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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (213649)	12/20/2004 4:52:21 PM
From: RetiredNow	Read Replies (1) of 1578385

There is a "huge unfunded amount" throughout government. What's the cost of the military for the next 75 years... unless you think we are going to disband our military, then it's also "unfunded". This statement is false. We don't owe anyone our spending on military. However, our SS promises to pay you and I retirement benefits in exchange for our contributions into the system over our lifetimes. This is an obligation that is an unfunded liability. Military spending can be cut, if the gov't decides to. The $1-2 trillion is not new debt. It is OLD debt. As of right now, occording to the social security administration's latest report, the gov't has an unfunded liability of $3.7 trillion. One way to fund it is to sell Treasuries. Another way to do it is what you suggested, raise taxes by raising the ceiling on FICA contributions. I actually think that is a great idea. Except I think a better idea is to leave the current ceiling alone, but instute a new FICA tax that starts at $250K on up and charge an additional 5% at that level. That will fix the system completely, while leaving everyone who makes between $90K and $250K alone.

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