He doesn’t have it quite right, and in fact some of it simply wrong.
Any talk about delaying SS checks is indeed a lie, but it is in fact an even bigger lie than he says. The “IOUs, bonds that have absolutely no market value” that SS holds are in fact the very most liquid asset in the world, U.S. Treasury bonds, which by statute would be sold in the open market if necessary.
This was made clear the first time we were treated to this particular performance of kabuki theater back in July 2011.
Why can’t we just continue to hold our children in the chains of bondage and slavery and force them to pay for our wants today?? It’s worked for almost 50 years so far. It’s not like they have a choice in the matter, they can’t vote themselves out of bondage.
“Let’s expose presidential prevarication.”
Sorry, Walter, but in the case of Obama there is neither sufficient paper nor sufficient hard drive space on the planet to do this.
The future should include downgrading SS to just “A retirement system for minimum wage workers with no other form of retirement, paid for out of their own wages.”
The way to do this is to first, recreate the Bush tax cuts, but as an choice *alternative* to accepting the SS check.
That is, if someone still gets taxable income, they should be offered a tax cut somewhat greater than the amount of money they would get in their SS check, if they refuse to accept that check.
Say, if they get $2200 a year in SS, they could get $2500 a year in actual deduction from their taxes if they *refused* their SS that year. This means that if they needed the SS money, they would still get it; but if they didn’t need it, they would actually “make more money by saving more money on their taxes.”
Having tackled current beneficiaries, then move to people still paying into the system, by offering them a good deal to get out of the system. That is, instead of paying their SS money, their payment would go directly into an IRA that could not be redeemed until they would have otherwise gone on SS. And not just for their current year, but each year they could move *two* years of retirement into their IRA.
Finally, close the front end of SS to all but minimum wage employees. And nail that sucker shut, so Democrats couldn’t put anyone else back into the system.
Thus, within a relatively short period of time, SS would be slashed to a fraction of its size, and paid for by those who need it. And with so much less money in the system, it would be a much less desirable target for looting by congress.
Bump
Our federal debt and deficits are unsustainable.
Socialism always dies that way but the progressives think they can brind a dead horse back to life if only you spend a little more money.