Remember that middle class tax cut Bill Clinton promised us years ago, the one we never got? Well, now Hillary Clinton wants it back. That is, she wants to take back what was never given.
This must be the Clintonian equivalent of getting blood from a turnip.
Shocking, I know, that New York Senator and presidential candidate Hillary Clinton might be considering hiking up our taxes, but look no further than an article headlined "Clinton Rules Out Cuts In Social Security," from a recent issue of the Wall Street Journal.
Speaking before an American Association of Retired Persons convention in Boston, Hillary pledged, if and when she becomes president, to quickly solve Social Security's long-term financial insolvency, now totaling an incredible $84 trillion in unfunded liabilities.
How will she do it? With the daring and courage only she can provide. That is, by not allowing any meaningful reform of Social Security.
"When I'm president," Hillary intoned, "privatization is off the table because it's not the answer to anything." Sure, in some countries average folks are investing through government retirement programs and growing wealthier, but Americans aren't so smart. We need Congress to spend — er, save and take care of — our retirement money for us.
AARP's shindig also offered Mrs. Clinton the chance to score some points against Illinois Senator Barack Obama. Earlier this year, Obama told AARP that "everything should be on the table" in reforming Social Security. What a rookie mistake. Hillary wasted no time in reassuring the AARP crowd that any cuts in benefits as well as any raising of the retirement age were "off the table" during her administration.
So, what is left on her table? What will President Hillary offer to deal with the coming shortfall for Social Security?
No. Not a lock-box. But good guess, Al.
Yes. A tax increase. A payroll tax increase. An increase that will sock it hard to the middle class. That's a bit odd considering that politicians like Hillary constantly talk about how much they want to help the middle class.
I guess it's true, that old saying, we only hurt the ones we love.