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Republican vice presidential candidate Rep. Paul Ryan (R-WI)was not well received at a gathering held by the American Association of Retired Persons on Friday. After Ryan said the first step to strengthening Medicare is to repeal President Barack Obama’s Affordable Care Act, the crowd erupted into boos.
Shushannah Walshe @shushwalshe
Huge chant of "No!" When Paul Ryan says he wants to repeal Obamacare.
kirsten powers @kirstenpowers10
Paul Ryan getting booed at AARP for saying Obamcare shld be repealed
Alex Moe @AlexNBCNews
Loud boos for Ryan at AARP when he says: "The first step to a stronger Medicare is to repeal Obamacare" #decision2012
Retweeted by Josh Marshall
(courtesy of DU)
Rebecca Kaplan @Rebecca_CBSNJ
This is without a doubt the most unfriendly audience Ryan has spoken to as VP candidate. Audience alterantes between silence and boos. Retweeted by Markos Moulitsas
Originally posted by AngryCymraeg
Are the Republicans trying to piss off every possible demographic that's out there in the US electorate? Who haven't they annoyed recently?
Originally posted by timetothink
reply to post by Tardacus
The selfish seniors booed when he talked about protecting the future for younger generations....disgraceful, maybe they should taken better care of their finances instead of depending on the government and a ponzi scheme.
Originally posted by timetothink
reply to post by Tardacus
The selfish seniors booed when he talked about protecting the future for younger generations....disgraceful, maybe they should taken better care of their finances instead of depending on the government and a ponzi scheme.
Originally posted by timetothink
reply to post by buster2010
Social security was set up as a ponzi scheme from the beginning, not Bush's fault.
You cant keep giving people more money than they put in, doesn't work.
There was a time when people used their money for necessities and saved for the future before tvs, vacations etc. It's called personal responsibility.
Social Security was supposed to help, not your sole retirement.
My husband is a cop, I don't work...we saved money for the future, I won't be getting any SS.
Federal workers don't get ss.
Younger generations are putting money into a system now and that money is being used for seniors...the first ones in get the goodies, the last ones in get screwed.....ponzi scheme.
Much of the public is convinced that a perfidious Congress is rifling a “trust fund” where our Social Security taxes are “held in trust” to pay future benefits, that this is why Social Security is headed for trouble, and that all Congress has to do to fix Social Security is put this stolen money back. These beliefs crop up perennially in letters to editors.
This mentality is a serious obstacle to Social Security reform. If a looted trust fund is the problem, why bother overhauling Social Security? Just make Congress return the money. Yet this popular belief is utterly mistaken. There is no trust fund, and Congress is doing nothing wrong. What’s more, the source of this misunderstanding is the government’s own public-relations efforts to create support for Social Security.
The Social Security Act of 1935 created an “Old-Aged Reserve Account” in the Treasury and required that every year an amount determined sufficient to pay that year’s benefits was to be appropriated to it. Any of this money not needed for benefits was to be invested in federal debt (including unmarketable debt issued for this purpose) earning 3 percent interest, or other government-guaranteed debt.4
Assistant Attorney General Robert Jackson stated that under Social Security, “There is no contract created by which any person becomes entitled as a matter of right to sue the United States or to maintain a claim for any particular sum of money. Not only is there no contract implied but it is expressly negatived, because it is provided in the act, section 1104, that it may be repealed, altered, or amended in any of its provisions at any time.”15
Despite the term “trust,” the Social Security system contains nothing that remotely resembles the common law trust. There is no segregation of assets, no equitable property rights, no private right of enforcement (all characteristics of the common law trust). It is merely a system of taxation and appropriation sprinkled with trust terms to hide its true nature.18
Moreover, Social Security’s Trust Fund does not operate as a trust fund does. Social Security revenues go into the Treasury’s general fund and are automatically credited to the Trust Fund in the form of Treasury bonds. The Treasury pays Social Security benefits and administrative outlays out of general revenue and debits the Trust Fund an equivalent value of bonds. Any leftover Social Security revenue finances general government operations, with an equivalent value of bonds remaining in the Trust Fund as Social Security’s “surplus;” to cover any revenue shortfalls.19
This is how a Treasury account, not a trust fund, works. And calling a Treasury account a “trust fund” to influence public opinion does not make it one. In all respects, then, Social Security’s Trust Fund is bogus.
But after the 1983 Social Security rescue, when Social Security revenues began exceeding outlays and sizable Trust Fund surpluses began accumulating, the charge of Congress’s stealing Social Security’s reserve money reappeared.21 Talk of Congress’s “raiding” or “dipping into” the Trust Fund to cover federal budget deficits continues to this day.22 Spending the Social Security surplus, no real reserve, nothing but worthless IOUs—the old reserve-fund controversy all over again. With one decisive difference: the emotional evocations of the phrase “trust fund.”
The New Dealers did not foresee that this phrase might some day work to weaken rather than strengthen faith in the government and in Social Security.
Lifting assets from a trust fund is a serious crime and a breach of faith and trust.
The more firmly people believe that the Social Security Trust Fund really is a trust fund, the angrier they will be at stories of Congress’s looting it, and the more they will be inclined to believe that this is the reason that Social Security’s financial prospects look shaky.
But as we have seen, there is no trust fund to be looted, only a Treasury account. And Congress is only doing what the Social Security law requires.
Originally posted by buster2010
The top one percent? That's about all that's left.