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Wednesday, September 5, 2007
Social Security a trick on illegals?
The Atlanta Journal-Constitution
Well, if it’s an election season, some national politician is bound to be pandering to the old folks on Social Security. And, sure enough, one is. Democrat Hillary Clinton promised the American Association of Retired Persons Tuesday that as President she will bring a “renewed national commitment to Social Security” and will neither reduce benefits, raise the retirement age nor “privatize” the system.
“This is the most successful domestic program in the history of the United States,” she said to a legislative conference of the Democratic-leaning gimmee organization. “When I’m president, privatization is off the table because it’s not the answer to anything.” She vowed, instead, to insure solvency through fiscal responsibility.
In 2005, President Bush proposed to introduce personal savings accounts that workers under the age of 55 could own and transfer to their heirs. Democrats railed against the idea and Republicans backed down. The President took Social Security reform off the table.
Hillary’s promise comes without specifics. Without question, though, something has to be done. Baby boomers soon begin retiring and over the next 75 years, the payout is projected to be double-digit higher than the payroll taxes collected. The options: Raise the payroll tax, means-test benefits, index benefits to prices rather than wages (something that already should have been done) or raise the retirement age from 67.
Bush was on the right course two years ago. But Congress did nothing. And now Hillary’s promising that nothing significant will happen on, God forbid, her watch in the White House.
I’ve long been convinced that Social Security is a trick on illegal immigrants. They come here, work, and zap! We hand them the bill for the old folks who are voting themselves more and more benefits to be financed on the backs of workers through the payroll tax.
Young workers, and those illegals too, would have been far better off had they been allowed to put aside at least a portion of those taxes, as Bush wanted, for themselves and their survivors.
