryan led his swarm to approve  cutting $1.5 trillion from Medicare and Medicaid. Eighteen Republicans voted against the resolution, along with all the attending Democrats.

Robert Roach, who heads the Alliance for Retired Americans, was furious at the news: Continue reading →

Will politicians steal Social Security’s $2.7 trillion?

Social Security is not in “trouble”, except that it has vast wealth in reserves, and politicians want to steal this treasure trove (designed only to insure future Social Security benefits), and use it for something else. That something would probably be tax cuts for the rich by the GOP, or more redistribution downward from the middle class to the poor by the Democrats.

SuttonWhen I combine Treasury Note rates, Cost of Living, Interest on the Social Security fund and the total reserves (in Millions) of the Trust Fund, the resulting Trust Fund Table  demonstrates the steady growth of these reserves from year to year – now exceeding $2.7 trillion total, invested in special Treasury notes.

The table also shows that reserves decreased from 1976 to 1983 (except a small increase in 1982), but since 1983, reserves have grown 1,000%. Every year since 1983 has registered more taxes (FICA) paid, than benefits distributed.

The deficit scolds want benefit cuts, higher retirement age, to accomplish what? Even larger reserves? They never mention that every other government program shows a deficit year after year, while Social Security “makes money.” Today’s trust fund is the largest in its history and growing every year. Continue reading →

Chinese women retire 17 years earlier than us, but moronic scolds want to hike pension age even higher

Rep. Kevin Brady (R-TX), House Ways and Means Committee Chairman, pontificated about plans to cut Social Security on Thursday, last week, at the Urban-Brookings Institution Tax Policy Center, Washington, DC.  Brady wants to cut Social Security by not only raising the retirement age to 70, but also imposing means testing to cut benefits. He advocated “creating a true cost-of-living for seniors,” meaning using the chained-CPI cost-of-living adjustment formula to further reduce benefits. Chained CPI is lower than the CPI used to adjust everything else.

Brady’s only accomplishment, other than public office, was serving as an executive at the Rapid Cities (ND) Chamber of Commerce before he moved to Texas..

In addition to gutting Social Security he pushes for lower taxes, deficit reduction and Continue reading →

Tax credit cuts will make Britains work much harder – like Chinese or Americans – British Health Secretary tells the poor

hunt-ja

Smirk, smug and telling you to work harder

British Health Secretary Jeremy Hunt thinks the British don’t work hard enough because they have too generous tax credits – a benefit similar to the U.S. Earned Income Tax Credit (EITC).

Hunt seemed like a money-grubbing rich person when he explained:

“My wife is Chinese. We want this to be one of the most successful countries in the world in 20, 30, 40 years’ time. There’s a pretty difficult question that we have to answer, which is essentially: are we going to be a country which is prepared to work hard in the way that Asian economies are prepared to work hard, in the way that Americans are prepared to work hard? And that is about creating a culture where work is at the heart of our success.”

“Dignity is not just about how much money you have got … officially, children are growing up in poverty if there is an income in that family of less than £16,500 (a £ is worth about $1.52 U.S.). What the Conservatives say is how that £16,500 is earned matters.

“It matters if you are earning that yourself, because if you are earning it yourself you are independent and that is the first step towards self-respect. If that £16,500 is either a high proportion or entirely through the benefit system you are trapped. It is about pathways to work, pathways to independence … It is about creating a pathway to independence, self-respect and dignity.”

In one sense Jeremy agrees with many Americans. We do work hard. We spend too many hours at work. Many of us are underpaid. For Jeremy all that is good – because he is rich Continue reading →

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