Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Social Security

President Proposes Doubling the tax Subsidy for the Poor

President Obama’s proposal to double the earned income tax credit (EITC) for the working poor on March 4 came with all the attendant benefits such an expansion would provide: it would reduce poverty while encouraging people not working to get a job. It would expand the existing law to cover an additional 16 million families with 30 million children.

In his State of the Union Address in January, the president warned this was coming,

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Is the Dingell Dynasty in the House Over?

This article first appeared at The McAlvany Intelligence Advisor on Friday, March 7, 2014:

The encomiums poured in following the announcement by John Dingell (D-Mich.) last week that he wouldn’t be seeking a 30th term in the House. Tweeted Gary Peters (D-Mich.): “Today we honor the service and legacy of Michigan’s greatest Congressman. His accomplishments will never be forgotten.” Such praise would reasonably be expected from a hard-left progressive like Peters who

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Age and Acrimony End Dingell Dynasty in the House

Born in Colorado Springs in 1926, John Dingell (D-Mich.) took over from his father as a Representative from Michigan in 1955 and has never stopped promoting his father’s progressive agenda. On Monday, February 24th, Dingell announced that he would not seek a 30th term partly due to

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Latest CBO Outlook Ignores Birth Rates and Tipping Points

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, February 5, 2014:

Just reading the headlines, the average citizen is likely to think that now that the deficits are under control Washington can focus on problems elsewhere. The Congressional Budget Office (CBO) estimated in May that the current year’s deficit would come in at $560 billion, half what it was just two years ago. In its report released on Tuesday, it was pleased to note that

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Supreme Court hears forced unionism case brought by Illinois mother

When Pam Harris responded to a knock on her door on a Sunday morning back in 2009, she was surprised at the presence of a union organizer asking her to join his union. When she pressed him for details she learned that because she was accepting state Medicaid funds to help care for her disabled son she was now considered a state “employee” for union-organizing purposes and was required to join his union.

Harris said no thanks and began

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Free Market Alternatives to Obamacare Already Exist

More than a year ago, Dr. Barbara Bellar, a medical doctor with a JD degree, was running for office as an Illinois State Senator, and provided a sound byte that continues to reverberate across the internet, having been viewed as of this writing some 3,675,000 times. The clip lasts less than two minutes, including laughter and applause from her audience, to whom she said:

So let me get this straight. This is a long sentence:

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Ryan-Murray debt agreement gives away sequester cuts, sells out tea party conservatives

In announcing the budget agreement hashed out during secret negotiations over the past two weeks, Rep. Paul Ryan (R-Wis.) said:

I’m proud of this agreement. It reduces the deficit without raising taxes. And it cuts spending in a smarter way. It’s a firm step in the right direction…

This was for public consumption. In fact, now that the agreement has passed the House and will likely shortly pass the Senate, it will

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The Implosion of the Social Security Disability Ponzi Scheme Accelerates

Fresh data just released by the trustees of the Social Security Administration show that the number of people receiving benefits from the Disability Insurance Trust Fund has exploded over the last five years, reducing the surplus in that fund from $216 billion in 2008 to just over $100 billion in 2013. There were 7.4 million recipients in January 2009, but as of October 2013, there are nearly 9 million beneficiaries, not including

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Fitch Threatens Downgrade; Boehner to Surrender

This article first appeared at The New American online on Wednesday, October 16th, 2013:

 

Despite mounting evidence that the government will have more than enough money to pay its essential bills and that the real national debt is $70 trillion, not $17 trillion, and despite pressure from Tea Partiers and constitutionalists to resist, House Speaker John Boehner is likely to bring the Senate bill to a vote in the House where, if House Minority Leader Nancy Pelosi is right, it will

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Scary Default Scenarios Based on Faulty Treasury Department Release

Within hours of the “brinkmanship” press release by the U.S. Department of the Treasury, major media began to repeat the highly dubious risks outlined by the department without reading carefully exactly what it contained. The headline and opening paragraph were all that the echo chambers needed:

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US Government Shutdown Not Likely to Break Belgium’s Record of 589 Days

With news that the partial US government shutdown won’t be resolved for at least the next two weeks, and will then only likely end when the debt limit crisis forces it, commentators have resurrected the history of the last government shutdown during the Clinton administration. But little if any media attention is being paid to the longest government shutdown,

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Social Security Disability is turning into a Lifetime Unemployment Program

Back in 2011, if Eugene LaPorte knew that the Social Security Disability Insurance program was going to be broke in five years, he probably wouldn’t have cared. He needed the money and he was out of options. When he graduated from high school in Millinocket, Maine, in 1973, he went straight to work for the Great Northern Paper Company, the economic anchor in this small town in northern Maine. He became a supervisor and, just before the company went bankrupt in the early ‘90s, was earning nearly

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Deficit down, national debt up, more taxes needed say two “nonpartisan” groups

Two government reports issued in the last few days show that despite higher tax revenues, thanks to the tax increases signed into law by the president earlier this year, deficits are still sky-high and the national debt continues its inexorable climb into the stratosphere.

