Tuesday, May 17, 2005

Saving Social Security with Added Taxes

We are beginning to see more and more U.S. Senators and Congressional Representatitves state that they agree with all of President Bush's social security proposals except private accounts. In other words, "we all can agree that social security is in trouble and needs to be saved with addional revenue enhancements but we cannot accept private accounts.'

All this means is that the American working stiff will pay higher social security taxes without the opportunity to establish his/her own retirement nest egg. In addition to burdening the U.S. worker and employer, it does not save the social security system. The only thing that can save the system is for the federal government to cease overspending. A social security tax increase, likely termed a "bailout" will simply reduce the pressure on the Congress and the President to "live within their means."

Without private accounts, this is not reform.

Ernie Goss

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