Foolsgold vs Johnson in Wisconsin

October 12, 2010 06:19


This is in fact the dirty little secret about Social Security. In all the years when the money coming into Social Security exceeded the money being paid out in pensions, Congress simply spent the difference on everything from junkets to earmarks.

Feingold Versus Johnson

by  Thomas Sowell 10/12/2010 at Human Events

EXCERPTS:
Senator Feingold wants Social Security kept pretty much the way it is. That would mean that there is not enough money to pay what is owed to the baby boomers who retire. Ron Johnson wants to keep Social Security as is for those who have already retired and for those approaching retirement years, but would not make it mandatory for younger people to join, if they don’t want to.
Although Senator Feingold cast himself in the role of a defender of Social Security, Ron Johnson pointed out that members of Congress like Senator Feingold had in fact undermined Social Security financially, by spending its money on other things.
The fiction of a Social Security “trust fund” was maintained by giving government bonds in exchange for the money taken. But these bonds changed nothing, since they were just claims on future taxpayers.
The rationale for the McCain-Feingold law was to reduce the influence of money in political campaigns. But did you notice any reduction in the role of money after that law was passed and before it was declared unconstitutional? Feingold and McCain sold our birthright and didn’t even get the mess of pottage.
It has been shown so many times, in many administrations, as well as in other countries, that reductions in tax rates do not imply lower tax revenues. Often it has meant more tax revenues, when people change their behavior in response to tax cuts, and the resulting increase in economic activity generates higher incomes.

FULL STORY



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