Sunday, December 5, 2010

Int'l Movement Against Seizing Savings (France, Ireland, Hungary Seize Pensions As Part of Move For Long-Term Assets to Fill "Short-Term Deficits")

(First snow of the season decorates the back of the local branch of the public library.) (The scene in front of the fireplace at my local bar/restaurant before the crowd arrives.) There's an international movement forming, friends, and Pottersville2 joins the ranks of those at Democracy for America such as Senator Bernie Sanders, who are opposed to seizing pensions and savings of the lower classes to bail out the over-sold but under-funded war/tax cut agenda of the upper classes (who have made tons of money off of it in the last decade). And don't get confused about whom the upper class is. It isn't you. No matter what you heard. (Emphasis marks added - Ed.)

In terms of Social Security, let's be very clear. Social Security has not added one dime to either the federal deficit or the national debt. In fact, Social Security is running a $2.6 trillion surplus that is projected to grow to over $4 trillion by the year 2023. The non-partisan Congressional Budget Office has estimated that even if no changes are made, Social Security will be able to pay full benefits to every eligible American until the year 2039. In other words, Social Security is not in crisis. Meanwhile, the Republicans in Congress, who claim to be so concerned about our large deficit want to extend Bush's massive tax breaks to the wealthiest 2% of Americans -- which will add, over a ten year period, $700 billion to our national debt. Given the fact that we already have the most unequal distribution of income of any major country, this is a totally absurd and irresponsible proposal. That's why I organized a working group in Congress to provide a real, progressive alternative to the Deficit Commission's recommendations. We can move this country forward in reducing our national debt, but we don't have to do it on the backs of the already suffering middle class and working families of this country. All and all, there's a lot to talk about and I look forward to a lively discussion with my friends at Democracy for America. Thank you very much for your grassroots activism. Together, we will move this country forward. Please join me and my friends at Democracy for America next Tuesday, December 7th at 8:00 PM (Eastern Standard Time) for DFA Live - a conversation on some of the important issues facing our country including Social Security, reducing the deficit in a fair and progressive way and job creation. Thank you, Bernie Sanders P.S. Follow me on Facebook or Twitter to stay up to date on the work I'm doing on Social Security, the deficit, job creation and more. Sign up to join me for DFA Live on Tuesday, December 7th, at 8:00 PM Eastern Time.


Thank you, Bernie!

And as for the mind-blowing financial news from overseas . . . as we now know that Iceland (which allowed the miscreant banks to go under and not enforce the lower-class bailout of the upper classes as became the rapid response de rigeur of other countries) is almost out of the bad times (without long-term debt) and ready to rejoin soon the banking integrity community (if any can be found), what about the responses of all those other countries with banking troubles courtesy of Goldman Sachs, et al.?

France, Ireland and Hungary Seize Pensions As Part of Move By Governments to Use Long -Term Assets to Fill "Short-Term Deficits"

Monday, November 29, 2010 France is apparently following the example of Ireland and Hungary and seizing pension funds. According to eFinancialNews, the French parliament passed a law last week allowing 36 billion Euros to be seized from the French reserve pension fund to be used to pay off the debts of France’s welfare system. As eFinancialNews notes:

The move reflects a willingness by governments to use long-term assets to fill short-term deficits, including Ireland’s announcement last week that it would use the country’s €24-billion National Pensions Reserve Fund “to support the exchequer’s funding programme” and Hungary’s bid to claw $15bn of private pension funds back to the state system.

There have been unsubstantiated rumors for years that the American government will also seize 401(k) money.

I can certainly see why they are unsubstantiated. But are they true? And why not - now that the Rethugs have worked their evil magic at the midterms and will do nothing except what they desire (for their financial interests)? With the bought-off Dims in lock step. Ready to march yet? Good gracious, folks (as my Grandmother used to say), why not?

Are we still that polite that we'll let our entire financial lives be turned topsy-turvy just so no one will laugh and point at the "troublemakers?" (And make them cry?) Suzan __________________


Mr. Natural said...

Suzan, in the past 15 years there have been SO MANY excellent reasons to hit the steets en-mass and raise hell that I can not remember all of them. Now that they have stolen even the value of our homes, millions of retirement accounts (ALREADY!), and as we speak work openly for MORE offshoring of factory jobs, still most of us SIT in front of our shiny objects (automobiles, huge teevee machines, etc etc.

In some areas, one can buy those huge homes built on spec. for SALVAGE, and make money on it!

Suzan said...

Hey there, sweetie!

You prolly remember that I've been screaming exactly the same since, oh, when they stole the election in 2000.

SO MANY excellent reasons to hit the steets en-mass and raise hell that I can not remember all of them

And they will steal every single thing everyone has until we stop letting them.

they have stolen even the value of our homes, millions of retirement accounts (ALREADY!), and as we speak work openly for MORE offshoring of factory jobs

And they don't believe we will stop them.

Because of the (as Joni said):

"Shiny Toys!"

Love ya,