The 1% is using the super-secret Joint Select Committee on Deficit Reduction to Steal From the 99%

[kpete]

The 1% is using the super-secret Joint Select Committee on Deficit Reduction (a.k.a. the Super Committee), to reach directly into the pockets of the 99% and steal hundreds of billions of dollars from them. This committee has unprecedented power. It has been meeting behind closed doors for weeks. Finally, though, its plans are leaking out, and they are not pretty.

In order to spare defense contractors, the pharmaceutical industry, and other fat cats, while appeasing the credit agencies, whose AAA ratings to crony-clients helped crash the economy, the Supercommittee has proposed slashing benefits for current and future beneficiaries of Social Security, Medicare and Medicaid, notwithstanding that the current deficit has nothing to do with these programs.

Neither Social Security, which by law, cannot borrow a penny, nor Medicare, nor Medicaid is to be found among the causes. That hasn't stopped the Super Committee, though.

The following chart shows the causes of our current deficits:


.........................

MORE:
http://www.huffingtonpost.com/nancy-altman/super-committee-social-security-cuts_b_1065105.html
http://digbysblog.blogspot.com/2011/10/super-committee-of-1.html

[SomethingFishy]

1. Oh don't worry, Obama is going to Veto anything

that has cuts to S.S. or Medicare... :rofl: :rofl: :rofl:

[RC]

2. You just now fingering... figuring this out?

[AntiFascist]

3. K&R!! This what it's all about! n/t

[SharonAnn]

11. Of course, that's why i'ts set up the way it is. They're going to try to steal it all.

[Jnana]

4. SS is not the problem--Medicare and Medicaid are huge problems that are becoming

worse with each passing quarter.

[Autumn]

5. No. Wars and tax breaks for the wealthy

and bail outs to greedy banks and a bloated military budget are the huge problems.

[Jnana]

6. You are correct on one out of three.

The effect of tax breaks for the wealthy are minuscule (billions v. trillions) when compared with the wars.

And the banks have repaid TARP monies.

http://dealbook.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/

[Hydra]

7. You are aware that the budget shortfall they are trying to fill

Is almost all the Bush/Obama tax cut extention, right?

BTW, TARP was peanuts compared to all the free money the Fed is giving them...which in turn is peanuts compared to what they're still thinking of putting us on the hook for.

[Kaleko]

8. You are misinformed.

For a truly astute summary of our economic situation, you might want to read this:

Andrew Gavin Marshall: The Great Global Debt Depression: It’s All Greek To Me «

http://andrewgavinmarshall.com/2011/07/15/167/

[Jnana]

9. From the article...

Greece hid its debt through “creative accounting,” and in some cases, even left out huge military expenditures.

Clearly, Greece's problems were "created" by Greece's government.

[Kaleko]

10. Missing the forest by pointing at bits of a falling tree.

I see.