And yes, all of this talk about reforming Social Security is about the government defaulting on its commitment to make up shortfalls in the system from 2017 to 2040, shortfalls which 35 years of Social Security surpluses were supposed to pay for. Now that bill is coming due when the surpluses end in 2017, Himes and his guys want to welch on their commitment. It is why I have called the surpluses a hidden tax on lower and middle class Americans. That money is spent and long gone. Even if the 2017 to 2040 commitments to SS were fully funded, it would be the American taxpayer who would end up paying (in higher taxes) what ostensibly that taxpayer had already paid for in the preceding 35 years (1982-2017). This was always an enormous scam. Now people like Himes want to distract us and sell us on the notion that it is the system’s fault and not generations of greedy, scheming politicians.

From: Labour and the Locusts: Private Equity’s Impact on the Economy and the Labour Market

(…)

Taxation – the private equity industry enjoys numerous tax benefits both for business practices and on personal earnings from investments. Tax rules for corporate debt need to be reformed so that leveraged buy-outs no longer enjoy generous tax concessions. Trade unions must work towards abolishing this tax relief on debt without damaging the advantages of investment for growth, and for research and development. The capital gains tax status enjoyed by General Partners must be reformed to ensure fair and equal treatment for all. General Partners often invest as little as 1.5–2 per cent – in the case of large-cap funds – and receive a disproportionate amount of the profits relative to their initial investment – 20 per cent of profits over the hurdle rate and after fees. These gains are taxed as capital gains rather than income. Moreover, the 2 per cent management fee charged by the fund is not taxed at all even if it is transferred back to GPs as income when the fund closes. Taxation of General Partners should be the same as in other segments of the financial services sector. Gains from ‘carried interest’ should be taxed as a performance bonus, not as capital gains.

But as long as we’re talking about facts, here’s a couple. Social Security takes in more than it pays out by about $100 billion per year. That surplus is accumulated in the form of government bonds. When Himes talks about the “unfunded liabilities” of Social Security, he presumes the government is going to default on those bonds — but he doesn’t mention that.

Ok lets take him at his word now then did he vote to fund the war and put us in more debt? Is he in favor of Single Payer or is he for America wasting more money on Healthcare?