Glad to see that Senator Bernie Sanders isn’t out on a limb by himself this time. The new legislation he’s introduced to shore up Social Security by making the wealthy pay their fair share has co-sponsors Dan Akaka (D-HI), Patrick Leahy (D-VT), Barbara Boxer (D-CA), Sheldon Whitehouse (D-RI), Al Franken (D-MN) and Richard Blumenthal (D-CT). Surprise, surprise, Claire McCaskill (D-MO) is also on board. No surprise, of course, that no Senate Republicans have signed on in support. Rep. Peter DeFazio of Oregon’s 4th district, will be introducing the same bill in the House

Via Down With Tyranny:

The gist of Bernie’s legislation is to strengthen Social Security by applying the payroll tax that most Americans already pay to those with annual incomes above $250,000. Right now the payroll tax cuts off at $106,800. This simple, painless change by itself would keep Social Security solvent for another 75 years, about as long as Social Security has already existed. and although right-wing crackpots and extremists like Rick Perry may call it a Ponzi Scheme and predatory Wall Street shills like Mitt Romney may want to privatize it and turn it over to Wall Street, the vast majority of Americans see it as the most successful government program in our nation’s history and understand, despite Republican lies—that started 76 years ago—that it hasn’t contributed one dime to the federal deficit. It has a $2.5 trillion surplus, and it can pay out every nickel owed to every eligible American for at least the next 25 years, according to the Social Security Administration. Before Social Security came into being something like half the senior citizens in the country lived in poverty. Now they have a much better chance of ending their lives in dignity and without eating cat food. In fact, less than 10% of the elderly live in poverty and more than 53 million Americans receive retirement or disability benefits.

“Social Security is the most successful government program in our nation’s history. For 76 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said. “The most effective way to strengthen Social Security for the next 75 years is to eliminate the cap on the payroll tax on income above $250,000. Right now, someone who earns $106,800 pays the same amount of money into Social Security as a billionaire. That makes no sense. The Keeping Our Social Security Promises Act will ensure the long-term solvency of Social Security without cutting benefits or raising taxes on the middle class.”

 
As frequent readers of this blog know, I consider Senator Bernie Sanders of Vermont to be a great American and a personal hero. He’s one of the only honest politicians in Washington and a blunt-talking national treasure:

On June 18, 2011 artists Ligorano/Reese presented a temporary monument in the garden of Jim Kempner Fine Art in NYC called “Morning In America.” The installation was witnessed by hundreds and lasted a total of 8 hours throughout the hot day.

...A THOUSAND CUTS is a timelapse video of the event. The soundtrack was inspired by an excerpt from Senator Bernie Sanders 8-hour filibuster on the U.S. Senate floor against the extension of the Bush tax cuts and the effects on the middle class. It is orchestrated to music by composer/violinist Michael Galasso.

The entire text of Senator Sanders speech is available as a book, The Speech: A Historic Filibuster on Corporate Greed and the Decline of Our Middle Class, published by Nation Books.

 
Below, Bernie Sanders speaks about his career and the remarkable 8-hour speech he gave filibustering President Obama’s extension of the Bush tax cuts and the disappearance of America’s middle class.
 

 
Senator Bernie Sanders (VT), the only socialist (not a “top Democrat” as the clip indicates) member of the US Senate tells it like it is. A must see-clip. I agree with him 2000%. About time someone said this. What the fuck is wrong with this country?

“Millionaires and billionaires do not need huge tax deductions, that’s the simple truth. If we’re serious about creating jobs in this country, which should be our main priority, that’s one worst way to do it. Much better to take that money, invest in our roads, bridges, railroad systems, infrastructure—you create jobs doing that.”

“Our Republican friends have got to be held accountable. The issue is the insult, the outrage that they want tax breaks for billionaires but they can’t in their heart come up with extending unemployment compensation so millions of families in this country can have a modicum of security. I believe, politically, we can rally the American people around that cause.”

 
Let’s hope he’s right. And fuck Obama and the Democrats, this deal is LAME. And furthermore, while they held the MAJORITY, why didn’t they CEMENT unemployment benefits into law to continue indefinitely in states where the rate of unemployment is over a certain threshold? Instead we’re being offered two more years of the Bush tax cuts on millionaires and billionaires in exchange for 13 months?? Is Obama bending over backwards—or merely bending over—to assure the Teabaggers that he doesn’t hold an anti-American, “Kenyian” viewpoint (as retardedly espoused by Newt Gingrich)?

