Your Opinion: Bankrupt, but still spending
Monday, January 2, 2012
Well, the deed is done. The only funding mechanism for Social Security has been reduced 2 percent by the so-called tax holiday for FICA. I only hope that those that are having their FICA taxes reduced by $30 a week will remember this deed when they wish to start getting their money back from the system.
Even though many individuals resist calling SS a welfare program, it has become one due to the so-called tax holiday that the politicians of both parties passed, wishing to play Daddy Warbucks to all us serfs.
In addition, continuing the absolutely ridiculously high unemployment benefits for more than 26 weeks is profoundly ignorant of our politicians.
But, what do we expect when we send people to Washington that continually vote to pay us even more for doing absolutely nothing. And we continue to send them back to Washington so that we will get more and more from the government “till.”
The only problem is the “till” is more than $15 trillion in the hole and we are adding $1.5 trillion more debt each year. It would be different if government produced something that people would buy and thereby make some sort of profit.
I can understand why the 47 percent of our population that pay no federal income tax, have no problem with the system as it has become as they are not affected by any increase in individual income taxes. They are even getting their FICA taxes reduced by 2 percent.
Tony Smith has said that the SSA has a surplus of $2.4 trillion, so I guess all is good and we have no worries. Like so many other individuals, he needs to get his head out of the sand and see what really is going on.
Remember, I have said that if we took all the money that the millionaires had, we wouldn’t have enough to make up for the shortfall and then the rich wouldn’t have any money left, so whom would we go after next?
It has just been announced that our debt is now greater than our GDP, which means we are bankrupt. And we are still spending $1.5 trillion more each year than we bring in. It is like saying, “I lose $10 dollars on each item I sell, but I make it up on volume.”
More like this story
Use the comment form below to begin a discussion about this content.
Please review our Policies and Procedures before registering or commenting