“In just 14 years, the nation’s Social Security system is projected to reach a day of reckoning: Retiree benefits will exceed payroll tax receipts, and to pay its bills the system will have to begin redeeming billions of dollars in special Treasury bonds that have piled up in its trust fund. To redeem those bonds, which represent money taken in years when Social Security ran a surplus and used for other government operations, the federal government would likely have to cut other programs, raise taxes or borrow more money.”
Let me translate this into “regular people” terms:
In just 14 days your bank faces a day of reckoning: your mortgage payment is due. You have spent the money, so the bank must lay people off, cut vacations and eliinate health insurance in order to reduce their financial requirements.”
What’s REALLY happening? In just fourteen years, the full impact of Bush’s tax cuts become clear. The money that paid for these tax cuts — which went primarily to the rich — was supposed to be saved for your retirement. That retirement money came from taxes on incomes below $75,000-$85,000 (depending on the year). A tax on the middle class and poor, that was handed to the rich.
The most obvious solution is to increase taxes on the rich to pay back what was taken from your retirement money and given TO the rich. Duh. So instead smoke, sand, dust, fog and anything else they can think of are being thrown into the air to keep you from realizing what has happened to your retirement money.