Alternative Visions - Social Security Under Attack—Again! Here Comes Austerity Policy

In today’s show Dr. Rasmus discusses the dimensions of the current attack on the social security system taking shape behind the curtain of the Debt Ceiling negotiations and just before Biden releases his final budget proposals for 2023 next week (listen to our next week’s Alternative Visions show on that subject).  Rasmus describes the main elements of the new cuts to Social Security being proposed by the latest group of Senators: creating a so-called Sovereign Wealth Fund that will invest in private financial markets; raising the payroll tax; and raising the retirement age to 70 starting 2025. The history and evolution of the social security system is described, from 1938 to present and how the key year revisions in 1986 created a massive $trillion SURPLUS in social security by 2000; how that surplus has been depleted since by Bush, Obama and Trump. He 4 funds of social security trust are described and financed (retirement, medicare, medicare advantage, prescription drugs). Why just raising the income limit of $160,200 ‘cap’ would enable social security financing for 75 years more AND increase retirement benefits. Rasmus explains how attacks on social security always occur when politicians shift fiscal spending to Austerity and social program spending cuts which is now occurring. (Next week: Biden’s final budget proposals).