Frontrunner-of-the-moment Rick Perry is getting a lot of press for his performance at the recent Republican debate–especially because he’s standing by his belief that Social Security is a “monstrous lie” and a Ponzi scheme, and that climate change is an untested theory advanced by corrupt, discredited scientists.
You can call such ideas a lot of things. “False” or “untrue,” for example, would work. But a lot of reporters characterized Perry’s performance in positive terms. In today’s New York Times (9/9/11), Michael Shear writes that Perry
made clear in his first national appearance that he would campaign as an unabashed Southern conservative who is unafraid to speak bluntly, would double-down on controversial statements and planned to shrug off the concerns of the Republican establishment.
Shear later added that “Perry did not back down Wednesday night from his assertion that Social Security was a failure, even in the face of direct criticism by Mr. Romney.”
“Unabashed,” “unafraid,” not backing down–these are all more or less positive descriptions.
Likewise, on NBC Nightly News (9/8/11), Andrea Mitchell said: “Perry proved he could throw a punch and take one. And he was unapologetic about attacking Social Security as a monstrous lie.”
So he’s not only a fearlessly blunt speaker, he’s also an unapologetic punch-thrower. This is the kind of coverage the Perry campaign would probably pay for. Yes, there are pieces here and there that point out that, you know, Social Security isn’t actually a massive scam. On the other hand, Washington Post liberal Ruth Marcus writes today (9/9/11): “On the substance, Perry’s point about Social Security-as-Ponzi scheme has some grounding in reality.” She gets around to criticizing him, but that’s a lot of ground to cede to a falsehood.
As Greg Marx notes at CJR, the media designation of certain pieces as “factchecks” is strange because one might logically conclude that run-of-the-mill articles don’t dwell on checking the facts of politicians (a conclusion that would largely be a correct one). He points to a CBS News piece on Perry and Social Security that quotes other Republicans disagreeing with his stance. Readers are apparently being asked to believe either Karl Rove or Rick Perry on the issue. That’s a lot to ask of anyone.
I have yet to hear a “factcheck” that simply states social secturity is a kind of insurance policy, and one that is backed up by a huge trust fund so that it could either last almost indefinitely at this point, or last almost indefinitely with minor modifications (like raising the cap on taxable income). The Washington Post’s “factcheck” helpfully explained what a Ponzi scheme was and then said Social Security wasn’t one, without really explaining it in the plain terms of social insurance that can help make it clear for the reader.
“What do you call a guy like Rick Perry”? Humm, let me take a crack at that question……a cracker?
“What do you call a guy like Rick Perry”? How about a thief and a liar? He has stolen funds for his own use and if he did create jobs, they are all minimum wage without any health insurance. As for climate change, has anyone noticed that Texas is on fire? Nice post, tishado!
perry hold a prayer carnival in Houston.Days later the state catches on fire.As an atheist,Im seriously thinking there might be something to this God business.
On fire, or is that fire the fireman?
Were the Texas fires on the list of things that God was punishing the people for?
No, alass, only the earthquake and the flood.
It truly amazes me that the press has such infatuation with Texas flimflam people, in fact, all the politicians seem to be doing it. I guess they see one get away with it, so they all copy. Shows what a mindless bunch they really are.
What liberal media?
Well, Texans voted for him, so they get what they deserve, including less funding for fire fighters to battle the blazes between Bastrop and San Antonio.
In a NYT blog that the above referenced Mr. Shear facilitated on September 7, 2011 (i.e., The Caucus, Live Blog: Perry Makes His Debate Debut), there is an informative post (#427). Said post correctly explains that the so called social security “trust” fund is in actuality bone dry. That is, the fund is tapped out (borrowed out) to the tune of some $2.5 trillion, or 54% of the $4.6 trillion “worth” of all ALREADY SPENT American “trust” funds (the INTERNAL DEBT of the United States). Generally speaking, the only thing in these funds is IOU’s in the form of downgraded debt instruments (AAA down to AA+).
