Tag Archive: The Levy Economics Institute of Bard College

Mar 27 2013

Protecting Social Security from Inaccurate Accounting with an Agenda

I was asked to contribute to the Daily Kos Social Security blogathon today to draw attention to the neoliberal attack on it. I hope you visit and like my contribution.

I have referenced this before, but there hasn’t really been enough of a movement on the this issue, and it’s an important one. It’s specifically important right now when Washington DC is completely stuck on stupid in a self created crisis. This crisis started in 2010 when the debt ceiling was not secured in the Bush tax cut deal with Republicans by President Obama and Senate Majority Leader Harry Reid. Many of us predicted it would lead to the debt ceiling debacle in 2011 which in turn led to the fiscal cliff negotiations and the sequester that is now a reality.

However, it could end anytime with House Democratic Representative John Conyer’s bill to just repeal the sequester; that is, if he got proper support. I think that needs to be a goal along with forever protecting Social Security from neoliberal economics and the politicians that support it. After all, this sequester was a conscious bipartisan decision on their part to put Social Security in danger now that a 130 billion net cut within the chained(superlative) CPI is now on the White House’s website in its proposal to stand in place of the sequester.

What we are hearing to justify it are not only exaggerations and lies about Social Security being unsustainable, those lies are based on inaccurate accounting standards that have pervaded our entire government; the CBO, and yes, even the Social Security Trustees Board itself at times over the years. Let’s face it; the Social Security Trustees Board has a broad history of being overly pessimistic.