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Politics : Politics for Pros- moderated
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From: rich evans1/18/2005 7:59:51 PM
   of 793896
 
My view on Social Security:

This social security debate in my opinion is stupid. It is a tax and surpluses have been used spent for general revenue. So what does it matter when the costs exceed ss tax revenues. Or when the gov notes are paid and gone or interest can't handle costs. All payments come from the government and the ss accounting is just that : an accounting entry only. The issue is can the government as a whole under its tax revenues and budget costs afford the projected ss costs. Assuming 3.5% growth average, GNP doubles in 20 years. If all fed taxes represent 20% of GNP then we have tax revs of say about 5 trill in 20 years. Can we afford SS as part of this rev/budget? Who knows? Privatising some of SS is just a reduction in taxes and a reduction in future liabilities. It does not matter whether these liabilities are shown on balance sheet as gov notes or are unfunded liabilities.

So the whole thing is stupid politics IMO. The issue is whether you as a younger person want to be dependent on Gov in the future or have part of it your own nest egg.
Rich
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