Said $4.6 trillion is 32% of the total U.S. Public Debt of $14.3 trillion as of May 31, 2011 (said total now potentially $16.4 trillion, based on the additional $2.1 trillion that the president is authorized to borrow as a result of the so called “debt ceiling deal” with congress). Of course, the U.S. debt is unsustainable. Likewise, the top marginal federal income tax rate is simply going to have to be raised. There’s no getting around that fact—regardless of republican resistance. Note: One must remember that the 5 multimillionaires who control all federal (including revenue) legislation (i.e., Mrs. Pelosi and Messrs. Obama, Reid, Boehner & McConnell) already have their fortunes made. Although multimillionaire Mr. Obama’s salary of $400,000/year is slightly above the top marginal threshold of $379,150 (for 2011), the other multimillionaires just cited earn salaries that are technically “middle class” in nature, i.e., $174,000/year (before exemptions/deductions). So, raising the top marginal rate above 35% isn’t going to impact the five just cited—unless they have outside income, i.e., business net profits, book royalties, speaking fees, net profits on the sale of stock, real estate & other assets, etc. Naturally, therein lies the rub. It’s those who DO have significantly more taxable income than $379,150 (wealthy individuals and Big Business) who provide the lion’s share of the money that Pelosi/Obama/Reid/Boehner/McConnell need to fill their campaign coffers (and more particularly the coffers of the democrat and republican parties).
Getting back to social security—if receipts from weekly/biweekly/monthly FICA payroll deductions come up short, i.e., if there is not enough cash to back up all monthly social security checks (payouts), then the downgraded IOU’s parked in the social security trust fund have to be redeemed. Said shortfall is virtually certain with the ongoing reduction in payroll tax, coupled with what the president asked congress for last night, i.e., “cutting in half the payroll tax”. Note: Contrary to popular belief, the federal government is NOT bankrupt—this, simply because it has assets that can be sold off to pay off its liabilities. However, the government IS broke (not to mention also being broken).
Logically then, (and considering that all other of America’s “trust” funds are also “borrowed out” and already spent, i.e., the $4.6 trillion of America’s INTERNAL DEBT)—then the only way to redeem social security IOU’s is to “print & mint” new currency OR borrow externally, i.e., the latter by tapping into the additional $2.1 trillion in borrowing authority that the president now has at his disposal. Increasing the money supply by “printing & minting” (although perfectly constitutional) is not advisable, especially since it already takes $2.50 in 2011 to buy what $1.00 bought in 1981 at the beginning of the Reagan years—and $5.50 today to buy what $1.00 purchased in 1971 during the Nixon years when the U.S. was extricating itself from the Vietnam Counterinsurgency (1963-73) and the top marginal rate was still 70%.
One logical source of additional EXTERNAL DEBT is China. Of course, as long as China is a significant helpmate in the financing of U.S. deficit spending (to include the $trillions required to sustain the Afghanistan/Pakistan & Iraq Counterinsurgencies)—China is going to insist on America importing “unnaturally” cheap Chinese goods that U.S. Big Business-employed Chinese dormitory-housed workers manufacture @$1/hour. And as long as these cheap overseas goods continue to flood U.S. retail outlets (including military BX’s/PX’s), American Middle & Working Class manufacturing jobs @20/hour (or more) simply WILL NOT EVER be created. In other words, American Middle Class Small Business inside the U.S. simply CANNOT EVER compete with American-in-name-only Big Business that has parked itself in China (unless import tariff barriers are erected to level the playing field and protect American Middle & Working Class workers).
Naturally, China is a prime example, but there are many other foreign countries that American-in-name-only Big Business exported tens of millions of American jobs to during the Reagan-Bush-Clinton-Bush-Obama years (1981-2011). All the while, of course, the top marginal federal income tax rate has been 40% to 60% below the 68-year historical average of 70% (1913-1980) required to actually pay America’s bills and minimize the U.S. Public Debt (external/internal). The top marginal rate (35% during the Bush 43/Obama years) was as low as 28% during the Reagan years, and 39.6% during the Clinton years (being 31% during the Bush 41 years).
