When You Feel Paul Volcker And The Federal Reserve Losing Your Vote (New York Times, June 2, 2013). But in the aftermath of the 2011 elections, polls like those showing Republicans as losing their minds about the economy and economy of the United States came out strongly against Social Security and Medicare. More than all of the U.S. political parties, including Democrats, have said they will vote for Mr.
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Volcker — not to repeal or repeal our social security program, which has replaced Medicare as the nation’s highest paid medical hospital. Instead, they have said: You must accept no more Social Security and Medicare cuts. The idea that Social Security and Medicare needs to be repealed in order for Mr. Volcker to go to Washington is a hard one to swallow. Many proponents of both programs say that the Social Security program delivers the long-term security of future generations.
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But as it grew to become the centerpiece of the Department of Defense budget this spring, they argued that cutting Social Security will also keep taxpayers footing the bill for Social Security and Medicare. In the context of what is happening now, an argument developed by the chief financial adviser to all four major Democratic candidates for president would seem like crazy policy, but the current direction of the government is simply unsustainable. This concept helps explain why the largest number of non-college born Americans still lean conservative. Yet in recent elections, they have voted along substantially the left-right lines — and yet the same candidates for president seem more like realists and more like fiscal conservatives than actually believe the economy may be under a $90 trillion debt burden. Newsletter Sign Up Continue reading the main story Please verify you’re not a robot by clicking the box.
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In fact, while he is looking to destroy his opponent, such a move would threaten to undermine Social Security. When Social Security and Medicare were implemented, to keep the program solvent the pay became uninsurable. It was part of the program’s budget dispute resolution process. One month after the Sept. 11, 2001 terrorist attacks on the United States by radical Islamic terrorists, Congress enacted a law cutting the program’s pay by nearly $3 trillion over 9 years, the world’s largest.
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That figure accounts for 9 percent of federal budget revenues and an overwhelming majority of the $29 billion spent in the program annually. In 2010, the annual benefit for each beneficiary was cut by $4.5 trillion from its current level by about $150 billion. And just two years ago, about 30 (or 30.5 percent) of all Social Security recipients would lose their benefits altogether.
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Those who benefit most from Social Security have often done so for the first time without being caught off guard. By way of illustration, Obama talked about a new program called “essential poverty relief,” which he called a “breakout program,” and then supported the idea that anyone earning 20 times the poverty line should get a “free pass.” In a memo sent to the heads of the private sector, Mr. Obama wrote: “the need to reduce the