We’re truly getting to well past the point where other countries (you know, the ones with universal healthcare and paid maternity leave and stuff like that) are just going to feel sorry for how fucking stupid we Americans are.

 
I’m someone who, like many of you, I am sure, had high hopes for the Obama presidency. After two terms of Bush, it really felt like the country was turning the page. Inauguration Day felt like a wonderful exhalation of 8 years of just… pollution. I thought Obama would be the second coming of FDR, I really did, but almost a year later, has anything truly changed? Has anything gotten better for the common man? We all know that the Wall Street oligarchs are sitting prettier than ever, what about the rest of us?

Today’s Huffington Post had a nice bit of reporting from Ryan Grim about Ben Bernanke’s remarks to the Senate Banking Comittee today and as I read it, I was absolutely enraged. This asshole has got to go. If Obama is getting his advice from guys like Ben Bernanke (and Geithner and Rubin) we are fucking doomed!

Let this sink in:

Ben Bernanke has overseen the greatest expansion of the Federal Reserve’s balance sheet in its history, pouring trillions of dollars into Wall Street firms at roughly zero interest rates.

His generosity, however, has a limit.

In testimony before the Senate Banking Committee today, where he’s seeking re-appointment as the Fed’s chairman, Bernanke called for cutbacks in Medicare and Social Security even as unemployment rises and the middle class is endangered.

Citing legendary bank robber Willie Sutton, Bernanke said of the retirement and health care funds that are the legacy of the New Deal: “That’s where the money is.”

Sen. Bob Bennett (R-Utah) sympathized with Bernanke, saying that, because of entitlement spending, “you’re going to be looking at a situation where the Congress will be unable to provide any kind of fiscal discipline because of the mandatory spending. That puts an enormous burden on your plate.”

“Well, Senator, I was about to address entitlements,” Bernanke replied. “I think you can’t tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care.”

Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.

“It’s only mandatory until Congress says it’s not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation,” said Bernanke.

But here are several other obvious options that could make the situation sustainable—including a transaction tax on Wall Street speculation or a slight tax hike on the wealthiest Americans.

Bernanke talks as if increasing taxes on the wealthy simply isn’t an option.

Sen. Jack Reed (D-R.I.) followed Bennett and pointed out that “there’s only really two ways you can deflect this deficit, and that’s either by cutting expenditures or raising income taxes or other forms of taxes.”

Reed asked him if he could think of other ways, but Bernanke returned to entitlement money as the way to balance the budget.

“Willie Sutton robbed banks because that’s where the money is, as he put it,” Bernanke said. “The money in this case is in entitlements.”

When I read this I wanted to throw up. Apparently Sen. Bernie Sanders, one of the last honest men in government felt the same:

Sen. Bernie Sanders, an independent from Vermont who has placed a hold on Bernanke’s nomination, was apoplectic when HuffPost told him Bernanke was pushing for cuts in entitlement spending. “Bernanke wants to cut entitlement spending? Well, that confirms everything I’m saying,” Sanders fumed.

“The CEOs and top people on Wall Street make huge bonuses, and what? We’re going to cut back on Social Security and Medicare? That’s what we’re going to do?”

I think Sen. Sanders has the right idea, don’t you? Here’s what Progressive change said of Sanders (I wholeheartedly agree!)

Now, Bernie Sanders has taken the brave step of putting a “hold” on renominating Bush’s choice for another 4-year term at the helm of our economy.This is huge. Wall Street will not be happy, and they’ll go after Sanders with everything they’ve got. Most senators wouldn’t even consider going up against them like this. That’s why Bernie Sanders is a real progressive hero.

If you want to donate money to Bernie Sanders, click here.

And finally, here’s an information rich clip of Rolling Stone’s ace political editor Matt Taibbi’s take on Obama’s economic team. It’s a preview of Taibbi’s upcoming expose for the magazine titled “Obama’s Big Sellout”:

“[Bob] Rubin probably more than any other person was responsible for the financial crisis by deregulating the economy [while] in the White House. And he had a major role in helping destroy one of the world’s biggest company in Citigroup. He has one of the worst tack records you can find, but he was basically the guy who was the architect of the entire Obama policy. Obama put him in charge of everything. “

These guys are idiots. Hell, they’re practically traitorous! They’re traitorous idiots. They should be fired with extreme prejudice. And then tar and feathered.

You think I’m joking?