Here is the aforementioned NYT blog post: “#427. September 8th, 2011 8:39 pm. Getting back to the different world that Mr. Romney lives in…where is that world by the way? Oh yes, it must be the same world that all millionaires live in, e.g., the Bush family, Clinton family, Obama family et al. You know, those families that can “feel our pain” down here at the bottom of the pyramid—at the bottom of what Mr. Perry refers to as a Ponzi scheme (where social security payouts to current retirees are wholly dependent upon social security withholding from current employees).
If you dig around on the web site of the Bureau of Public Debt…you will find a seemingly innocuous little financial summary. And after you scroll down to Note 3 at about the middle of page 2 of that summary, you’ll also find a list of America’s trust funds—all having been completely borrowed out (and spent) to the tune of $4.6 trillion. Look for “Note 3: Intragovernmental Debt Holdings”. Here is the link: http://www.treasurydirect.gov/govt/reports/pd/feddebt/feddebt_may2011.pdf
Note that “social security” is called “SSA Federal Old Age and Survivors Insurance Trust Fund”. Then note that the trust fund is supposed to have $2.5 trillion ($2.446613 trillion) “deposited” in it from FICA withholding, i.e., from the 7.65% taken out of your pay every payday (assuming you have a job)—matched by your employer. The self-employment version of “FICA” is 15.3% for those with Small Business 1040 Schedule “C” net profits. In either case, the wage base for social security taxes is $106,800 and under.
That’s the pyramid scheme that Mr. Perry talks about. Not only do monthly social security annuity checks wholly depend on tax withholding from current workers—but whatever is left over is instantly borrowed and spent to mask the size of the federal budget deficit. As you can see in the summary, the nation’s military retirement fund is also completely borrowed out too ($334.789 billion). While you’re at it, check out the other 16 trust funds that are listed in “Note 3″. OKJGp┞¢”
Will someone in the world tell me how the Social Security Fund became a part of the Federal Deficit. If the government borrowed from the SSF, did they ever pay the SSF back ?; what was the interest on loan?; when was it paid back?
Do any of you baby boomers remember when the journalists or reporters like Walter Kronkite used to question why the government was messing with the Social Security Fund?
How did the SSF become a part of deficit conversations need further disclosure.
Who is Rick Perry really? The Gay community seems to think Rick is gay. Is there any proof that Rick Perry has or had relations with a male partner?
John Edwards political career was destroyed because of his relationship with a female. Will the country hold Rick to the standard if it is true?
The coming debate is- who will be the VP for the Rs.Mitt will be top guy as I see it.The vp spot will be given to whomever can deliver the most in voter turnout in certain areas of the country.Im not sure that is Perry but we shall see.Perry’s talking about ss being a ponzi scheme that our children will never get to see is simple math.He was rude to say it but so be it.His scoffing at the “absolute”science of global warming that Dems hope to use to take over 1 sixth of the economy is old news so don’t act surprised.Painting it that he is anti science is quaint but again it’s and old trick.Your not going to get your massive carbon taxes so Christ let it lay.We have more important issues.Competency.In that dept he is miles above Obama.Both he and Mitt understand job creation.Cut it however you will
I can fathom Rick Perry being elected as the next frontman for the Mafia-like entity that rules the roost. I always thought that the end game was far beyond my own and the lives of my grandchildren. How do we know that we have finally arrived at “Perdition” as it’s been so obvious we’ve been on that road ever since we started used Mother Earth as a toilet? When the likes of Rick Perry can be taken seriously by anyone claiming integrity we know that we have arrived.
Well Rich you are not a resident of Texas.How do i know that?Because you are spouting nonsense.Liberal claptrap.Same old story.Here comes the big bad republicans waving their God damn constitution at we good hearted socialists.So we are at Perdition huh?And Rick Perry is a bit odd?
Let’s see, his name is Richard, right? Humm..I would call him a….
No, no. You’re thinking of Cheney.
The Big Dick, BetNot. Around here, he’s simply known as “that dumb fuckin’ cracker.”
