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February 03, 2005

Comments

So you have the chance to exchange benefits the Feds can't afford to pay for real equity. How much will you put on the line?

Ripper

Just curious, why do you feel the feds can't afford to pay the due benefits?

We managed to pay for all our other federal obligations of late. Including those more misguided commitments such as missile defense.

We more or less solved the Social Security Crisis in 1983 with massive (and greatly accelerated) increases in the payroll tax. The windfall from those revenues amounted to a de facto tax decrease for all American citizens, corporations and other taxed entities.

In a few decades it will be time to settle these accounts. We have several options on how to raise the revenue to cover that debt that need to be considered.

Instead it appears we are just considering ways of avoiding it.

Missile defenselessness is a rather excessive escape hatch for FDR's fiscal incontinence.

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