There’s Nothing Wrong with Social Security that Taxing the Rich Fairly Wouldn’t Fix
New York Times columnist and economist Paul Krugman, in his column today, is right to expose the attacks on Social Security as being the work of right-wing ideologues eager to destroy a government program that works, backed by cowardly Democrats who want to show their fiscal "responsibility" by getting tough with future pensioners.
But he doesn't go the extra step to point out that this program, founded 75 years ago as a cornerstone of Franklin Roosevelt's New Deal, could be much more fair and even generous to elderly and disabled retirees, and also placed on a much sounder economic footing, by a few simple reforms that would not cost most people a penny, or require hard working folks to work one day longer before retiring.
There is a problem facing Social Security, which Krugman doesn't mention. The Novel economist is correct that the system has built up a huge multi-trillion-dollar surplus over the years. And he is correct in noting that this surplus--the Trust Fund--is big enough to fund the system probably indefinitely, even during the huge bulge in retirement that is starting now that the Baby Boomer generation is hitting retirement age. What he fails to mention is that the Trust Fund has all been stolen (okay, technically borrowed) by the federal government to fund its own annual deficits, and given the national attitude towards taxes, it will never be repaid. That's why the right is able to create a panic by falsely claiming that Social Security is going to go "bankrupt" when current workers' Social Security taxes can no longer pay for the benefits of current retirees.
But there is a simple solution to even this deception, which is to eliminate the cap on income which is subject to the Social Security tax.
From 2000 to 2008 Republicans managed to rack up the largest debt in the nations' history, crash the economy and steal from retirees in their spare time. So go out and vote for Republicans in 2010 and 2012 so they can finish destroying America.
GOP's Paul Ryan Doubles Down on Medicare Rationing. Republicans have this obsession with rewarding wealth and punishing everyone else.
Today's geography lesson: St. Andrews Bay is located on the Gulf of Mexico.
