Bernanke's assault on Social Security and Medicare

[laughingliberal]

Ben Bernanke has overseen the greatest expansion of the Federal Reserve's balance sheet in its history, pouring trillions of dollars into Wall Street firms at roughly zero interest rates.

His generosity, however, has a limit.

In testimony before the Senate Banking Committee today, where he's seeking re-appointment as the Fed's chairman, Bernanke called for cutbacks in Medicare and Social Security even as unemployment rises and the middle class is endangered.

Citing legendary bank robber Willie Sutton, Bernanke said of the retirement and health care funds that are the legacy of the New Deal: "That's where the money is." <snip>


http://www.huffingtonpost.com/2009/12/03/bernanke-channels-willie_n_378963.html


There they go again. Hope the people being swayed by the Republican's crying over hurting Medicare with HCR are hearing this.

[Cleita]

1. God what stupid people!

Doesn't the average Freeper know what it would cost them to keep grandma when she is no longer able to work and pay her medical expenses if those greed peddlers get their way? The FICA deducted from their wages is a pittance compared to that. Bernanke needs to go. I guess all the money they have raked from the Treasury isn't enough. They want it all.

[laughingliberal]

2. Let's all hope Sanders' is successful in blockin this asshat

I want Goldman Sachs out of our government.

[BrklynLiberal]

5. Ditto.

[fascisthunter]

3. stupid is as stupid does

[BrklynLiberal]

4. Obviously Bernanke's retirement is pretty well set up...Unlike the rest of us, he has no worries.

:mad: :puke: :grr: :nuke: :thumbsdown:

[ima_sinnic]

6. thanks again, Obama, for this amazingly bone-headed, corrupt choice

and you persist, wanting to reappoint him. It's as though nothing has been learned AT ALL--or maybe you just don't care--you actually think we won't notice the gouging we'd be getting the next time. On that basis alone (but the health care nonleadership, bullshit of "bipartisanship" and republican ass-kissing, and escalation of war are certainly not forgotten either!), I won't vote for you ever again, and will never engage in your "goals" or "forums."

[laughingliberal]

7. The usual suspects-Kent Conrad (Di)ckhead ND

Further on in the article:

<snip> Senate Budget Committee Chairman Kent Conrad (D-N.D.) has been pushing hard for the creation of an independent commission that could cut entitlement spending. He has met recently, he said Thursday, with Senate Majority Leader Harry Reid (D-Nev.) and Treasury Secretary Tim Geithner, reiterating his threat to block Senate legislation if the commission isn't created.<snip>

"We're on a course that's just unsustainable," Conrad said, but put emphasis on Medicare rather than Social Security.<snip>

[MisterP]

8. how long til we hear "it's only been N months: there's so much Bush badness to undo!!!!111"?

it's like the Baltarites don't even read the OPs showing Obama as a second Herbert Hoover

[laughingliberal]

9. In fairness there are pressing matters to discuss today like Roger Ebert's

thoughts on how new agers are just the left wing version of fundamentalist Christians. How could we worry about President Obama's nominee attacking SS and Medicare at a time like that?

[MisterP]

12. Walter W. Waters, where are you?

http://en.wikipedia.org/wiki/Bonus_Army

got a link to Ebert's rant? sounds like the villains in Mage: The Ascension

[laughingliberal]

13. We could use a guy like that, today.

Here's the link to the rant: http://blogs.suntimes.com/ebert/2009/12/new_agers_and_creationists_sho.html

and today's best example of DUers love and tolerance for each other's beliefs and world views:


http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7143791&mesg_id=7143791

[aldo]

10. The elite has decided to turn their back on the American people. With globalization they no longer

need us. They are consigning us to third world status. And they own both parties, including Obama and Michelle Antoinette. Look how they bought out the Clintons, now multi-millionaires. Money buys loyalty. Our so-called leaders have no loyalty to the taxpayers and voters of America.

[laughingliberal]

11. Well, that's certainly depressing

More truth in it than I care for but let's hope it's not quite that bad with the Obamas, yet. Not saying it's not true, just that I'm willing to be proven wrong.

[ima_sinnic]

21. gee, he was easily corruptible

or was he "that way" from the beginning, only we were too gullible and too hurting after * to notice?

[bridgit]

14. Bernanke is all about privatizing everything, especially if that's where the money is

If Bernanke feels he owes anyone anything it will be to his amoral RW puppeteers, they're already citing 2017 when SS will be bankrupt - sounds like more like the time-line/deadline Bernanke and Wall Street are shooting for, and that's only seven years away

[laughingliberal]

17. I am appalled to see us not veering much from the same RW economic policies we had under the

previous administration. I'm scared.

[mascarax]

15. Why can't we eliminate the Social Security cap & get more $$?

It's $106,800, and the Social Security tax rate is 6.20% paid by the employee and 6.20% paid by the employer.

I thought Obama campaigned on eliminating the cap so those above would pay more (and there was some middle ground stuff -- point was to go after the much-higher wage earners).

What happened with this? Why isn't it an option being discussed? (Or maybe it's not getting publicity...I haven't heard anything...)

[laughingliberal]

19. I favor that approach. And I have heard nothing since the campaign was over about it nt

[Hannah Bell]

22. because it = destroying SS.

[Toucano]

16. Where the money is?

The last numbers I saw showed military spending to be the lion share of the budget.

[Thickasabrick]

18. Thank you - I keep saying that too. If you exclude SS and Medicare

which have separate "trust" funds - our military budget is 58% of where our income tax goes. No one ever talks about it!!

[laughingliberal]

20. No, no one ever mentions cutting military spending when they talk deficit reduction nt