When taxes are raised in order to fund Social Security “privatization” (yes those are scare quotes), as David Brooks suggests will in fact happen, who should get the blame for having laid the groundwork? (thanks LRCblog)
Source link: http://blog.mises.org/2807/who-pays-for-the-transition-you/
Who pays for the transition? You.
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No one is talking about reforming medicare and medicaid which are equally verging on bankruptcy as SS. Even if SS were entirely defaulted, there would still be a huge unfunded liability for the other two programs.
Unless my memory is playing games on me, more than half of the total federal budget is Medicaid/Medicare. The “discretionary budget” is actually less than 1/3 of the entire expenditure each year.
Please correct me, this is from memory and I’m not even sure where to quickly look it up.
The use of “fund” perpetuates the myth that SS is some sort of funded savings program. It is not. SS is a capped payroll tax and a universal welfare program.
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