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Farewell to the Spectator
December 16, 2011 | 8 comments
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Tentative Praise for Ryan’s New Bipartisan Medicare Plan
December 15, 2011 | 3 comments
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The Day Ahead: Thursday, December 15
December 15, 2011 | 0 comments
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Examiner for Romney, National Review Against Gingrich
December 14, 2011 | 39 comments
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Paul Ryan to Introduce New Medicare Plan with Democrat Ron Wyden
December 14, 2011 | 4 comments
The Spectacle Blog
The Treasury is, according to Tim Geithner, supposed to run out of emergency measures and hit the “real” debt ceiling on August 2nd. President Obama has suggested that failing to raise the ceiling by then could result in Social Security payments being withheld, which statement the GOP denounced as a scare tactic.
Who’s right? First of all, it’s not clear that Geithner doesn’t have a few tricks left up his sleeve to create even more time. By the same token, though, it’s possible that the Treasury would run into logistical trouble trying to prioritize payments such as Social Security deposits after August 2nd — Reuters reports that, in order to do so, it “would need to re-program government computers that generate automatic payments as they fall due — a massive and difficult undertaking. Treasury makes about 3 million payments each day.” And it’s certain that the administration and Congress will run into increasing political pressure to avoid the possibility of withholding payments from key constituents.
But, assuming the debt limit is reached and the Treasury has the power to privilege certain bills over others, there’s no doubt that it’s within it’s power to pay Social Security recipients. The federal government will take in about $172 billion in August, and owe roughly $307 billion. It will have no problem paying the interest on the debt (about $30 billion) and Social Security recipients (about $50 billion).
Bloomberg Businessweek has created a debt ceiling prioritization calculator, using figures from the Bipartisan Policy Center. Using broad categories, it shows which items the government could continue to fund past the deadline while avoiding a default on the debt. By BPC’s calculations, it would be possible to continue paying not only for Social Security and the interest on the debt, but also Medicare, Medicaid, unemployment insurance, active duty military pay, TANF, food stamps, and Homeland Security emergency preparation and response, with billions left over just in case.
Real American| 7.13.11 @ 7:41PM
I don't really give a crap if they do. These old farts, especially the baby-boomers have had a lifetime to save for retirement and if they haven't done so, then F them. It's difficult enough to save for my own retirement, I can't afford theirs. When I can afford my own, then talk to me about contributing to someone else's. Until then, pay for your own damn retirement.
Handy| 7.14.11 @ 5:12AM
Most Boomers felt the same way throughout the past 45 years. It was the Greedy Geezers who made reform impossble. As it was, it was very difficult to build up a nest egg of real (after inflation) money.
Reform is definitely needed, and the best way is to explicitly end SS and Medicare. All persons currently working would be able to opt-out of any more contributions and any retirement benefits. All persons born after a date certain would never be eligible for benefits, nor would they ever be liable for any contributions.
I don't know how old you are, but if you plan to work another 20 years, you would be crazy not to opt-out ASAP under such a plan. Your nest egg could conceivably earn unlimited amounts, and you would be abe to pass it on to your heirs, unlike a SS entitlement stream.
Unless these entitlement schemes are abolished, and soon, you will have no way to adequately prepare your own nest egg.
Conservative View| 7.14.11 @ 7:10AM
I served 22 years in the US Navy. My retirement was based in part on my Social Security. Indeed, nearly one third of my retirement was calculated to be social security payments. Now, Real American, I am an old fart. I worked. I didn't get paid much being in the military defending your real american life style. I expected the government to live up to its' contractual obligation to me in retirement. I had what amounted to a lifetime worth of service to my country. You can't afford afford my social security? Big news. You aren't being asked to. I paid into social security all my life. That is my money, not yours. I expect to get my money back just the way the government promissed me. So, I paid for my own damn retirement.
Now lets take this a step further. Your government, (don't blame me for it, I didn't vote for the man) puts foreign aid to Hamas ahead of military retirement checks. It puts foreign aid to corrupt governments around the world ahead of it's contractual obligation to me. The 14 amendment states clearly that the governments contractual obligations must be paid. So much for our Constitution under Obama.
So get off your high horse and grab a little reality. Reality like you aren't paying for my Social Security. Reality like the government is required to pay military retirement under the Constitution. Reality like some of us put service to our country ahead of wealth. Reality like saving for your own retirement doesn't mean you have the right to stop mine.
So kiss my grits. Take your horse named umbrage someplace where reality doesn't matter. Perhaps to Palistine, I understand they are getting lots of American dollars. Hamas might enjoy your company.
sarrita| 7.30.11 @ 10:17PM
Just to let you know, this doesn't JUST affect the elderly who have retired! I am 32 and severely ill and fell sick with this illness AFTER I had my 6 children. We are already homeless and trying to save enough to move out into our own home. We became that way after my daughter fell ill and spent 2 weeks in the hospital and we found out that she was allergic to black mold growing in the home we were renting. I NEED THAT MONEY TO BARELY SURVIVE!!!! Fine! don't give a crap about anyone but yourself! But at least have an educated response and realize people will actually get really hurt from this! And as for saving for retirement.....YOU PAY SOCIAL SECURITY THE WHOLE TIME YOU WORK SO YOU CAN GET IT BACK RATHER YOU SAVED OR NOT!!! Mengia.......read a book for christ's sake and grow up. If you don't care, why even post about it?!
