July 13th, 2011 13:26 EST
Obama Threatens to Hold Social Security Checks Hostage: Is This Political Terrorism?
We`ve seen this before. A looming financial catastrophe must be averted with bailouts, stimulus bills, QE1 / QE2 (printing money), and now by raising the debt ceiling. One thing we haven`t seen is an impasse of this magnitude. The president wants to raise the debt ceiling while increasing taxes and the Republicans say they`ve taken tax increases off the table.
Craig R. Smith and Lowell Ponte, co-authors of Crashing the Dollar, have taken notice of how Barack Obama has decided to use fear mongering to ratchet up the pressure against the Republicans. He is threatening to withhold the Social Security checks of senior citizens if he doesn`t get his way.
President Obama now threatens to withhold Social Security and other government checks if he doesn`t get the Trillion-Dollar tax increases he wants, " Ponte says. This verges on political terrorism, threatening to hold senior citizens hostage. "
Though there is more than enough tax revenue coming into the treasury to pay the interest on the debt as well as social security obligations, the issue is going to come down to prioritizating, what gets paid and what does not. In other words, Obama appears to be quite willing to exploit the anxieties of senior citizens for his own benefit.
The twisted irony is that Obama has already been shortchanging seniors through his economic policies. Let`s remember, " says Ponte, that President Obama has already been picking the pockets of these same seniors by using financial gimmickry to deny them Cost-Of-Living Adjustments to their Social Security checks in 2010 and 2011, and he has said he plans other things to prevent Social Security increases for most recipients in 2012. "
Though Obama`s policies are said to follow the model set forth by British economist John Maynard Keynes, Smith and Ponte see Obama`s fiscal policy as being Keynesian on steroids.
Even Keynes, whose failed `stimulus` ideas President Obama`s economists followed, said that government should never raise taxes during a Depression or Recession, " Ponte said.
ABOUT CRAIG R. SMITH:
Craig R. Smith is an author, commentator and popular media guest because he instantly engages audiences with his common-sense analyses of local, national and global trends. Serving as CEO and, now, Chairman of Swiss America for more than 25 years, Craig understands that Americans want solid answers to the tough questions and that real leadership begins with servanthood. One of Craig`s recent books is Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil, " which he co-authored with WND columnist Jerome R. Corsi.
ABOUT LOWELL PONTE
Lowell Ponte (PON-tee) is co-author with Craig R. Smith of Crashing The Dollar: How to Survive a Global Currency Collapse and The Inflation Deception: 6 Ways Government Robs You by Using Inflation (and 7 Ways to Stop This), a mid Spring 2011 release. Lowell is a former think tank futurist and retired Roving Science Editor at Reader`s Digest Magazine and for 15 years was "the world`s most widely read investigative science and health reporter." His articles have appeared in The Wall Street Journal, The New York Times, and many other publications. He is currently a columnist at Newsmax.com. Lowell has been a guest on "The Today Show," "Good Morning America," "David Letterman" and other programs. Lowell has also been an aide in the California legislature, a reporter in Washington, D.C., a foreign correspondent reporting from 33 countries, co-partner in a successful Hollywood public relations firm, and more.
ABOUT SMITH`S LATEST BOOK, CRASHING THE DOLLAR: HOW TO SURVIVE A GLOBAL CURRENCY COLLAPSE:
The current economic downturn "the worst since the Great Depression "will soon be replaced by severe inflation that could literally destroy the value of the U.S. dollar. Why?
Because America now has combined short- and long-term obligations of more than $120 trillion, " says economic analyst and Swiss America chairman, Craig R. Smith, and the most politically palatable way to pay these obligations is to "monetize the debt` by running tens of trillions of dollars off the printing press, causing the dollar`s value to plunge and prices to soar. "
So, what then? Will the global economy crumble? Will working Americans` savings and retirement accounts really dissolve into nothing? Will America as a nation lose its economic and military supremacy? . . . Are all of Obama`s senseless economic policies in the face of this disaster a testament to his incompetence, or an unfolding of more nefarious intentions?
Smith, along with co-author Lowell Ponte, contributing editor of Newsmax magazine, explores these questions and many more in the new book Crashing the Dollar: How to Survive a Global Currency Collapse.
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Judyth Piazza chats with Craig Smith on The American Perspective Radio Program