In response to:

The Safety Net That Isn't

Yor12 Wrote: Jan 06, 2013 4:17 PM
Your note that there is two trillion in the Social Security fund is an illusion. There is no money in the fund. All there is is promisary bonds that they cannot pay without raising taxes, or, selling other bonds to raise the money. Each year they try to collect more money from Soocial Security taxes to pay current demands. Anything over that is dumped into the Treasury to help pay other expendatures and add another IOU bond to the IOU pile and fool the people into thinking thaat "all is well."

January 6, 2013

Congress has just raised payroll taxes. It has done it before, and will do it again.

Our august solons excuse themselves, however, by pleading that the 2 percentage point hike is merely the sunset of a tax holiday. And necessary to shore up a faltering system.

It’s not a triumph of responsibility, though.

What is responsibility? Every year the Social Security Administration sends out a helpful note to its “clients” about how much we’ve contributed in payroll taxes. The kindly bureaucrats also warn us not to...