Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts.
Geithner’s visit to his office left McConnell discouraged about reaching a “balanced” deal on tax hikes and spending reductions designed to prevent...
Would that nodeamass was right -- but alas. No money is being put away at all. Revenues collected this year are the revenues payed out this year. There is no trust fund. It is literally a pyramid scheme that will soon fall short in the payer to payee ratio. 100% of the social security taxes collected this year went out to beneficiaries. There's naught more than a pile of IOU's which can be payed for by our children in taxes or inflation, take your pick. Same thing in the end.
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