Pecos Pete| 7.13.11 @ 8:27PM
The President of the United States says that Social Security checks may not be processed ... thus scaring the hell out of seniors relying on those payments. Ain't that a fine thing for the President to do?
You'll notice the President didn't say anything about stopping welfare and jobless payments. Guess that tells us about his priorities .
Next he'll be announcing that the feds can't pay the military.
What is it with this guy?
Mike 3/505| 7.13.11 @ 9:55PM
His constituency is those folks who don't defend or produce. Folks that defend (military) and those who produce (business owners/employers) tend to be conservative. Another way to put it...the 40 percent who don't pay income tax, tend to vote democrat.
beebop| 7.14.11 @ 5:49AM
The double edged sword is being wielded by dems. They have shown -- through their calculated disregard for JOBS -- that they want to shrink the workforce, make more Americans dependent upon handouts and thus create the dependent class who they then allow to VOTE without the benefit of photo id ... it is about the jobs to them -- the LACK of jobs!
akin jonax| 7.29.11 @ 10:38PM
dont care who i leave comment to federal gov. should take care of all those triple life mofos with a bullet and people in congress give up a paycheck or donations for two years turn the a/c off open windows and eat pb/jelly sandwiches a year and get our money back from all the countries we saved and start making it usa made
sarrita| 7.30.11 @ 10:24PM
Why is everyone just noticing the elderly in this situation. Social Security payments are for anyone who has a disability rather they are retired or not. it's not just about stopping the normal retiree payments here but also the blind, deaf, armless, legless, internal bleeding, depressed to the point of suicide from chemical imbalances and CHILDREN WHO HAVE HAD PARENTS DIE WHO WERE ON SSI AND ARE GETTING SURVIVAL BENEFITS. This isn't a small thing. And NO, THAT WAS NOT A NICE PRESIDENT TYPE THING TO DO.......LET'S KILL AMERICA VOTE FOR ME.
Mike 3/505| 7.13.11 @ 9:57PM
Medicaid, unemployment insurance, active duty military pay, TANF, food stamps,..." with the exception of active duty military...all thie rest of these are unconstitutional and should not be part of the federal budget anyhow.
sarrita| 7.30.11 @ 10:28PM
Let me guess.............yet another heartless man in america. hmmmm SHOCKER! Why do you bother even socializing? That is a cruel, terrible way to look at life and people. If you don't help those in need, you don't truly know anything about life and I pitty you for the lessons you will learn when it's your turn in the welfare line and you can't get it because people as cruel as you are in office. We are in a recession! anything is possible now for anyone! the billionaires could be in those lines shortly.
Comrade!| 9.3.11 @ 7:33PM
Yes, we should all support everyone in need, right? Just ask Russia how that works out....
Kingofthenet| 7.13.11 @ 11:05PM
Cantor's personal investment AGAINST the economy? It's his "...investment in ProShares Trust Ultrashort 20+ Year Treasury ETF, a fund that "takes a short position in long-dated government bonds."
The fund is essentially a bet against U.S. government bonds. If the debt ceiling is not raised and the United States defaults on its debts, the value of Cantor's fund would likely increase."
Niiiice. And you conservatives are OK with that? Wow
beebop| 7.14.11 @ 5:51AM
Please. How many of them are getting RICH RICH RICH with their advanced knowledge of where the government is going to throw their shovel ready money? How is it that Nancy Pelousy's husband's processing plant for tuna got their exemption for the MINIMUM WAGE? And this from the party that says it is for the "working class?" Please hold your condemnation while I hold my nose.
Clint| 7.14.11 @ 3:28AM
"If the debt ceiling is not increased, the Treasury can prioritize interest and debt payment to avoid a default and essentially put the government on a stringent pay-as-you-go basis. Would that involve extreme cuts in government spending? Certainly. But it could be done, if it had to.
Let's remember that the Treasury still rakes in quite a bit of money in revenues — it took in $604 billion (seasonally adjusted) in the third quarter of 2010. In FY 2010 the annual debt service was some $414 billion, working out to an average of about $104 billion per quarter. Although the numbers won't be quite the same going forward, the debt service will soak up only about one-sixth of the incoming revenues."
sarrita| 7.30.11 @ 10:31PM
FINALLY!!!!!!!!!!!! SOMEONE READ A BOOK!!!!!! Thank You for your educated comment!!!!! YOU ROCK!!!!!!!!
