One idea that surfaced a few weeks ago in Obama's so-called brilliant and intelligent group of advisers, as some folks joyfully identify them (conservatives and George Bush just do not measure up in wisdom and intelligence, in liberals' estimation and hypocrital self-esteem).
Back in Clinton'sd day there was talk of putting a tax on pension funds--your 401(k) pension fund--and now, it is suggested that it would be a grand move to have you turn your pension fund over to the government and let it guarantee you a 3% per year earning on the fund, for the stock markets and free market concepts just do not give you the kind of security you need.
Do you know what will happen to your pension fund? I'll tell you.
It will become just like your Social Security Fund, the one you paid into all your working days, along with your employer's matching portion. It will be spent. SPENT! And in its place will be Treasury bills showing that the government owes your pension fund that money. It will be used to justify higher spending for socialistic programs to procure votes and to declare a reduction in the annual budget deficit.
There is no Locked Box containing your Social Security funds, and there will be no Locked Box containing your pension fund. The government will not--NOT--invest your pension funds in the open market for stocks, bonds and similar securities. It will be in Treasury Bills. They will cash in you stocks and SPEND THE MONEY on socialistic programs. Has congress embraced to idea of investing some of your Social Security funds in the market place?
Absolutely not! It was rejected with derision.
The practices of the past and attitudes of the present tell us just how it will be! You can bet on it!
Gene Lawley
Sunday, December 14, 2008
Thursday, June 26, 2008
They Have No New Ideas
Senator Obama has offered a solution to the Social Security Fund crisis, I read recently. It is unique and brilliant. How could he have thought of it so swiftly? (I write this while biting my tongue!)
The plan has two features: Increase the base taxed and raise the rate charged.
What else can government do but find a taxable item and levy a tax on it! My goodness! Never would the liberals allow private enterprise to get a foothold in a government program. And, doubly sure, they would not let President Bush get any credit for solving the problem.
Not that their plan has not been done before. Back in the late 1970s it was projected that the Fund would go bust in a not-too-far-distant future, so a committee was set up to investigate how to solve the problem. Idaho's Democrat Senator Frank Church was on the Committee. They worked real hard and came up with the brilliant plan to raise the base and increase the rate of tax! Can you imagine that!
About five years later: oops! The committee had miscalculated and another solution had to be determined, so another committee was organized. After much mental effort and investigation, the grand solution came forth: raise the base and increase the tax rate--again! But, again, what can government do, for it has no money-making ability of its own. Just spending yours and mine, that's all.
And you can bet your bottom--and last--dollar that the funds collected through Senator Obama's plan, were he to win the presidency, would all be spent right along with all the other taxes collected, showing up as reduction in the deficit. And, no set aside of Social Security Trust Funds like so many older Americans seem to think is being done--because that's what the politicians tell us.
Gene Lawley
The plan has two features: Increase the base taxed and raise the rate charged.
What else can government do but find a taxable item and levy a tax on it! My goodness! Never would the liberals allow private enterprise to get a foothold in a government program. And, doubly sure, they would not let President Bush get any credit for solving the problem.
Not that their plan has not been done before. Back in the late 1970s it was projected that the Fund would go bust in a not-too-far-distant future, so a committee was set up to investigate how to solve the problem. Idaho's Democrat Senator Frank Church was on the Committee. They worked real hard and came up with the brilliant plan to raise the base and increase the rate of tax! Can you imagine that!
About five years later: oops! The committee had miscalculated and another solution had to be determined, so another committee was organized. After much mental effort and investigation, the grand solution came forth: raise the base and increase the tax rate--again! But, again, what can government do, for it has no money-making ability of its own. Just spending yours and mine, that's all.
And you can bet your bottom--and last--dollar that the funds collected through Senator Obama's plan, were he to win the presidency, would all be spent right along with all the other taxes collected, showing up as reduction in the deficit. And, no set aside of Social Security Trust Funds like so many older Americans seem to think is being done--because that's what the politicians tell us.
Gene Lawley
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