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Beware the Social Security scam

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Dan Radmacher WARNS against a Republican proposal to cut $6.2 trillion in Social Security benefits over the next 20 years.

An excerpt:

Benefits for the people who have been paying extra into Social Security for most of their working lives should not be cut to avoid raising taxes on those who, by design, avoided paying Social Security taxes on much, even most, of their income.

This would constitute a massive transfer of wealth from those who can least afford it to those who already have most of it. And, as I said, it would mean the nation was reneging on a debt and solemn obligation.

Conservatives like to call Social Security a Ponzi scheme, even though it is anything but. However, if they are successful in robbing the citizens who helped the nation accumulate more than $2 trillion in surplus of more than $6 trillion of benefits, they will have perpetuated a scheme of a magnitude that would make Bernie Madoff blush.
 

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3 Comments

  1. Increasing the retirement age by several years is perfectly logical. The plan was designed to assist retirement income in the final several years of life. Not for the last 20 years of life. By the time this proposal would take effect life expectancy will likely be north of 80 years in this country.

    The reduction in benefits for the wealthy also seems right in line with what will be necessary to control the budget and should satisfy the Democrats thirst for class warfare.

    In fact, it seems this plan is largely what President Obama’s very own deficit reduction committee proposed.

    http://thehill.com/blogs/blog-briefing-room/news/155715-gop-senators-raise-retirement-age-to-70

  2. I fear the current scheme by the Dem’s will mean there is nothing left for anyone except worthless US currency.
    (Coming to Rockford in May, I hope gas is under $5.00/gal.)

  3. Lets see lets make sure the people that pay in the most don’t get a chance to recover any of the money stolen from them over the years, that seems fair.

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