Skip to comments.End the Debt Draft
Posted on 03/19/2014 11:49:06 AM PDT by RWB Patriot
Forty thousand dollars. Thats roughly your share of the U.S. national debt. Thats bad, but its nothing compared to the debt the governments going to be racking up in the years ahead thanks mainly to Americas old-age welfare programs.
As the Baby Boomers retire, the bill for Social Security and Medicare will grow fast, setting off a debt tsunami. Economists can estimate the difference between how much government is on track to spend and how much it will raise from taxes. They call this the fiscal gap. That number is astronomical: $205 trillion dollars, or more than half a million dollars per person.[i]
Today you and millions of other young Americans are being drafted into debt. Like the military draft, the Debt Draft treats the lives of young people as the property of the state. You have been conscripted to finance other peoples retirement and health care needs, regardless of what impact this will have on your life. Your duty is to set aside your own happiness in order to serve the needs of the old.
(Excerpt) Read more at ari.aynrand.org ...
The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.
Vladimir Lenin (and most assuredly zer0bama)
I would argue that one of the problems with local economies is that because of low interest rates on savings, seniors have less money to spend than they'd planned on.
Govt taking your money and giving it to someone else to spend instead of you spending it does not help the economy one bit plus we have to subtract the high cost of government too
People have paid for their social security. Now that jobs that were done in America have been exported, SS is underfunded. Employees in foreign lands do not pay into SS, nor does their employer. Either MAKE IN USA or charge a SS import tariff on incoming tax tree products. If SS is a problem, it's because we don't want to fix it.
If the gov would balance the budget and had saved money paid into SocSec, it would be pensioners getting back what they paid in plus reasonable increase for investment. Instead, they're giving it for food stamps, overseas misadventures, enabling people who could work, propping up failed industries and banks....and enriching the wealthy. What I'm saying is that if the money went to retirees, it would be about 100% spent, and spent locally, having a terrific multiplier effect on the economy.
As far as interest on savings that seniors would spend? It was brought down to zero for the financial crisis, and it still sits there while the stock market heads towar irrational.
Unfortunately, that principle is false.
Spending doesn't create prosperity -- investing in production does. Now, don't take that as advocating for the end of Social Security -- we've come too far to just dump it.
But social welfare spending benefits the individuals who receive it, it does not grow the economy.
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