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The proposed increase in military spending by Republicans dwarfs the shortfall projected in the Social Security program for 2034. It would be nice if the media would point this out.
The release of the 2026 Social Security Trustees Report got the usual suspects (a.k.a. “very serious people”) genuflecting about the large projected shortfall. As of 2034, the program is projected to be unable to pay full benefits. This would mean a 22 percent cut in benefits if no additional revenue is added.
There are three points worth making here.
On the first point, the spending to repay the bonds held from the trust fund in 2033 comes from the Treasury. Its impact on the economy would be the same as the spending in 2034, when the trust fund no longer holds any bonds.
There is an issue that the law gives the program a claim to the funds needed to repay the bonds it holds. Social Security does not have a claim to the money needed to pay full benefits once the last bonds are sold and the trust fund is depleted.
This is an important legal point, but from an economic standpoint, it is money from the Treasury in both cases. If the country could afford to pay full benefits in 2033 when the trust fund held bonds. It can afford to pay full benefits after it has sold all its bonds, however the law would need to be changed.
In 1982, the last time the program had a major overhaul, just 10 percent of wage income went to high wage earners whose income escaped taxation by being over the cap (currently around $185,000) for wages subject to the 12.4 percent Social Security tax. In the last quarter century, close to 17 percent of wage income went over the cap.
This upward redistribution of wage income, coupled with the redistribution from wages to profits in the last quarter century, has substantially reduced the amount of revenue going into the trust fund. It shouldn’t be surprising that the people who engineered the upward redistribution of the last half-century — through trade policy, stronger patent and copyright protections, bank bailouts, and tech policy — now want to reduce people’s Social Security benefits.
The media seem to take pride in reporting huge budget numbers without providing any context that would make them meaningful to their audience. The projected Social Security shortfall is a great example. The usual group of budget hawks is being brought out to tell us that it is a huge program, which we can’t afford, and requires cuts.
Yet, we did not hear the same chorus in response to Donald Trump’s proposed increase in the military budget from $864 billion in the last year of the Biden presidency to $1,500 billion in 2027. Even adjusting for inflation between the two years, the increase would still be close to $590 billion. There was no rationale given for why the country suddenly needs to spend so much more on its military. Trump certainly did not propose this sort of massive increase in spending in his campaign.
The proposed increase in military spending dwarfs the shortfall projected in the Social Security program for 2034.

Adjusting for inflation (assuming 2.5 percent annually), Trump’s requested increase would be just under $700 billion in 2034 dollars. By contrast, the Social Security Trustees project that the program will face a $314 billion shortfall in its annual budget in 2034.
We can argue about what should be considered big and what should be considered small, but there is zero doubt that Trump’s proposed increase in military spending is hugely larger than the projected shortfall in Social Security. If anyone thinks that Social Security poses a big problem for the budget, they must believe that Trump’s military spending poses a much bigger problem, since it is more than twice as large.
And, as noted earlier, we are already paying the money for Social Security; it is just coming out of a different pocket. The proposed increase in military spending, at 1.6 percent of GDP, will be newly committed funds coming from the Treasury, which will impose substantial demands on the economy. Any honest person who says funding Social Security poses a serious budget problem must believe that Trump’s military spending poses a far bigger problem.
Last month the Interior Department approved new grazing rules that revoke tribal rights to graze bison on federal land in favor of cattle, all to benefit wealthy ranchers.
When the Senate Energy and Natural Resources Committee held confirmation hearings for current Department of Interior head Doug Burgum, he made it quite clear that he viewed public lands, lands belonging to the American public, as an asset on “America’s balance sheet.” His implication was pretty clear: These public lands should be used to turn a profit.
Public lands belong to all Americans and were set aside for their protection, not for profit. But, no surprise, Burgum fully supports exploitative industries like oil, gas, and mining on public lands, so who’s balance sheet will benefit? At an energy conference in Houston last year he noted, “If we’re going to drill, baby, drill, then we’ve got to be asked to also mine, baby, mine.”
So much for conservation and environmental protection of our public lands! But, like most members of the current administration, he acts like using your office to extract profit wherever possible is acceptable and “smart”—protecting the public trust takes a back seat. In 2024, President Donald Trump asked a gathering of oil and gas executives at his Florida estate hosted by Burgum to raise $1 billion for his campaign, for which in return he would roll back environmental protections requested by the oil industry. In his thinking, that’s smart, a win-win, personal profit for the president and windfall profits for energy companies.
