US Action News

Bret Baier and the All Star Panel discuss the suggested spending cuts and lower tax rates from Obama’s debt commission. Cuts include raising the social security retirement age, eliminating earmarks, freezing federal salaries and more. The top tax rate would go down to 23% and the corporate rate to 26%.

“I want people to be afraid not to talk about that Social Security is bankrupt and is a Ponzi scheme and if you’ve got a young 20-something-year-old, they know for a fact that they’re not ever going to see that,” he said. “So let’s fix it.”

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.

Dr. Rand Paul discusses Social Security and Medicare on Fox News with Neil Cavuto.

The Teaparty is an expression of mainstream America that Washington is broken

The problem is for the younger generation those of us 54 and below, the status quo is unsustainable — the debt goes to stratospheric levels, 750% of GDP.

The program should be phased out over a systematic period. Beneficiaries could be compensated from the general fund (which is, at least, honest accounting) and young people freed to opt out of the tax with the full understanding that there will be no federally issued retirement check for them to collect when they hit old age. There won’t be anyway.

Workers under age 45 will pay the price for AARP’s lobbying against Medicare and Social Security reforms over the past two decades in the form of reduced benefits, critics say.

Another redistribution of wealth plan is for the government to force everyone to have an IRA that is invested in the US debt. This is a worse ponzi scheme than social security.

Florida senate candidate Marco Rubio says social security is headed for bankruptcy.