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M
odern
P
atriot
C
hronicles
An Eleventh Commandment Free Zone
Vol. 4, Issue 1
February 4, 2005
By Craig Dawkins
Ideological Social Security Demagogues
Copyright@2005, All Rights Reserved
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POLLS! POLLS! POLLS! POLLS!
Do you believe Social Security should be saved by raising taxes or reducing the benefits? (These are truly the only options.)
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Ideological Social Security Demagogues
As the title suggests, there is a wide difference of opinion regarding the viability of the Social Security system. Some people just don't get it. Republicans would have us believe that the only way to save Social Security is to adopt the idea of "personal accounts." Democrats would have us believe that there is no crisis and that nothing should be done to avoid a meltdown in 2042. Both are wrong.
First of all, whose money are we debating over? In case you are wondering, it's your money. It's your paycheck contribution and your employer's contribution that matches it.
Economic principles indicate that, absent the required employer contribution, some or all of that money would have been passed on to the employee. (It's a supply/demand thing. If you want the details, email me.) Let's visit some history.
When Social Security was introduced, it was introduced on the basis that ALL of the money contributed by Americans would be kept in "personal accounts." If an American had contributed to Social Security and died before collecting their benefits, their Social Security contributions were forwarded to their estate upon request. Gary Galles of the Philadelphia Enquirer wrote a great article (
Congress' decision to confiscate Americans Social Security "personal accounts" was upheld by the Supreme Court. The Supreme Court held that the government was not legally obligated to pay Americans Social Security benefits. That ruling still stands today.
Now today, once again, we are being offered "personal accounts" from a Republican president who is making wild promises as to the effectiveness of the reform and the need to do it now. The saying, "Screw me once, shame on you. Screw me twice, shame on me" comes to mind here. What guarantees are there that these "personal accounts" will remain personal? What guarantee do Americans have that in 2042, Congress doesn't just confiscate these personal accounts once again?
I have personally paid in over $50,000 to the Social Security system. With my employers match, I have paid over $100,000. This is my money. Telling me that I will be able to invest an insignificant portion of my future contributions in the stock market is insult to my intelligence. People who believe that this alone will solve Social Security funding problems are just drinking the Republican Kool-Aid. Use your gray matter.
I agree that we should start to address Social Security's future short-fall now. Democrats will obfuscate Social Security's future problems by saying there is no crisis. But the longer we wait to address this issue, the more costly it will be. But Republicans who are falling in line behind the reform initiative need to start with the truth of what reform means in terms of future options for retiring Americans.
Solving this problem is very complicated in terms of deciding how the new system will meet the needs of an increasing and aging society. But there is a very simple and fundamental fact in solving this "crisis." Either taxes will be increased to meet the needs of Social Security or the benefits will be cut. Anyone who tells you something different either doesn't know the facts or is intoxicated by the Republican Kool-Aid. It's that simple.
Here's my idea for reform. Send me my $100,000 and don't worry about me.