Saturday, September 22, 2007

Obama Floats Social Security Tax Hike

Isn't it amazing how many times in the past 40 years we've heard a politician, indeed most politicians, talk about how we need to fix, or improve our marvelous Social Security system in this country.

All talk, all want to raise taxes and none of them ever mention that what is paid in today is paid out tomorrow. If no SS taxes were paid into the system at all they'd probably not be able to pay benefits in a couple of months. This in spite of the so called trust fund, which in reality is a filing cabinet full of IOU's in Virginia somewhere.

Oh, I guess they'd still pay the benefits. All they have to do is print more Federal Reserve Notes. Do a little google search about the hyperinflation of the German Reichmark in the early 1920's. Or the Hungarian catastrophe of the 40's after wwII.

This while the congress critters all get a full pension after just a few terms, at their full rate of pay plus yearly increases for life and their spouses life, although I'm not sure who would get Barney Franks.

If you're old enough they send you a projected SS payment form each year showing how much you would get at age 62 or 65. Take a close look at it and then go read about the retirement plan Galveston, TX has in place. Then ask your congress critter why a county has a better plan than the whole country.

I really should know better that check on the news after 6pm each evening.

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