From E&E News:
House Natural Resources subcommittee will take up several public lands bills during a hearing this week, including a contentious proposal to redirect revenues to shore up Social Security.
The “Land and Social Security Optimization (LASSO) Act,” H.R. 34, would redirect 10 percent of public land revenues into the Social Security Trust Fund.
The bill, from Rep. Paul Gosar (R-Ariz.) and more than a dozen GOP co-sponsors, would not allow public land access prices to be raised in connection with the initiative. …
Apparently, it’s only about $2 billion a year, which is not enough to make a significant dent in the problem, but it may be a sign of what’s ahead — plans to divert current federal revenue streams to the Social Security trust funds. Right wing groups don’t like the sound of this since they think they finally have Social Security cornered. They’re rubbing their hands in glee at the prospect of forcing major Social Security cuts such as means testing. I guess everyone has to have a dream even if it’s crapping on other people’s retirement so billionaires can get ever greater tax cuts.
Is this the same Paul Gosar?
ReplyDeleteGosar has been at the center of the national controversy, which has also been very personal for his siblings — six who had been vocal in urging voters not to re-elect him to Congress because of his fringe views. Now, some want him removed from office, and they criticize Democratic leadership for not acting more quickly.
Assets go to the Sovereign Wealth Fund. The Fund then invests in profitable industries, like Intel. Profits return back to the fund, for additional investment, or other purposes, including but not limited to the trust fund.
ReplyDelete"They’re rubbing their hands in glee at the prospect of forcing major Social Security cuts such as means testing."
ReplyDeleteThe only place that is a reality is in the figment of your imagination. There have been no proposals to cut benefits nor to means test it.
Friendly Reminder that Social Security benefits have been means tested since the 1983 Amendments.
DeleteNo proposals to cut benefits or means test it?
DeleteThe reality is that the LAW stipulates that cuts will happen across the board unless Congress acts to strengthen Social Security.
If Congress continues to do nothing on Social Security and Medicare, the cost to seniors will be great. Trust funds for Social Security and Medicare will be depleted by 2033 and 2036, respectively. This means current retirees may experience significant cuts to their benefits. If nothing is done, seniors will face a 21 percent benefits cut to their Social Security benefits and an 11 percent cut to Medicare Part A benefits.
Completely wrong on all levels. Supplemental Security Income is means tested. It was federalized from the states in 1975, and is a separate benefit from OASDI. Nothing about the 1983 amendments implemented means testing.
Delete@5:04: Ignorant much? Republican candidates sponsored by the GOP and Republicans in Congress have repeatedly suggested cutting, eliminating or means testing social security benefits.
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