Warren Mosler, a leading voice in the fight against the bipartisan move to slash Social Security and Medicare, has signed a University of Missouri Kansas City (UMKC) economics department pledge to never vote for any reductions in Social Security or Medicare benefits, or any delays in eligibility.
The pledge reads, "I pledge to vote against any piece of legislation that would reduce current or future benefits under Social Security or Medicare, whether through reduced compensation, reduced coverage or a change in eligibility requirements."
"There is no food shortage, no housing shortage, and no shortage of labor or anything else needed to sustain our seniors at a level that makes us proud to be Americans," said Mosler. "It's the 'flat Earth' economists who don't understand monetary operations that are leading the charge to slash benefits and delay eligibility."
Mosler's first proposal to fix the U.S. economy is a full payroll (FICA) tax holiday, which would increase the take home pay of Americans earning $50,000/year by approximately $325 per month.
"We lost over eight million jobs mainly because sales fell off, and a full payroll tax holiday will restore the sales needed to get all those jobs back, and more," continued Mosler. "The unemployment lines tell us we are grossly over taxed even for the current high level of government spending. The $500 billion in Medicare cuts claimed by the Democrats in the health care bill was a mistake, a disgrace, and an insult to the elderly and our doctors, nurses, and other healthcare professionals."
Mosler also notes that the new bipartisan 'National Commission on Fiscal Responsibility and Reform' is now tackling the Social Security 'solvency problem' even as Federal Reserve Bank Chairmen Bernanke and Greenspan, as well as David Walker of the Peterson Foundation, have publicly testified that operationally the U.S. Government can always make all payments due in a timely manner, and therefore there is no such thing as a solvency problem for Social Security or Medicare.
Mosler, a 37-year fund manager and 'insider' in monetary operations, is running as a matter of conscience to promote his agenda to fix the U.S. economy and restore America's prosperity.