Yo, Retired Soldier: You wrote this: ” . . . the coffers of the democrat and republican parties . . . . ” (Italics mine –TN) That’s Democratic Party, sir. And you know what? The debt is sustainable, currently, and it is possible to pay it down. Remember, the Debt was deliberately run up by traitorous, anti-democratic authoritarians in the Republicon party to do precisely what we’re seeing now: the attempted destruction of everything from the middle-class (the working class and the poor having already been destroyed) to Social Security, Medicare, Medicaid, the Post Office, etc. And until the Right-wing stops being childish with their School-yard “Democrat” party bullshit, it’s “Republicon” Party, Speaker “Boner,” and Rick Perry is simply “that fuckin’ cracker asshole.” Paul Ryan? “The Nincompoop.” Actually, Ryan shall remain the Nincompoop even if the ‘Cons suddenly become nice people who love their country and our democracy. That’s just the way it goes.
â┚¬Ã…“What Do You Call a Guy Like Rick Perry?â┚¬Ã‚ begs commentary, and, wow! what an opening!
So, okay, you asked for it! I begin by noting that Perry’s record number of gubernatorially sanctioned killings during his current tenure as Governor of Texas has been well publicized, hasn’t it? He’s “pulled the switch,” so to speak, more than any of his predecessors. Almost as well publicized, and celebrated by many, is his sense of capital “justice”–which is as self-styled as just about any of his other self-characterizations.
So, what does one call a guy like Rick Perry? It seems that an almost too obvious starter might be to call him “serial killer,” instead of the almost friendly sounding “puller of switches” one comes across from time to time in print. In those cases, the writer at least ought to take pains to point out that the switch Perry unabashedly pulls is the switch that switches another human being from being alive to being dead. I leave it to others to further tweak or contest this characterization as they will.
Who could doubt that Perry’s a sure-fire, wannabe successor to that former Texas governor-as-serial-killer, who got himself promoted, and further promoted himself, to mass-murderer-in-chief after he assumed the office of President of the United States (not my assumption), GWB. (Give a little creep a little power, but . . . yeah, it really hurts to be called “racist.”)
As for the other side of the aisle, how so much better to be living under President O-Bam-Bam!–that gloriously spellbinding, once-upon-a-time candidate, who was all about “Hope You Can Change In!” Hail to the Assassinator-in-Chief!
Killing! What a great way to make a living! . . . especially when you’ve got the better part of your state, or of a nation, paying you to do it.
this guy is worse than perverse.
don’t lt him fool the uninformed.
keep putting out the truth on this imbecile.
ned cherry/new mexico architect
How about “mean, ornery, stupid, ill-informed and just plain wrong?”
Or, a guy who has lived his entire life on the taxpayer’s dime.
See here:
http://www.alternet.org/story/152316/how_rick_perry_has_been_on_the_public_dole_his_whole_life?page=entire
Let’s see the great Liberal East gets deluged with rain, unpleasant, but water is life did not Jesus baptize with water, you know washing away sin and all. Texas has been stricken with drought, and fire, hot death despite Rick Perry, and all his bible thumping. Actions speak louder though, and I’m thinking the Christian God ain’t too pleased with Texas under the reign of Perry, and if he doesn’t like him in Texas… However there is a god who throughly approves of all he is and does, and hears his prayers…… Oh, Oh, this is story for Fox Fantasy, I mean News, Gretchen, Hannitiy, OReilly, why is Texas REALLY burning???
Middle Class is between $40,000-$60,000 a year and no more. But with between 49%-52% in poverty earnings not having to pay income tax. That is bad for our society. Just as it is bad that the upper 1% alone own 25% of the wealth and rising.
We don’t need to mix church and state along with the present corporation and state. It tends to equal fascism in one form or another. That and all this war and war mongering. Perry is one of those not that Obama hasn’t been busy on his own to maintain that status first started by Reagan and kept by both parties when in office.
The “Liberal Press” is anything to the left of Fox PAC.
Unstable. First he wanted Texas to cede from the union and now he wants to be president of that union.
@Van Lewis
As a boomer (and with the unreliable memory that goes along with that due to youthful pharmaceutical research and the general aging process) the first major dip into the SS Trust Fund that I recall was to bail out the badly regulated Savings and Loans in the late ’80’s.
See also Neil Bush; the Hunt brothers.
It may have been going on before that point, however. I’ll have to do some research to find out. You’ve piqued my curiosity.
