In this piece the author provides the details of the looting of Social Security and current plans to slash retirement pensions.
Yes, the ruling class has also been borrowing from the Social Security Trust Fund that all working people pay into all their lives for their retirement pensions. The Fund which in the past decades has collected large surpluses, will now need those surpluses to fund worker pensions of those retiring in the coming decades. But the ruling class doesn't want to raise taxes on itself to pay back what they owe the Fund.
President Obama announced the new National Commission on Fiscal Responsibility and Reform on February 18 to address astronomical federal budget deficits. There has been considerable speculation that this commission will target current and future benefits for Social Security recipients to achieve its goals.
Why would this be the case? We need look no further than the treatment of major retirement funds over the past 20 years to get the answer. When the mob needed cash, it looted the Teamsters retirement fund. When large corporations or government entities get in trouble, they effectively borrow from their employee retirement funds by delaying required payments or otherwise gaming the programs.
