October 19, 2010
In a cynical move to scrape up votes next month, Democrats mare making a pitch to give Social Security recipients a one-time payment of $250. Democrats insist the bribe is meant to make up for a second year without a cost-of-living increase due to low inflation prior to the Fed’s plan to crank up the printing presses and create inflation.
|The scheme falls on the heels of Congress failing to renew COLA increases on Social Security payments.|
Earlier this month, Congress failed to approve the Cost of Living Adjustments (COLA), which could total $25 billion for the nation’s more than 50 million Social Security recipients. Congress enacted COLA in 1975 to help Social Security residents keep pace with inflation.
The Federal Reserve is about to resume quantitative easing at the $100 billion-per-month range. Quantitative easing is Fed-speak for increasing the money supply and creating inflation.
Pelosi and Reid say they will introduce the legislation when Congress critters return for the lame-duck session in November. In the meantime, they are using the promise as a campaign pitch. “Instead of helping seniors,” said Pelosi’s office, “Republicans, backed by their allies on Wall Street, are threatening to privatize and cut Social Security, just as they tried to do under President Bush.”
Pelosi neglected to mention that during the 2008 election cycle, Wall Street’s donations were evenly split between Democrats and Republicans. In 2009, Democrat Dick Durbin told a Chicago radio station that banks own Congress and party affiliation is irrelevant. “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
- A d v e r t i s e m e n t
“The only thing standing in the way of America’s seniors receiving this critical support are Senate Republicans,” said Reid. In fact, 12 Democrats joined 37 Republicans in blocking the $250 “bonus” earlier this year, mostly because they realize it will add more burden to the national debt.
Confronted with the Fed’s determination to crank up the money supply and price inflation, seniors have few options. A meager $250 check, offered by conniving Democrats who are about to be duly trounced out of Congress, will be little comfort. “What’s a senior to do? Either take more risks by investing in the stock market or cut back on consumption. Neither strikes me as a wonderful way to spend one’s not-so-golden golden years,” writes Peter Cohan for Daily Finance.
Seniors would be far better off if they invested in gold and silver instead of throwing their money away in the rigged game that is the casino stock market.
Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
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