Wednesday, March 03, 2004Greenspan's trouble with social securityFrom the Center for America Progress: Alan Greenspan is trying to pull a bait-and-switch with the American people. In 1983, as chairman of a bipartisan Social Security commission, Greenspan said the only way to make Social Security solvent through the baby boom is to make the boomers pay for their benefits in advance. Since that time, everyone has been paying far more in Social Security taxes than has been paid to beneficiaries – to the tune of $1.8 trillion. In 2004, "Americans will pay about 50% more in Social Security taxes than the government will pay out in benefits." What has happened to all the extra cash? Instead of being held in trust or used to pay down deficits the Social Security surplus has been used to finance other aspects of government. Now, Greenspan is suggesting Social Security benefits be cut (while keeping the Social Security payroll tax at current levels) so we can afford to make Bush's tax cuts for the wealthy permanent. In essence, this transforms Social Security from a social welfare program for the elderly to an income redistribution program – from the lower and middle classes to those making over $300,000 a year. posted by chris at 10:13 AM ------------------ |
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