Social Security Benefits Threatened by Wall Street

The rich bankers of Wall Street have decided that baby boomers and Social Security, not bank shenanigans, are the cause of government economic problems. This will be their message when the National Commission on Fiscal Responsibility and Reform meets next week.

Ridiculous.

It is very convenient for Wall Street billionaire Pete Peterson to go after Social Security, a lifeline of middle-class retirees. He won’t be needing those monthly Social Security checks. He can fall back on the millions he extracted as CEO of Lehman Brothers which failed in the market crash. He’s a genius with money and now he wants to take ours away.

The fat cats are furious with the AARP because it vigorously opposed granting this bogus “fiscal responsibility commission” any legal authority. The AARP is far from perfect but when it sticks up for a system into which baby boomers were forced to pay billions of dollars, I’m all for it.

The problem is not Social Security. The problem is that Congress keeps spending and wasting Social Security contributions on other programs (including Wall Street bailouts), giving IOUs in return. Now the Pete Petersons are whining that Congress can’t afford to make good on the IOUs. That argument is too little, too late.

I still think that Social Security retirement benefits will become “means tested” such that rich people don’t receive any. Fair enough, as long as it is really limited to rich people like Pete Peterson.

Either way, keep an eye on this issue because it may influence when you decide to claim your benefits. There will have to be a cutoff age for any significant changes in the benefit system. I plan on receiving the benefits which were promised to all of us, over many years. What about you?

Here is the link to the entire article:  Here comes Wall Street’s attack on Social Security

FREE UPDATES: If you enjoy what you read here, please consider subscribing to receive free updates automatically by RSS feed or by email. (I promise that your email address will not be shared or used for any other purpose.)