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Social Security

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Social Security

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Not sure if I really want to get into politics on this blog, but the more I make it about what I'm interested in, the more often I'll update it. So here's my reply to todays Mano Singham blog post on social security:

I agree that the U.S. president saying that the U.S. may not honor its treasury bond debts is very disturbing. I also find it disturbing when conservatives talk about how the budget would be more than balanced if we did away with the entitlement programs. Of course the budget would balance if we kept all taxes the same and either took the left wing approach and cut out the wars or took the right wing approach and cut out Social Security and Medicare. However, the problem with the latter approach is that Social Security money comes from Social Security taxes. What's more, those taxes are regressive, with a disproportionate burden on lower income earners. So one could have been making <$10000 a year, and still have had a substantial chunk of their money taken out for SS. While I don't necessarily agree, one can argue that it's okay in this case because people in lower income brackets get more of the benefits. So if we were to default on those benefits in order to pay down the deficit, we're changing the law to steal money disproportionately from the poor when they had every reasonable expectation of being repaid. If I was in dire financial straits, and I owed money to bank and to a neighbor who really couldn't afford to lend me the money in the first place and needed it back for food and rent, I'm going to pay the neighbor and default on the bank loan.
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