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Walter Williams asks "Do We Really Care About the Children?"
November 06th 10:50:59 AM
"I cringe with disgust when I hear politicians say, 'We're doing it for the children.' What's worse is so many Americans mindlessly fall hook, line and sinker for the hype. Judging by our actions, Americans could not care less for future generations, and future generations will curse us for it. Let's look at it.
According to several respected authorities, including the Concord Coalition (co-chaired by former Sens. Warren Rudman and Robert Kerrey), the Congressional Budget Office, U.S. Treasury Secretary John Snow, and the Social Security Administration, the estimated present value of the unfunded liability of Social Security and Medicare ranges between $61 trillion and $75 trillion dollars...
What does all this mean? It means little in pocketbook terms to today's Americans who are 65 years or older. They will collect their Social Security checks and their promised Medicare benefits, but not so for future generations. Here's that future according to House Ways and Means Committee testimony, given by Dr. John Goodman, president of the NCPA (May 2005). 'In 2020, combined Social Security and Medicare deficits will equal almost 29 percent of federal income taxes. At that point the federal government will have to stop doing almost a third of what it does today. By 2030, about the midpoint of the baby boomer retirement years, federal guarantees to Social Security and Medicare will require one in every two income tax dollars. By 2050, they will require three in every four.' And by 2070, Social Security and Medicare will consume all federal revenues...
In 2030, will young people in the labor force be willing to see themselves taxed at Social Security rates of 20, 30 and 40 percent to take care of some old people? I don't think that will politically fly, and they might begin to get ideas about euthanasia. In addition to economic strife, Social Security and Medicare are laying the groundwork for intergenerational conflict. Unfortunately, the politics of today don't give us room to prevent these twin disasters."
Posted by Chris Schrimpf
Comments
Excellent job Walter!!! Why did liberals object so much when President Bush attempted to address the social security issue?
The media has not helped at all to represent the next generations. THANKS FOR YOUR HELP!!!!!
Posted by Dale R. Bode on November 09th 12:29:13 AM
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