Bachmann targeted in Social Security anti-privatization ad

Didn’t Rep. Bachmann suggest “weaning” people off of social security and medicare this year?

When the young and the clueless wake up and do the math, they’re going to resent having funded America’s geezers while being left without a chair when the music stops on the Ponzi scheme.

As a codger myself, here’s hoping they flunked math and never catch on. heh

Of course, “the young and the clueless” will only be “left without a chair when the music stops” if Rethuglicans get their way.

You’re absolutely right, Eric B: Bachmann proposed abolishing Social Security and Medicare in February, 2010:

http://tpmdc.talkingpointsmemo.com/2010/02/bachmann-wean-everybody-off-social-security-and-medicare.php

Social Security and Medicare only begin to resemble a Ponzi scheme when you start “weaning” people off of by making them pay without any prospect of getting the benefit repaid in old age. Bachmann is so dishonest she won’t come straight to say the truth that you cannot “keep the faith” with the current recipients without keeping faith with those who are paying for them. I would go so far as to say that by fiddling with Social Security and Medicare in this way, reactionaries like Bachmann would violate the Fifth Amendment by taking property from those who have paid in without just compensation.

we wouldnt have this problem if our elected representatives had not raided the cookie jar, then raising our taxes so we pay back the money they misappropriated. If it was set up like it should have been, with no way of them stealing the money, as a type of savings account tied to you. Most people would be better off the money they put in would be there for them, not just a promisary note and no money to pay it off.

Steve, US T-bonds are not just IOUs or “promissory notes” and it is not misappropriation or “raiding the cookie jar” to fund future SS payments with them. Don’t be absurd. If you gave people the money now rather than waiting for retirement when they can use it, it would blown on drugs, booze and guns and wouldn’t do anyone any good at all.

Again, the top 5 Social Security myths from:
http://pol.moveon.org/ssmyths/index.html?rc=homepage

Myth: Social Security is going broke.

Reality: There is no Social Security crisis. By 2023, Social Security will have a $4.3 trillion surplus (yes, trillion with a ‘T’). It can pay out all scheduled benefits for the next quarter-century with no changes whatsoever. After 2037, it’ll still be able to pay out 75% of scheduled benefits–and again, that’s without any changes. The program started preparing for the Baby Boomers retirement decades ago. Anyone who insists Social Security is broke probably wants to break it themselves.

Myth: We have to raise the retirement age because people are living longer.

Reality: This is a red-herring to trick you into agreeing to benefit cuts. Retirees are living about the same amount of time as they were in the 1930s. The reason average life expectancy is higher is mostly because many fewer people die as children than did 70 years ago. What’s more, what gains there have been are distributed very unevenly–since 1972, life expectancy increased by 6.5 years for workers in the top half of the income brackets, but by less than 2 years for those in the bottom half. But those intent on cutting Social Security love this argument because raising the retirement age is the same as an across-the-board benefit cut.

Myth: Benefit cuts are the only way to fix Social Security.

Reality: Social Security doesn’t need to be fixed. But if we want to strengthen it, here’s a better way: Make the rich pay their fair share. If the very rich paid taxes on all of their income, Social Security would be sustainable for decades to come. Right now, high earners only pay Social Security taxes on the first $106,000 of their income. But conservatives insist benefit cuts are the only way because they want to protect the super-rich from paying their fair share.

Myth: The Social Security Trust Fund has been raided and is full of IOUs.

Reality: Not even close to true. The Social Security Trust Fund isn’t full of IOUs, it’s full of U.S. Treasury Bonds. And those bonds are backed by the full faith and credit of the United States. The reason Social Security holds only treasury bonds is the same reason many Americans do: The federal government has never missed a single interest payment on its debts. President Bush wanted to put Social Security funds in the stock market–which would have been disastrous–but luckily, he failed. So the trillions of dollars in the Social Security Trust Fund, which are separate from the regular budget, are as safe as can be.

Myth: Social Security adds to the deficit.

Reality: It’s not just wrong — it’s impossible! By law, Social Security funds are separate from the budget, and it must pay its own way. That means that Social Security can’t add one penny to the deficit.

[...] they can pass on to the beneficiary of their choice.” When asked in 2008 how Republicans could promote privatization without frightening seniors, she responded, “I believe that we should ensure that those currently [...]