Tishado-
Lawrence O’Donnell made that point on his show Friday. Social Security will ALWAYS pay out to beneficiaries. The only possible problem is that in 25 years or so, it may only pay out at 75% of the current benefit. And this can be easily fixed by eliminating the cap on payroll taxes. The only way for Social Security to be a “failure” is for the Republicans to privatise it or defund it by doing away with the payroll tax completely.
Show anyone with a conservative nature- and you libs get madder than a white faced hornet in a dry gulch.A Texan.You people say it like is a curse.Like venom spitting from a vipers mouth.A GOD damn Texan!Well i do suppose that is about as far from the socialist paradise as one could go.
You- all have a template for what makes up an enlightened intelligent man or woman Ive noticed.Its a pretty narrow field.(And Texas does not belong on your field does it now?)Most of it lives and breaths and eats, in eastern ivy league schools.And lets face it….having a twang in your voice automatically disqualifies you.So I guess your welcome to your views.People in Texas will welcome you(birkenstocks and all)anytime you pass through.Might want to keep your arrogance on the down low though……..PARTNER.
Hmmm . . . Jum Hightower (The Hightower Lowdown)has a “Texas” accent, and I really like him. I’m pretty sure Lou DuBose (The Washington Spectator) is from Texas (and that means, by golly, a Texas accent for him too!), and he’s great. The above dumb-fuck observation from a troll perfectly sums up the Rightist mindset: an endless series of irritable, semi-intelligible nonsense masquerading as righteous thoughts and defense for someone absolutely abhorrent (Perry). Check out Dubore’s Washington Spectator this week for his devastating take-down of the liar and miscreant Rick Perry.
Oh, and Perry’s “alignment”? He’s a right-wing Christian fraud . . . not a conservative in any sense of that word . . . numbnuts.
Peter Hart is from Texas, and Julie Hollar lived there for several years.
this cowboy’ rode into town on a horse backwards!
Ummm … Bill Moyers?
Wow you- all came up with five good Texans(no politicians).Four bloggers ,five people,divided into total population in Texas….oh well Im just glad you seem to be admitting to loving Texas.Thats a start.
And Tim…….Before you call people frauds -remember a lot of folks here probably think YOU are an educated thoughtful liberal.You have admitted to being a socialist.”Absolutely abhorrent” is the definition of such a political system around these parts………
Arthur old saying.He rode in backwards.He knew which end of the horse they would need to be talking to.
When people like Perry say that Social Security is a “monstrous lie”, I would appreciate it if someone in the press corps or maybe even the audience would simply ask the pointed question – Sir, or Ma’am, what is it about social security that you believe constitutes a monstrous lie?
If they spend the next three minutes hemming and hawing while trying to think of a way to provide a non-answer answer, then I would appreciate it if someone else would follow up in kind and force him, or her, to stick to answering the question as put.
In fact, I would appreciate it if this scenario would play out every time some tea party suck up started spewing out ridiculous tea party talking points that have no merit or basis in fact on this or any other planet in the observable universe!
A LIAR.
Why do you always post on Fair Michael e. You are a right wing Fox watching liar who will never believe the truth that is always here on Fair. You are not fair and your are not honest. Perry was probably a decent person at one time. Now he is a corporate hack who lies when he talks and when he struts around he is more like Bush than Bush. We need intelligence and honesty in the president. We do not need a liar, a moron, a tea party idiot and a guy who has been living in an Austin mansion costing the tax payers $8500 a month for four years. We are all socialists if we care at all about our government that works for the well-being of all Americans. That is why we live in a superior country and have really good people like Bernie Sanders caring about the poor, the hungry, the homeless and the unemployed. Selfishness and indifference is fine for anyone, but we do not need all those hateful tea party republicans who are so against the country. They should be voted out of office. We don’t need another person like that in the government.
Vicki you need not worry.Gov Perry will not be the choice.You beliefs about the tea party are not rational.They are just angry shouts at a belief system for less government interference ,and a return to the constitution that has stopped Obamas socialist march dead in its tracks..
Meester Perry is akin to many, many other pols when it comes to the native American landscape. His philosophy? Don’t bother me. Now, where is the paving machine?
Just plain STUPID !