Neel Kashkari, who learned all he needs to know about American culture at Goldman Sachs*, tells us we need to sacrifice those Treasury bonds we hold in the Social Security Trust Fund to satisfy the demands of the frightening alien entity, the Bond Market. This is the standard practice of American elites: call for sacrifice by the great unwashed to defeat a terrifying enemy, knowing that it won’t affect them. It’s how we get sucked into foolish wars, and how we lose our sense of ourselves as a nation.
Well, Neel, not this time. If you and your vastly wealthy friends want the poor to sacrifice their retirements solely to protect your vast accumulations of financial assets, you lead the way. You sacrifice your assets so you can share the pain and feel the joys of fellowship and community with the poorest among us.
The Social Security Administration reports that in 2007:
Social Security was the major source of income (providing at least 50% of total income) for 53% of aged beneficiary couples and 73% of aged nonmarried beneficiaries. It was 90% or more of income for 21% of aged beneficiary couples and 44% of aged nonmarried beneficiaries. Total income excludes withdrawals from savings and nonannuitized IRAs or 401(k) plans; it also excludes in-kind support, such as food stamps and housing and energy assistance.
In the aftermath of the Great Crash, engineered by the political and economic elite through greed and corruption, it will only get worse. This sets the parameters of the sacrifice that, in the most patriotic way, I call upon you to make.
Neel, you and the top 1% of Americans sacrifice 50% of your portfolios to the Government to pay down the national debt you have run up in the last 30 years, and which you (not the rest of us) find so threatening. That will soothe the hurt feelings of the Bond Market nicely.
It is proportional to the injury you want to inflict on the bottom 20% of workers. It shows a real dedication to the country, and a sense of noblesse oblige, and even a bit of contrition for your mortal sins against the average American.
Let’s face it Neel, you don’t have the stomach to sacrifice. Neither do your rich friends. You don’t fight our wars, you don’t repair cars or make bread; you aren’t even a real banker. You are a parasite, and now you want to suck the blood out of Social Security and the lives of millions of Americans.
When you are willing to make a real sacrifice, then you can ask me to do so. I’m not worried.
*Note to Washington Post: you might want to mention that in his bio next time you give him space to tell the lesser people what they should do.