But Burugm also knows there is profit to be made above ground on the public lands that cover large stretches of the Great Plains. Last month the Interior Department approved new grazing rules that revoke tribal rights to graze bison on federal land in favor of cattle, i.e. “production-oriented livestock.”
Aside from money made by extractive industries, administration officials, and ranchers—all at the expense of taxpayers and the environment—there are too few who question why the ongoing racism of the current administration is allowed to continue.
In the early 1800s, upward of 50 million bison roamed the Great Plains; by 1900, fewer than 1,000 were left. An organized campaign of commercial hunting, the government’s desire to subjugate the Native tribes by exterminating their food supply, and the perceived need to close the range for private cattle grazing nearly exterminated the American bison.
Déjà vu.
Tribal efforts to expand the herd, in cooperation with former Interior Secretary Deb Haaland during the Biden administration, prioritized efforts to manage the herd for traditional purposes of food, cultural heritage, and land conservation—and public land overseen by the Bureau of Land Management (BLM) was part of that partnership.
While fees charged for cattle grazing on BLM land are claimed to benefit the US Treasury, these fees do not help Secretary Burgum’s “balance sheet” either. Permitted grazing on BLM land actually costs taxpayers money, while it benefits a small number of mostly rich landowners. True, there are ranchers who use the privilege of grazing public lands responsibly, yet there are others who abuse the privilege, while the administration turns a blind eye and continues to roll back environmental enforcement. Nevada rancher Cliven Bundy continued to illegally graze BLM land in Nevada for years after piling up fees and fines of over $1 million.
Aside from money made by extractive industries, administration officials, and ranchers—all at the expense of taxpayers and the environment—there are too few who question why the ongoing racism of the current administration is allowed to continue. While the outright slaughter of Native tribes as seen in the 1800s is no longer occurring, the government is clearly denying the tribes the right to celebrate their culture, their heritage, and their right to a decent life on land that was once theirs, land where millions of bison grazed, animals that evolved with the native prairie and in effect managed it and put it to its highest use. Land that now, in addition to production-oriented livestock, is covered by millions of acres of corn and soy.
It is unlikely that cattle, corn, and soy will ever be replaced by bison herds on the Great Plains, because as the Coalition of Large Tribes (COLT), which represents more than 50 tribes managing 25,000 bison on land that accounts for about 95% of Indian Country noted, the new Interior Department rules are designed to protect cows and were published without prior consultation with tribes.
It is not nostalgia that bison should graze public lands, especially those adjacent to tribal reservations. Bison are far better environmental stewards than cattle and, for that matter, probably people as well. It is also, perhaps, a pipe dream that this administration would recognize the inherent cultural rights of Native Americans, or any minority for that matter. To them, the extraction of profit for themselves and their corporate cronies is all that matters. But this administration will someday end, and perhaps the next will be more enlightened and respectful of minority rights and common sense.
Like in Gaza, where genocide proceeds apace in spite of a declared ceasefire, the media tend to report “ceasefires” in Lebanon without caring to highlight the fact that it’s not a ceasefire when Israel is still pummeling the country and massacring people.
In October 2024, one year into Israel’s genocidal war on the Gaza Strip and attendant assault on Lebanon, the Israeli army did a thing. It invited journalists from major Western corporate media outlets on an incursion into Lebanon’s ravaged south, accompanied by Israeli military personnel who would interpret the wreckage in Israel’s favor—not that the Western media have ever required much assistance in this regard.
Reporters from the New York Times, Washington Post, Associated Press, Reuters, BBC, Fox News and a handful of other special guests signed up for the cross-border sortie. It was, as Habib Battah and Christina Cavalcanti note in an investigation for the Public Source (8/27/25), an “awkward hybrid between a traditional embed and the kind of all-expense-paid publicity trip that journalists refer to as junkets, freebies and dog-and-pony shows.”
Never mind that it is entirely illegal for journalists or anyone else to enter Lebanon from Israel—what’s one more illegal invasion from a country that has been invading Lebanon pretty much since its founding? As Battah and Cavalcanti emphasize, these media professionals were also embedding themselves “within a national project of extraordinary transnational violence,” hosted by an “extrajudicial occupying military power—a critical point that all of them would fail to mention in their coverage.”
