Monday, December 13, 2010

Weekly Comments: A better plan for Social Security contributions #633

Dec. 12, 2010

COLUMBUS: The tax deal between the President and the Republicans would leave income taxes where they are, but workers who pay into Social Security will end up with a 2% raise for a year. That may be the only raise they get, so it’ll be appreciated. But the problem is, that means Social Security will go broke sooner.

A better plan would be to eliminate ALL employee contributions to Social Security for a year. But in return, everybody would have to wait a year later to start drawing out their SS checks. The workers won’t complain because they get the money immediately. They can spend it, like the Democrats want them to, or invest it as the Republicans prefer. They’re gonna raise the age anyway, why not do it at once and get it over with.

President Obama had President Clinton join him for a news conference. That went over so well, don’t be surprised if the next one, he’ll invite President Bush. Can you imagine the questions the White House press corps would fire at him? Are Sam Donaldson and Helen Thomas still around?

The President’s supporters are howling that he’s being too easy on the Republicans, giving in on taxes for the rich and estate taxes. Well, all he has to do is point to the election results. A bunch of these folks have been asleep since the election, and most of them were asleep during it. If they had all voted Nov. 2 Obama wouldn’t be in this predicament.

Ben Bernanke and the Federal Reserve fired up the old printing press. He got tired of waiting for the rest of us to spend some of the money we have stashed in the cookie jar. So he’ll run off $600,000,000 in new bills and spread them around the country. I know that Mr. Bernanke is a smart man, but it has me puzzled how this differs from your local counterfeiter. Either way, if the Xerox is working perfectly, these fresh bills spend the same as the real ones you’ve been hoarding. And the ones you’re been hoarding won’t buy as much as they used to.

John Boehner says that he’ll cut the budget for Congress by 5%. Makes you wonder why the whole federal government can’t do the same thing. At least it’s a start.

Historic quotes from Will Rogers:

"Congress put a tax as high as 72% on some incomes. Of course for a man to give up three million out of four is tough; but, on the other hand, 90 percent of our people would be willing to give up 99 percent of a million if allowed to make one... The crime of taxation is not in the taking it, it's in the way that it's spent." DT #1764, March 20, 1932

(On inflation) "There's two different schools of thought in this country on the value of money. People who have money are against the printing press. They're against printing any more money. And people that haven't got any are in favor of it, you see? That's the two schools. Both of them, mind you, are equally honest. It's awful hard to reconcile two views like that. The only way I see for folks to ever view the money question alike is for everybody not to have any. Then they'll all look at it the same way; or go the other way and let everybody have some, and then they'll all look at it the same way. But if nobody's got any, the old printing press will look pretty good. But if everybody's got some, in the ash can goes the printing press." Radio, May 26, 1935

Randall Reeder

Will Rogers Today
Need a Speaker? Hurry up and hire me before I die... again.

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