Social Security (SS) will be, within the next two years, stripped to the bone. The age at which you can draw social Security will be raised to 69; it’s already at 67 for those born after 1965. Benefits will be slashed with the back handed move of removing the indexing of payments to inflation, this "not indexing" has already happened over the last two years, the Republicans and Obama will make this change permanent.
This is happening so the wealthy can have and keep their tax cuts, have wars paid for with debt and keep their bail outs.
Most of us already know that SS has no assets other than the 15% tax placed on people earning less than $106,000. The other "assets" SS holds are US Treasury bonds that will become "devalued" as the Federal Reserve continues to print money to stop deflation from occurring. Yes, deflation. Depression economics has been and is upon the American people. No one has told you?
We are in a deflation economy right now, and it’s getting worse as more and more people become unemployed, lose their homes, and file for modern bankruptcy (which, since the laws were changed, is nothing more than 3-5 years of indentured servitude.) and can not afford to eat and heat their government subsidized apartments/homes at the same time.
The housing market is about to collapse, again, as the Fed is pumping more and more money (another $600 billion) in to the banking system at 0% interest rates. The banks can afford to sit on foreclosed homes for the time being (free Federal Reserve money) but eventually the homes will simply rot down, burn down, or be sold to another American who will eventually in their own turn lose their job and be foreclosed on, go bankrupt and be unable to purchase and drive the economy. The majority of homes bought out of foreclosure by Americans are now insured by the Federal government. With our current government and economic policies there is no ending to the cycle of decline, except for the bottom and rampant deflation.
The banks at this point are quite literally draining the Federal Government (SS first) and the Federal Reserve of the last of America’s populist wealth. The money is literally pouring in to Asia in a direct infusion from American banks.
The economy isn’t just bad at this point; it is in free fall to deflation and a depression the likes of which the world has never seen before. If you are reading this, you will probably live to see regular, routine, political fighting/war/chaos in the streets of America.
Sadly, this complete destruction of the American economy is good for the Republican Party. As America declines and we are bullied more and more by nations like China and we are ignored by nations like India and Iraq and Iran, the American people will want a stronger nation, a nation that cannot and will not ever exist again. Most Americans won’t understand the simple fact that we can’t afford another war, we don’t have the industrial might to fight one and just electing a far right hawk will not garner us super power status again.
http://www.rollingstone.com/...
http://www.cbsnews.com/...