SAVING SOCIAL SECURITY
The following letter to the Editor, East Texas Mailbox, Tyler Morning Telegraph, was published today. zwire.com (Note: scroll to the third item in the column.)
“In his first major speech as Treasury secretary, Henry Paulson said the growth in Social Security, Medicare and Medicaid was the "biggest economic issue facing our country." He said, "trying to find a solution was a leading reason that he took the job."
Secretary Paulson will likely have no more success in reforming Social Security than the President did last year UNLESS public outrage forces fundamental changes.
To reform SS and Medicare means concurrently, reforming the tax code. To do either exposes the FRAUD that has been perpetrated on US employees, for decades. I have written extensively about SS in my free E-Book “Getting Ready for Hard Times”
As a minimum two things have to occur for SS to be made solvent:
1. AMEND the IRS tax code so that FICA taxes (including those contained within "wages") cannot be a business expense deduction on Corporate Income tax returns OR REPLACE the Corporate Income Tax with an excise tax on business receipts. Currently approximately 1/3 of the FICA (OASDI-HI) taxes withheld from employee paychecks and reported by corporations to the Social Security Administration is NOT collected by the IRS because of business expensing of wages (THAT CONTAIN THE FICA TAXES). This is the ONLY way current deficits may be replaced with surpluses,
2. AFTER enacting one of the above alternatives (that would produce surpluses instead of deficits), REPEAL the law that requires that SS and Medicare surpluses ONLY be invested in special government bonds. REPLACE with a law that requires the newly created surpluses SHALL be placed in REAL TRUST FUNDS invested in alternatives OTHER than US Government debt. This is the ONLY way COMPOUNDING, unredeemable US DEBT can be replaced with COMPOUNDING real ASSETS.
Neither of these actions will be taken OR even discussed by politicians or mass media UNLESS there is a PUBLIC OUTRAGE to the ongoing FRAUD. There will be no public outrage until the public understands HOW the system really works. And, the public will not understand how the system works UNLESS they are told.
The urgency for Social Security and tax reforms should be elevated to the HIGHEST POLITICAL PRIORITY (above the War on Terrorism and Illegal Immigration) before the federal government bankrupts the country.
John Koraska
Tyler"
This part of my letter to the Editor was omitted from the publication:
DOING YOUR PART to SAVE SOCIAL SECURITY
If you agree with the above, please help spread the word by MASS e-mailing this letter and/or hyper-linking Getting Ready for Hard Times debtism.com to those you think may interested. Request they repeat the process.
SargeK
P.S. It is an arduous process, but it appears some fundamental defects in tax and welfare laws are slowly seeping into the public domain. It took decades for this mess to develop and will likely take years before basic changes can occur and take effect, hopefully BEFORE it is too late. It will also require great effort by selfless citizens with a burning desire to help save the country from itself.
United We Stand (Divided We Fall) |
