Truth is the enemy of the state, and always has been. But today the Western populations live in a world of total lies. Try to think of anything that the government has told you the truth about. “Saddam Hussein’s weapons of mass destruction,” “Assad’s use of chemical weapons,” “Russian invasion of Ukraine” are not the... Read More
Social Security and Medicare are under attack from Wall Street, conservatives, and free market economists. The claims are that these programs are unaffordable and that the programs can be run more efficiently and at less cost if privatized. The programs are disparaged as “entitlements.” The word has come to imply that entitled people are getting... Read More
Work Until You're Dead?
More and more Americans are, and not by choice. They simply don’t have the means to survive otherwise. According to CNN, “Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings…50% have less than a three-month cushion and 27% had no savings at all….” (“76% of Americans are living paycheck-to-paycheck“, CNN Money)... Read More
Obama's Stealth Attack on Social Security and Medicare
The media is ratcheting up “debt ceiling” hysteria to launch a surprise attack on Social Security and Medicare. President Obama has already stated that he’s willing to cut so called entitlements as part of a broader strategy for reigning in the debt. In 2011, during tense negotiations with GOP congressional leaders Obama made it clear... Read More
More at The Real News Edited transcript Michael Hudson: Obama’s “bargain” on social security reform will push more retirees into poverty in exchange for a minor increase in high end income tax – a class that receives most revenue from capital gain.
Introduction: The leaders of both major parties, Congress, the White House, the editorial writers, journalists of all the principle newspapers and most academic economists claim that Social Security and Medicare need to be ‘reformed’ in order to reduce the “unsustainable” fiscal deficit and avoid the bankruptcy of these social programs. An important aspect of this... Read More
Robbing the Last Bag of Gold in the Public Vault
Seattle, Washington Thursday night's press conference gave us with a solid example of how elite interests dominate the news cycle. Consider this; at the same time Bush was braying about fixing the Social Security system, the violence in Iraq was reaching a crescendo (13 bombs went off in Baghdad on Friday killing 50 civilians and... Read More
An Interview with Economist Michael Hudson for Counterpunch By STANDARD SCHAEFER The war in Iraq is allegedly over, interest rates are going lower and there are rumors of recovery although the economy is still in the doldrums. A Bush is president, but an election is around the corner. It sounds a bit like the recession... Read More
Contents Introduction Why it was regressive to fund Social Security as an autonomous system Financial engineering vs. industrial profits and employment Social Security, forced saving and Labor Capitalism What if the stock market does boom? Will that save Social Security? Introduction This would not seem to be an auspicious time to mount a campaign to... Read More