The Israelis certainly hit the jackpot with the coverage, as reporters excitedly discovered boots and helmets allegedly belonging to Hezbollah—clear proof that the group had been plotting a nefarious attack on Israel. New York Times Jerusalem correspondent Isabel Kershner, an old pro at conducting preemptive journalistic strikes on Lebanon, did not disappoint with her dispatch (10/13/24), “Just Over the Border From Israel, a Hezbollah Cache of Explosives and Mines.”
And in report after embedded report, Israel’s chosen journalists faithfully transmitted the tiresome and counter-logical notion that Hezbollah was somehow the aggressor in the arrangement—as opposed to the army that was busily slaughtering thousands of people in Lebanon while implementing a scorched-earth strategy.
There has been no remotely comparable destruction on the Israeli side, and a recent Reuters article (5/31/26) that had attempted to suggest some symmetry now comes with the preface: “This May 31 story has been corrected to remove a reference to tens of thousands of Israelis being displaced by Hezbollah fire, in paragraph 3.”
Like in Gaza, where genocide proceeds apace in spite of a declared ceasefire (FAIR.org, 10/21/25), the media tend to report “ceasefires” in Lebanon without caring to highlight the fact that it’s not a ceasefire when Israel is still pummeling the country and massacring people, all the while setting the stage for a massive land grab with its creeping so-called “evacuation orders.” These “evacuations” have been focused on the Shiite demographic, with Israel warning Christian and Druze communities not to allow Shiite neighbors to take refuge in their towns (New York Times, 4/1/26).
Lebanese journalist Habib Battah, co-author of the aforementioned Public Source investigation, suggested to me that such orders might be more accurately termed “ethnic cleansing directives.” But that, of course, would be way too much for corporate media outlets to handle—and so it is that we learn about Israel’s “urgent evacuation warnings” and “large-scale evacuation orders,” as though it’s some sort of public service announcement, fire drill or other fundamentally legitimate Israeli undertaking, rather than entirely illegal in addition to downright psychopathic. From a legal and moral perspective, after all, you can’t just go around ordering people in other countries out of their homes, oftentimes only to bomb them when they comply.
Then there’s the matter of the “Yellow Line” or “security zone”—more terminology borrowed from Gaza (FAIR.org, 5/19/26)—which denotes the portion of south Lebanon that Israel is currently illegally occupying. But Israel has never been very good at staying within the lines, and its latest “evacuation orders” spanned no less than one-fifth of the entire country, far beyond its own unilaterally appointed Yellow Line.
As Battah remarked to me, the media’s acceptance and deployment of such arbitrary vocabulary creates “artificial structures” and a sense of orderliness, when in reality “there’s no yellow lines, there’s no yellow, there’s no colors—these are just illegal invasions.” And because media are committed to sanitizing Israel’s behavior rather than questioning it, “colonization becomes normalized.”
The eagerness of journalists to do Israel’s bidding is all the more confounding given that Israel is currently the No. 1 killer of journalists in the world. A recent Associated Press article (5/29/26), for example, reduced the pulverization of Lebanon to simply “ongoing fighting in southern Lebanon between Israeli troops and Hezbollah fighters.”
A June 4 Reuters writeup blamed Hezbollah for having “rejected” the latest US-mediated “ceasefire” plan—which, mind you, would basically have given Israel the green light to seize south Lebanon outright. Reuters refrained from referencing the thousands of Lebanese casualties since March, but did allow Israel the usual space to defend its depredations: “The Israeli military, in a warning to residents of the south, said it was continuing to target Hezbollah facilities.”
This is not to say that corporate media do not report on the destruction, displacement and killing in Lebanon; they do—and sometimes even sympathetically. But the refusal to paint a consistent and properly contextualized picture of what is actually going on in the country means that they mostly just end up legitimizing Israel’s war crimes.
Imagine for a moment that Hezbollah had just killed thousands of Israelis in three months and occupied northern Israel. In doing so, it laid waste to 5,000-year-old cities, and bombed the fuck out of everything from homes to ambulances to World Heritage sites to university students to environmental activists who protect sea turtles. Suffice it to say we’d be hearing a lot more about the utter barbarity of it all—and that Hezbollah wouldn’t be allowed to claim ad nauseam that it was targeting “military facilities.”
