By setting up personal savings accounts, I have been told by a conservative economist, will take over $50 billion the first year out of Social Security. This amount will increase incrementally every year. To replace this money, one of three things must be done: 1) seriously reduce benefits. This will happen if the money to pay the benefits is not there, 2) raise taxes. Either raise the amount that is taxed above $89,500, or raise everyone’s taxes. President Bush, last week took raising any kind of taxes to solve the problem off the table; 3) continue to borrow the money, and increase the deficits of our country. There is another problem, no one is addressing. Everyone, who knows anything about the stock market, knows that buying and selling shares of stock is not free, everyone knows that there are brokerage fees. Who is going to pay the brokerage fees? Will these fees be taken out of the Social Security money, or will they be deducted from the amount that individuals put into their savings account, or will the government have to borrow more money to pay these fees. No one is talking about this!p>My real problem with these types of programs is the same with any and all privatization programs. Why should the government collect taxes, then turn this money over to a private business so that business can make money off of it? Here in South Carolina where I live, the state owns the school bus fleet. There is talk of privatizing it, so the taxpayers will save money. A private company will be given ownership of the bus fleet. My problem is that the taxpayers have bought these busses, but the proposal will turn ownership over to a private company, This company will not have to invest any of its money into becoming the owner of the fleet. Then the company will be given the tax money once spent on operating these busses. They are supposed to improve the system, while reducing the cost to the state. However, what company is going to become involved in this scheme without the potential of making a profit. The first thing it will do is set aside the money it needs to make its profit. Now the school bus system has less money to operate the system. Yet the state tells us this can be done by spending less taxpayer’s money on the buss system. There will be losers, those families which depend on this system to get their children to school. The only winners will be the company that got the contract. Programs like these are nothing but rip-off taxpayer’s money to benefit those who have the political pull to grab up these contracts. br> — Jim
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online