"Central Bank Independence", ‘the government borrows from itself’, financial asset bubbles and financial instability, larger US government budget deficits by cutting taxes, massive theft from the social security trust fund, phony 401k private contribution pensions, the ‘social wage’, the Corporate Party of America, the Social Security Trust Fund
A recent reader of this blog raised an important question. He asked: “In what year did the US Treasury begin to raid the Social Security Trust Fund, and Why”.
This question is of such importance that I am reproducing it, and my reply, here as well as having done so to the reader:
“I don’t know the exact year, but I’m sure it was soon after the 1986 changes to the Social Security Act were enacted. (The chair of the commission that recommended the changes, supported by Democrats and Republicans in Congress alike, was none other than Alan Greenspan. For his ‘loyal work’ for Reagan, he was then appointed Federal Reserve chair as James Baker, who was then running the government de facto as Reagan mentally deteriorated, pushed out prior Fed chair, Paul Volcker. Volcker refused to cut interest rates dramatically in order to puff up the stock market and…
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