Almost three years into a genocide that has officially killed nearly 73,000 Palestinians and given Israel every opportunity to blind the world with its true colors, it is no short of an abomination that Israeli officials are still permitted to insist—with little to no media pushback—that they only target “terrorists” and “terrorist infrastructure.” If Israeli officials were to claim that two plus two equals eight, or that Elvis Presley was living in a cave in Madagascar, would the corporate media also report such information with a straight face?
By taking Israel’s word for it, journalists wind up essentially validating mass killing and occupation—as in the corrected May 31 Reuters piece that straight up makes the case for Israel’s seizure of a 900-year-old castle that lies nowhere near the imaginary colored line:
The advance into Beaufort Castle has granted Israeli troops a vantage point over much of southern Lebanon and northern Israel, from which attacks have been launched towards Israeli residential areas.
Of course, willful media decontextualization and omission of relevant history facilitates the conversion of Israeli propaganda into “news.” One handy trick is to always, always, always remind audiences that Hezbollah is a “powerful Shia group supported by Iran,” as the BBC (5/28/26) puts it.
On March 13, CNN ran an analysis datelined Tel Aviv that bore the headline: “The War That Never Ended: Israel Seizes Moment to Finish Fight Against Hezbollah, Iran’s Proxy in Lebanon.” The analyst proceeded to justify Israel’s belief that “it needs to establish a strong military defense to protect civilians from the Iranian proxy on its borders.”
But while invoking Hezbollah’s support by Iran is practically a requirement for Western media reports, it is never deemed necessary to qualify Israel’s own orientation in any way—like, I dunno, “The war that never ended: Genocidal psychostate backed to the hilt by global superpower seizes moment to finish fight against Hezbollah.”
As for why this fight started in the first place, the media can somehow never summon the energy to explain that Hezbollah owes its very existence to Israel’s apocalyptic 1982 invasion of Lebanon that killed tens of thousands of Lebanese and Palestinians, prompting the group’s formation. Indeed, Israel’s lengthy history of invading Lebanon—not to mention its 22-year occupation of the south of the country, which ended in its ignominious eviction by the Hezbollah-led Lebanese resistance—would seem to be pretty crucial context in terms of understanding the current war. But those journalists who do bother to provide a bit of background do so in as ambiguous and cursory a fashion as possible, as in the New York Times’ explanation (6/3/26) that “Hezbollah, the Iran-backed Shiite militia group, has been in conflict with Israel, on and off, for decades.”
A May 13 NBC News intervention headlined “Amid Ceasefire, Israeli Forces Ramp Up Destruction of Homes in Southern Lebanon” offers a roundabout summary of Hezbollah’s origins: “The group, formed in the early 1980s as a civil war consumed Lebanon, was created with support from Iran and sought to expel Israeli forces from Lebanese territory.” The piece went on to discuss some details of the present destruction in south Lebanon, including footage from a video posted to X on April 24 in which
two excavators can be seen destroying solar panels in the Christian border town of Debel, where a photo last month showed a soldier taking what appeared to be an axe to a statue of Jesus.
In a statement to NBC News that can be safely filed under the can’t-make-this-shit-up category, the Israeli army “said…that the damage to the solar panels was not in line with its values, and that disciplinary measures had been taken.” Here’s praying that corporate journalists might someday have the balls to take Israel to task on more existential matters.
I don’t believe a loving God consigns people to eternal damnation. But I do believe that Raymond, Exxon, and Chase have helped send the rest of us to a kind of hell.
Here’s how Lee Raymond’s hometown paper, the Houston Chronicle, remembered him Thursday morning.

The Texas paper was more direct, and more accurate, than anyone else covering the story. The Times obit gave top billing to the fact that he led the acquisition of Mobil and “cut costs relentlessly;” the Wall Street Journal waited till paragraph six to note that he was “openly skeptical” of climate science (much like The Wall Street Journal). But the Chron had it right—when people think back in a hundred years or a thousand or ten thousand, the one thing worth remembering about him will be the crucial role he played in holding back action on climate change.
I’m going to recount the lowlights of the story here, and add one that gets very little notice in the obituaries, but that ties directly to the ongoing crisis.
Raymond was a research engineer who spent his whole career at what was then the world’s largest company. He joined its board in 1984, already a leading candidate for CEO, which means he was near the top during the 1980s, the period when (as we now know thanks to great investigative reporting) the company’s scientists correctly identified the dangers of global warming and linked them directly to Exxon’s products. That research, as Inside Climate News reported in 2015,
laid the groundwork for a 1982 corporate primer on carbon dioxide and climate change prepared by its environmental affairs office. Marked “not to be distributed externally,” it contained information that “has been given wide circulation to Exxon management.” In it, the company recognized, despite the many lingering unknowns, that heading off global warming “would require major reductions in fossil fuel combustion.”
