The President is setting up a “Deficit Commission.” Many, especially on Wall Street, are demanding that Social Security — the retirement program that people paid into all of their working lives — be cut. They want it cut rather than start paying back what was borrowed from the trust fund and used to pay for tax cuts for the rich — also especially on Wall Street. (Never, ever any mention of military, on which we spend about $1 trillion a year if you include veterans programs, spies, nukes and interest on military’s share of borrowing. More than is spent by every other country in the world combined.)
Again, mentioning Wall Street, this year $140 Billion was handed out for Wall Street bonuses even as Wall Street did not increase lending. Instead, the profits that generated these bonuses were largely the result of government subsidies.
I just wonder if, mentioning Wall Street again, that $140 billion might have helped reduce the country’s deficit. Maybe it would have reduced the deficit by … perhaps $140 billion?
But, like military, no one mentions Wall Street or the bonuses. Only the things regular Americans benefit from, like Social Security.