Seniors Hold "Knit-Ins" To Protest Cuts In Medicare

Today at noon to 1pm in New York City and Long Island, senior citizens plan to take their knitting circles outside and in front of America's biggest banks to protest the looming $2.4 trillion cut to Medicare as part of the debt ceiling crisis 'compromise.'  Creating blankets that say, "Save Medicare," the seniors plan to draw attention to the ludicrous decision to take money away from a vulnerable group's healthcare, while ignoring the soaring bank profits and low tax rates of America's too-big-to-fail-banks.

From UnitedNY:

“Medicare is absolutely essential for my health, I have diabetes and need medications and constant treatment,” said Vickie Owens, a 69-year-old retired health professional and senior rights activist from the Bronx. “We bailed out the big banks, got them on their feet, and now they just want to throw us taxpayers and senior citizens to the dogs.”

Here are the locations for the actions:

Manhattan – 40th St. and 7th Ave. 

Bronx – Grand Concourse & E. Fordham Rd.

Downtown Brooklyn – Jay St. & Fulton St. 

 Long Island – 3767 Hempstead Tpke, Levittown

And just in case you need more reason to protest, read this:

JPMorgan Chase has made $34.7 billion in profit, and the CEO received compensation of $57.9 million, since 2008. But during 2008-2009, lending by the bank to small businesses through the Small Business Administration’s 7A program fell 70 percent, and it has laid off 14,000 employees since the bailout.

Bank of America has made almost $8 billion in profit since 2008, when it received over a $230 billion taxpayer bailout, and has paid CEO compensation of $54 million. But because none of their profits were subject to U.S. taxes, B of A was actually credited a $666 million tax refund for 2010 and a $3.6 billion refund in 2009. B of A has 371 tax-sheltered subsidiaries, 204 of which are in the Cayman Islands. Since 2004, B of A has cut more than 34,000 jobs and plans to eliminate up to 35,000 more over the next 3 years.

Wells Fargo made a profit of $12 billion in 2009 and was credited a $4 billion tax refund, and then made a $12 billion profit in 2010 and paid only a 7.5percent federal tax rate. Since 2008, the CEO’s total compensation has been over $47 million. Over the long term, Wells Fargo has made over $110 billion in pre-tax earnings since 2001, but paid an average of just 15.6 percent in federal taxes.

Citigroup made a profit of $10.6 billion in 2010, but was credited a tax refund of $249 million. Citigroup’s CEO has received $38.4 million in compensation since 2008.

Go to United NY's website to learn how you can participate. 

AlterNet / By Rae Gomes

Posted at August 3, 2011, 5:48am

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