Unless that happened, “there are some potentially catastrophic events that must be considered,” the primer said, citing independent experts. “Once the effects are measurable, they might not be reversible.”
This was, of course, the same decade when Jim Hansen was carrying out his groundbreaking research at NASA (and I was writing The End of Nature). Exxon, as it turns out, was on precisely the same wavelength. Here’s, to me, one of the great historical what-ifs: Imagine that, on the night that Hansen made his remarks to Congress, an Exxon exec like Raymond had gone on the evening news and told Tom Brokaw, Dan Rather, or Peter Jennings that “our research shows pretty much the same thing.” No one would have accused Exxon of climate alarmism; instead, we would have gotten to work as a civilization.
Instead, they chose denial. And it was Raymond who played a lead role, as Exxon helped form the Global Climate Coalition, first of the obfuscation fronts. He became the spokesman for anti-science in many ways: In 1997, as the world approached the first global climate talks in Kyoto, he gave what may be a speech second only in importance to Hansen’s original testimony. Speaking in Beijing to the Worl Petroleum Congress, he contended that the world was cooling, that there was no way to know if carbon dioxide was to blame, and that in any event “it is highly unlikely that the temperature in the middle of the next century will be significantly affected whether policies are enacted now or 20 years from now.”
These, of course, were exactly the things Exxon’s scientists had told them were not true. Indeed, they’d been explicitly warned that
man has a time window of five to ten years before the need for hard decisions regarding changes in energy strategies might become critical.
And Exxon had believed its scientists. As a 2015 Los Angeles Times report made clear, they’d begun building drilling rigs higher to counteract rising sea levels, and plotting out what parts of the Arctic might be prime for oil drilling once they’d helped melt the ice.
Exxon, more than any single force on Earth, made sure that the planet didn’t address climate change while it had time. Given what it knew in the 1980s Exxon could have had a head start on building and owning the solutions like sun and wind. But, as one of Raymond’s successors said two years ago, that didn’t happen because “we don’t see the ability to generate above-average returns for our shareholders” with clean energy. And he was right. You can make money putting up solar panels, but you can’t make Exxon money, because the sun delivers energy for free. It doesn’t offer the same scope for greed.
And greed was the word here. For his role in helping wreck the Earth’s climate system, Exxon paid him $686 million, or $144,573 a day, during his tenure as CEO. His retirement package was $400 million.
And even when he finally left Exxon in 2005 he continued on doing damage—this is the often overlooked part of his story. He was the lead independent director at JP Morgan Chase, which had been the Exxon house bank, and which, as I chronicled for Rolling Stone in 2020, became the fossil fuel industry’s biggest lender—the “doomsday bank.”
Many of us ginned up a campaign to get him off that board (along with Rev. Lennox Yearwood and other protesters, and with Jane Fonda looking in through the glass windows, I was arrested at a DC Chase branch to help kick off that fight in 2020). It was eventually successful—that summer he was demoted as lead director, and left the board in December.
But Raymond’s legacy lives on. Just as Exxon has gone on pumping out oil (and climate nonsense), Chase has kept pumping out money. As the brand new edition of the Banking on Climate Chaos report pointed out last week, Chase remains the No. 1 financier of fossil fuels around the world, besting Mitsubishi, Citigroup, and Bank of America; since 2021 they’ve pumped a quarter-trillion dollars into this effort. Asked by The Guardian for a comment, a Chase spokesman said, “As one of the world’s largest financiers of energy, we support the full range of energy solutions and technologies, with a focus on reliability, affordability, security, and long-term resilience.” That kind of bland corporate-speak hides an almost unimaginable multitude of sins.
Like a great many Christians, I don’t believe a loving God consigns people to eternal damnation. But I do believe that Lee Raymond, Exxon, and Chase have helped send the rest of us to a kind of hell. As Jeff Masters just reported:
The world recorded its highest burned area for any January-May during the past 15 years, with more than 150 million hectares burned globally—22% higher than the previous high set in 2020 and about double the recent average for this period. In the US, the burned area so far in 2026 has been the highest for at least the past 10 years—about double the 10-year average—according to the National Interagency Fire Center.