The most generous bank bailout in history has amplified Wall Street’s considerable political influence, and the economic implications of this democratic calamity go well beyond bloated bonuses. Over the past year, the financial propaganda machine has set its sights on Social Security, launching a massive assault on one of the nation’s most important economic programs. But rather than push back against the flawed economic assumptions of the nation’s financial elite, President Barack Obama appears to be advancing their arguments, and is now poised to repeat George W. Bush’s politically perilous efforts to gut Social Security.

A decade of wars, tax cuts for the wealthy, and the fallout from Wall Street’s housing bubble have almost tripled U.S. public debt since 2001, from $5 trillion to $14 trillion. Big, scary numbers like this, along with carefully timed downgrade warnings from Wall Street’s obedient rating agencies and continuing worries about the financial collapse of Greece, Portugal and other nations have changed the political climate in Washington, breathing new life into decades-old schemes to slash Social Security and Medicare entitlements.

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