Sunday, on “Meet the Press,” Speaker John Boehner formally announced that the United States is “broke.” This bold reality led me to read an article I had been saving for the right time:
WSJ.com: By SARA MURRAY Efforts to tame America’s ballooning budget deficit could soon confront a daunting reality: Nearly half of all Americans live in a household in which someone receives government benefits, more than at any time in history.At the same time, the fraction of American households not paying federal income taxes has also grown—to an estimated 45% in 2010, from 39% five years ago, according to the Tax Policy Center, a nonpartisan research organization.
via Obstacle to Deficit Cutting: A Nation on Entitlements – WSJ.com. [Great article!]
Personally, I paid Federal Income Tax and the Payroll tax from 1969 to 1992. I have earned the entitlements promised to me. If Congress wants to alter the system, they should do it with young wage earners early in their careers so that they have a chance to prepare for their retirements. Admittedly, I was not smart enough to understand stocks, margin calls, buying short, nor derivatives. I depended on earning a pension and the promise of Social Security. I think it ludicrous to think that even in the 21st Century, most Americans can swim in the sea of stock and bond and derivatives which might constitute a “savings plan for retirement.”
If I had lived and worked under such a system, I would be homeless on the streets of New York…lost! Without hope! No, I am pretty sophisticated…not smart on investing money. Are you? Would you trust the futures of your innocent young children to the vicissitudes and vagaries of Wall Street, the Stock Market and investments in general? Do you really think that under such a system for 40 years they will be provided for without “The Government?” I submit, “No!”
Yes, Social Security, Medicare and Medicaid are not perfect systems. They were devised to patch holes in our social fabric at a time in our past. Congress has been talking about fixing these systems for decades. Yet, we read today the referenced article in the Wall Street Journal. We keep voting these old men into Congress who don’t know how or are unwilling to perfect these systems as much as a human can do! Last November, the election brought a crop of young members of The Congress. Perhaps they will take up the gauntlet and fix these systems and secure a safe and comfortable future for us all. That success depends, in part, on how much you get involved in governance. Your responsibility is an easy one: Write to your US Senators and US Representatives and express your opinions and concerns. If they will not listen, VOTE THEM OUT! [You might begin by requesting they immediately end the two (2) wars we are waging. That would fix our deficit problem, IMHO.]