If you were to believe right wing Chicken Littles like John McCain, George Bush and the Heritage Foundation, you'd expect that the biggest economic collapse in the history of the world was imminently upon us, and that it will be brought about by the impending doom of the Social Security system.
Low and behold, Social Security is plugging along just fine. In fact, its in remarkably good shape considering that it is bolstering up an economy which has been gutted by the failed policies of these free market zealots. It's fascinating to watch the right wing trumpet the great achievements of the Bush Dust Bowl economy, to see them desperately lie to convince voters to support them even amid the worst economic disasters to befall America since FDR led the nation out of the Great Depression.
The one well-regulated support system in this country is Social Security. As Lehman, and Merrill, and Freddie, and Fannie, and Bear collapse under the weight of their gross mismanagement, potentially costing taxpayers Trillions of dollar, has there ever been a better time to debunk deregulation and argue for strong oversight in finance, telecommunications, transportation, and energy?
Deregulation brought us Enron and the Bush Dustbowl Economy, massive media malfeasance, trillion dollar energy infrastructure giveaways and a rotting national infrastructure. It is no wonder "Bush 44" (John McCain) is running a cravenly pro-Lie campaign - he's got nothing to run on but lies. His yes-man campaign cronies were building these disasters in Washington for the last 3 decades. What a bunch of whiners! What a bunch of losers!
Conservative politics and policies have failed America in every way. Today's bloodletting on Wall Street is just more of the same.
In addition to the externally held debt there are all these promissory notes that have been written on OASDI and Medicare. Eventually those will have to be paid back. And if they are paid back via more external borrowing, we get into a heavier budget crisis. Eventually, the federal budget deficit may swallow up the entire US debt market crowding out individuals and private firms. And if we start funding OASDI and Medicare from regular federal tax receipts, then that will eat up all the money we have for discretionary spending (i.e. the DOD's budget).
Congress will have to do something about it eventually. And so I wouldn't say that it plugging along just fine. They had to adjust it back in the 80s. They will need to do that again. Not urgent on the Social Security side though as you say.
Just sayin'.
Obama has real solutions to these problems.
John McCain is peddling snake oil.
I'm just saying all is not well with OASDI and Medicare. I don't agree with McCain's backwards healthcare proposal. Or his continuance of Bush's laissez-faire economic proposals. I am absolutely appalled by the idea of Phil Gramm holding a position in government. For people who have not lived in Texas, they cannot appreciate what a wretched, self-serving curmudgeon Phil Gramm is (I would use nastier language, but I don't want to offend).