Will passing the Simpson/Bowles “Theft Commission” Bill Create a 2nd Great Depression? [View All]

[Faryn Balyncd]

We’ve gotten so used to industry lobbyists writing bills that we no longer think it unusual for an un-elected group packed with announced enemies of SS literally writing a bill in secret which will be voted on by a lame duck Congress without opportunity for amendment or modification.

But will ramming through(under special rules preventing modification) the draconian cuts of the Simpson/Bowles bill (not a word of which will have been crafted by a democratically elected body) by the lame duck Congress before Jan 11, 2011, literally plunge the US into a 2nd great depression?

What is the logic in a http://www.sourcewatch.org/index.php?title=Total_Wall_Street_Bailout_Cost ">$4-13 trillion bailout of Wall Street, if it is followed by slashing billions in Social Security benefits to those whose payroll & SE contributions have created a $2.5 trillion surplus? And all because the right wing wants to default on the Treasury bonds in the SS Trust Fund (but not the $4 trillion in bonds held by Chinese , Saudi and other foreign bondholders, and certainly not on the Treasury bonds held in their own portfolios)?

And what is the logic in borrowing $1.156 trillion for a fiscal stimulus, and then slashing the SS payouts to those who have earned & paid for these benefits?





Just exactly how do the fiscal policies of both Hoover & Keynes work when used simultaneously?





The economic damages from the recession have been estimated at $2.7 trillion.

Would passing the austerity measures which will come out of the Simpson/Bowles commission threaten a second great depression?

Is there any economic benefit that will accrue to the United States for participating in the immoral theft of SS Trust fund, so that the richest 1-2% will not have to pay, God forbid, middle class tax rates?






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