Portside

Self-righteous critics have portrayed Social Security as the profligate monster borrowing from the Treasury and sucking the life out of federal government. It's the other way around. The Treasury has been borrowing from the Social Security Trust Fund for 30 years, and the debt to beneficiaries now totals nearly $3 trillion. The financial barons and their media collaborators would like to get out of repaying the debt by cutting benefits over and over again. Count on it.

The miners union has filed suit claiming that Arch Coal and Peabody Energy designed Patriot Coal to fail—then shifted over a billion dollars in pension and retiree health care debts to Patriot as a ploy to get out of those obligations. The UMWA fears if Peabody and Arch get away with spinning off their obligations to a company designed to collapse, more coal companies will take similar measures.