Although the deficit for the first eleven months of the 2013 fiscal year was down slightly compared to last year at this time, real progress towards a balanced budget remains elusive. Through August the federal government spent

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The Atlantic magazine laughs off America’s debt burden

When the senior editor of The Atlantic, Derek Thompson, tried to explain away concerns over the massive unfunded liabilities facing the U.S. government repeatedly pointed out by experts such as Peter Peterson (the former chairman of the Council on Foreign Relations), Boston University economics professor Laurence Kotlikoff, and James Hamilton of the University of California, he used a combination of

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University of California Study: The National Debt is really $70 Trillion

Professor James Hamilton, economics professor at the University of California, San Diego, just published his best estimate of the federal government’s “off-balance-sheet” liabilities and concludes that the real national debt, popularly estimated to be $16.9 trillion, is in fact more than four times larger: $70.086 trillion. This is because of decisions to

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The Unwinding of the Social Security Ponzi Scheme

This article was originally published in the McAlvany Intelligence Advisor on Monday, July 1st, 2013:

 

Every Ponzi scheme fails, some sooner than others. The Wall Street Journal just outlined the predictable unraveling of Social Security along with suggestions on how to keep it solvent. None of them will work.

In 2010 Social Security payouts exceeded payroll taxes for the first time since 1983 and it is now dipping into its reserves to stay afloat. The trustees’ report says those reserves will be gone by

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DOMA decision could have been worse

On the surface, the Supreme Court’s ruling in U.S. v. Windsor was a simple case of discrimination: Edith Windsor and Thea Spyer, a same-sex couple were lawfully married in New York. When Thea died, she left her sizeable estate to Edith who tried to claim the federal estate tax exemption for married couples. But under Section 3 of DOMA, the term “spouse” only applies to a marriage between a man and a woman. So her exemption was denied and she had to pay some $360,000 in federal estate taxes. The court ruled that section to be unconstitutional “as a deprivation of the equal liberty of persons that is protected by the Fifth Amendment.”

Here’s the Fifth Amendment:

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

The ruling means now that legally married gay couples will be treated the same was as opposite-sex married couples when it comes to federal laws like estate taxes, Social Security survivor benefits, military and health payments, and filing status for federal income taxes.

What the supremes didn’t do was redefine marriage for the whole country, thankfully. Jim DeMint, now president of the Heritage Foundation, said:

The court didn’t redefine marriage for  the nation. We will work to restore clear marriage policy at the national level  and get our laws defended at every level. But in the meantime, today’s decision  from the court means that our national  debate about marriage will continue.

The court also didn’t asset a constitutional right to same-sex marriage, nor did it add the term “sexual orientation” to the types of cases that must be given “heightened scrutiny” by courts.

This is not, I repeat, not a cataclysmic disaster for those of us who take Genesis as the infallible word of God.

CBO Cost Estimates on Senate Immigration Bill Celebrated, Challenged

When the Congressional Budget Office’s cost estimate of S. 744 – the Gang of Eight’s controversial immigration bill – was published on Tuesday, there was celebrating on both sides of the issue. Said Senator Charles Schumer (D-N.Y.), one of that gang and the original sponsor of the bill:

Simply put, this report is a huge

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How a Social Security defender defends Social Security

In one of the more remarkable examples of dissembling, Alicia Munnell uses the oldest trick in the book: belittle the accuser while ignoring the facts. The accuser is Prof. Laurence Kotlikoff, a professor at Boston University who is about to issue his 2013 estimate of the unfunded liability facing the US government. Currently it’s

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S&P Issues an Upgrade of US sovereign debt along with a warning

In the announcement by credit rating agency Standard & Poor’s on Monday that affirmed its AA+ rating of United States sovereign debt while revising upward its outlook from “negative” to “stable,” the agency explained that in the short run there has been some perceptible improvement in the country’s fiscal situation but in the long run

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.

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