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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. See main page for full contents

November 25, 2009

FIFTEEN DEMOCRATIC SENATORS PLOTTING TO CUT SOCIAL SECURITY, MEDICARE

3 Comments:

Anonymous Anonymous said...

Want to laugh? Some of the people posting comments at the OpenLeft story think Pelosi and Obama will stop this.

November 25, 2009 10:04 PM  
Anonymous Anonymous said...

Cuts in spending are going to be dictated by necessity. Keynesians forget that the money they want to spend has to come from somewhere. Our creditors are signalling that the unlimited buffet is coming to an end.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMLpLWLx8Y3Y&pos=5

November 26, 2009 9:12 AM  
Anonymous Ain't buyin' it. said...

The facts are that the deficit shortfalls did not result from the economic downturn but from years of taxcuts for the wealthy and corporations. Peddle your bullshit elsewhere, anon 9:12.

November 27, 2009 8:22 PM  
Anonymous Anonymous said...

Our current budget crisis in California and the rest of the country has been artificially created by cutting taxes on the wealthiest people and corporations. The corporate elites in the US, the top 1% who own close to half the wealth, are the beneficiaries of massive tax cuts over the past few decades. While at the same time working people are paying more through increased sales and use taxes and higher public college tuition.

The wealthy hide their money abroad. Rachel Keeler with Dollars & Sense reports that over the years, trillions of dollars in both corporate profits and personal wealth have migrated offshore in search of rock-bottom tax rates and the comfort of no questions asked. Offshore banks now harbor an estimated $11.5 trillion in individual wealth alone, and were a significant contributing factor to the international economic downturn in 2008.

According to the California Budget Project, tax cuts enacted in California, since 1993, cost the state $11.3 billion dollars annually. Had the state continued taxing corporations and the wealthy at rates equal to those fifteen years ago there would not be a budget crisis in California. Even though a budget deficit was evident last year, California income tax laws were changed in February of 2009 to provide corporations with even greater tax savings—equal to over $2 billion per year. California is similar to the rest of the country where the wealthy and corporate elites enjoy economic protection through increased costs to working people.
http://911truth.org/article.php?story=20091123025555500

November 27, 2009 9:36 PM  

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