Monday, July 26, 2010

Not a cool young dude

On the way home I was checking out the news and found out that the young dude who was in charge of doling out the initial bank bailout funds is now suggesting workers cut back on their social security for the good of the country! This is too rich (literally and figuratively). The U.S has just seen the biggest tax payer bailout of the financial industry ever and now the Wall Streeters want middle class tax payers to take even more of a haircut by agreeing to a reduction of their social security income - something they have paid into all their working lifes? Another huh?

I can't do justice to the saga of social security in the U.S. in this short post but I do have a few questions I plan to look into. One is when the nomenclature describing social security described as an "entitlement" program first appeared, with "entitlement" having several negative connotations. Second when did this entitlement program become "unfunded" and what caused the program to become unfunded.

The Huffingtonpost piece does give a lot more background information.

I think I will file this one under unbelievable.

Trying to think of something more positive ....

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