Permalink Reply by Nancy on I hope she doesn't mind, but Cheri has posted under "blogs" the following:
Just one more reason not to raise the debt ceiling. Don't you think?
http://www.teapartynation.com/profiles/blogs/just-one-more-reason-n...
It's a link to an article about how this past Wed, the Obama administration gave "$730 million to steelmaker Severstal North America to help auto companies produce more fuel-efficient cars and trucks."
A source familiar with the Energy Department decision said the award to the wholly owned subsidiary of Russia's OAO Severstal (CHMF.MM) is part of an agency program that has approved more than $8.4 billion in auto-related financing since 2009.
It would be the DOE's largest loan of its kind in nearly two years. (http://www.reuters.com/article/2011/07/12/usa-autos-severstal-idUSN...)
Questions:
Why are we giving $$$ to a Russian company when BHO is threatening not to pay Social Security recipients? Even if we could pay SS--why are we giving $$$ to a Russian company?
The article states that Severstal is the 4th largest mfg of steel in the US--aren't there any US mfgs that we could loan the $$$ to (if we actually had the $$$, which, IMO, we don't)?
And finally, doesn't this amount to a "bailout" of a foreign company with US taxpayer dollars?
Where's the outrage over this?
(thanks Cheri for the tip ;-)
Permalink Reply by De Van on 
Permalink Reply by John B on Its time restore the Social Security trust fund. President Johnson (D-TX) ended the real trust fund back in the 1960s. The Social Security trust fund consists only of a special type of low interest US government bonds which are not allowed to be publicly marketed so it currently exists on paper only! If the bonds could be publicly marketed the trust fund would have a large surplus which combined with its annual income means could pay all benefits until least 2037. This lack of a public market is the reason that in August 2011, that President Obama said Social Security checks were in danger unless the government could borrow more money to pay what was due. If the bonds were allowed to be marketed the fund would be independent of the federal government budget and debt problems.
Let recreate the Social Security trust fund. It should be run by a full time seven member board of trustees with seven years terms. The terms should be staged so that one term expires every year. There should be a large financial penalty if anyone leaves the board early. The trust fund should be allowed to invest in government bonds but these should be publicly marketable so it can sell them to pay benefits when needed. The trust fund should also be allowed to open CDs in US Banks and US Credits Unions to make extra income. Each CD should be required to be treated as a separately owned account so that CDs can be fully insured by the FDIC or NCUA. Limited to a maximum of 500 accounts per each bank or credit union. The Social Security Admin should run by the board of trustees and have a separate fiscal year so it is not tied to regular federal budget.
Restoring the Social Security trust fund could help protect benefits for the foreseeable future. There is currently no bill to restore and protect the trust fund! If you wish to protect Social Security email your Congressman at www.house.gov and your two US Senators at www.senate.gov© 2013 Created by Judson Phillips.