Clint| 7.14.11 @ 5:39AM
"Debt Ceiling Betrayal Petition to:
My Representative and Senators
Whereas: The American people put the Republicans back in power in 2010 to stop the runaway spending in Washington, D.C.; and
Whereas: Republican House Speaker John Boehner may yet give in to Barack Obama's "debt ceiling deal" that involves a trillion dollars in tax increases and includes mostly phony spending and tax "cuts;" and
Whereas: Virtually every time deals have been cut in Washington, D.C., massive tax hikes follow, while the promised spending cuts never come; and
Whereas: House Republicans would be foolish to go for this ploy and be taken in by the Obama Administration, only to leave the American taxpayers on the hook yet again for more out-of-control government spending;
Therefore: I demand that you stand up to the political establishment by rejecting any business-as-usual compromise on the debt ceiling. Instead, I urge you to join Ron Paul in signing the "Cut, Cap, and Balance" pledge immediately if you have not yet done so."
Conservative View| 7.14.11 @ 7:19AM
Clint, I can't agree with your more.
Obama is really trying to bring about class warfair. OK, lets have a little class warfair here. If the Republicans cave, then I'm ready to go to war with the political class. Vote each and every last one of them out of office. Put in their place people who are not members of any political class, or political party. All of this going on in Washington today makes Herman Cain look better and better to me.
Mimi| 7.14.11 @ 7:22AM
If Obama continue's in office another 4 yrs....the now RICH, if they haven't already , will get poorer and poorer! The middle class will be downgraded to poverty level....IF they haven't already. The NEW....Obama economic plan. To do this he is using every opportunity to push forward the CENTRAL planning... he visions, for AMERICA. What is going on NOW is same old, same old...just different issues.
His "PLAN" is numero-uno and threatening Soc.Sec., and VETS is just an example of how he will say and do anything....As his support decreases...IT WILL get worse!!!
We all need to sit back, relax, and vote him out in 2012...clean it up, and GO ON being AMERICA.
I know, its a disgraceful SHOW he puts on, we are sick and can't take it anymore....HANG ON!
jon | 7.19.11 @ 3:53AM
thats a hell of a fix
Mary | 7.19.11 @ 4:08PM
Keep all the Goverments pay for the rest of the year, they have money to tide them over until 2012, the poor people and elderly can't afford to not have their SS checks. The President and down can so how about that just a little girl and I fixed all our problems..
chaos| 7.20.11 @ 5:46PM
You are so right the elderly cannot afford to be without there social security. But they can stop all that fraud coming Jan. 2012 of all those ppl who claim earn income tax credit for all those children. I really think they should get back what they withhold in there income no more earn income credit for children an this would help in billions of dollars that are given away every year just because they have babies. i would this is a good option to save money.
Brooke| 7.23.11 @ 7:32PM
My parents have worked hard all their lives, paid in taxes, and looked forward to the day they could relax and take it easy. The Government has taken from them all these years, and now want to take what little they get each month? Wow, that's just wonderful. Screw Obama, Screw them all. One good thing comes of this is the fact that Obama will never be reelected !
Phyllis | 7.24.11 @ 8:18PM
I'd like to here what the simple working guy has to say about the Social Security checks not coming out in August . The ones like me who worked there asses off and paid a big hunk of Social Security in ...then once were to ill to work....find we are being throned to the dogs. Doesn't the Government realize that taking Social Security checks will effect businesses as well. There will be even lest spending in stores. We the working class, elderly, the poor make up a lot of the population in the USA. When we have no way to buy stuff it will certainly make a difference in this so called damage economy. This just going to be a mess causing Nation wide hunger which will cause more stealing and more killing. Then what does the Government take over so we become a police state to keep down the crime.
NADINE BENNETT| 7.24.11 @ 8:32PM
This is a shame that it even took this long to resolve such a simple issue.GREED AND EMPOWERMENT will destroy this world..and to think we the people voted for your no good politicians.I am very angry and disappointed in the USA.. Thanks alot uncle Sam..your truely..a single black woman w/hiv/aids..why dont you just kill us all and be done with it.. you know the monies your are stealing from the people you cant take it with you..GOD HAVE MERCY ON YOU ALL!!!!!!!!!!!
Gambin' Man| 9.3.11 @ 7:41PM
You know, today was the first time I went to the casino in about a month. The last time I was there, about 80% of the people were seniors. Today, it was probably closer to 70%, and probably 50% of which were smokers. Now, if seniors are hurting SOOOOO bad for money, where in the world are they getting the money to be out gambling and smoking? Maybe I am a bit nuts here, but doesn't it seem like the problem may partially be that they don't have their priorities in order? Don't go spend $50 on the slot machines at casinos. Force yourself to kick the habit of smoking. I have done it myself. When cigarettes hit $4 a pack, I had to quit, as it was too expensive and it would help me pay my share of the apartment I was living in while at college.
Prioritize where your money needs to be. "Needs" should ALWAYS come before "wants." That is a HUGE key to actually being able to afford the things you really need.
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