The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Social Security Reform Thursday: Week Thirty-Seven -- The Crisis Is Now.
Thursdays are good days for reform, because they fall between Wednesdays and Fridays. And reform is a long-haul process, not a fleeting event. So we're going to keep plugging along with the case for reform, even as the issue goes off the political radar screen.
That's why WILLisms.com offers a chart or graph, every Thursday, pertinent to Social Security reform.
This week's topic:
No Social Security Reform Will Lead To Mammoth Deficits.
We all like to complain about huge federal budget deficits. They are just not sustainable ad infinitum. We can't go on borrowing forever.
But there's some good news. As GDP growth remains strong, the government is collecting record revenues to pay for all that record spending. It's not enough, however. And it will not be enough in the coming decades, as entitlement spending ramps upward drastically.
Here's a little-explored fact:
In 2000, when then-Governor Bush was running for President, Social Security cost the government 406 billion dollars. This year, Social Security cost the government 519 billion dollars. That's an increase of 113 billion dollars, or nearly 28%. So, when budget hawks (correctly) harp on out-of-control government spending, they need to understand what comprises that increased spending.
Are we really to believe that President Bush, his administration, and the GOP-controlled Congress, are all responsible for that ginormous increase in Social Security spending?
Just look at the past ten years of spending on Social Security, as well as the projections of the next ten years:
In just 10 years from now, the U.S. government will spend nearly a trillion dollars per year, just on Social Security. That number does not include anything else.
The only mitigating factor preventing an exploding federal budget is that, until 2017, Social Security will be able to collect more than enough in payroll taxes to pay for the spending.
But think about all that money down the tubes in the meantime. Think about all those trillions of dollars that could be so much more productive, earning even a modest rate of compound interest in personal savings accounts. Instead of adding to the federal government's belly fat, those payroll taxes could be working on behalf of the American free enterprise system. Those dollars could fuel the greatest engine of commerce the world has ever known.
That market-driven growth could add trillions to our GDP, which would, in turn, maximize our competitiveness relative to a rapidly burgeoning China.
In the meantime, consider this increasingly ridiculous fact:
Congress is spending those temporary surplus "trust fund" dollars, willy nilly, on all sorts of projects and programs.
No reform make Will angry.
Obstruction of Social Security reform should make you angry, too.
Let me repeat that: THE COMMUNISTS are rejoicing their success in blocking reform.
Previous Reform Thursday graphics can be seen here:
-Week One (Costs Exceed Revenues).
Tune into WILLisms.com each Thursday for more important graphical data supporting Social Security reform.
Posted by Will Franklin · 20 October 2005 10:51 AM
You are preaching to the choir!... I think that it will take a LAW SUIT to motivate Soc.Sec. reform! I hate to say that BUT...the Political antics are going to force Americans to do something drastic! If these individuals were working for a large company? They would be fired! You are right! We do need to get rid of them all and put people in who have some backbone! We should not be forced into a government run retirement plan that is going down hill fast! It is like a flat line brain wave! Terri Schiavo had more hope than Social Security! ...
Posted by: Zsa Zsa at October 20, 2005 12:12 PM
Our politcians are busy playing politics! So they don't have time for the important issues that will help our future generations! Social Security is a ticking time bomb and they could care less because they have a great retirement plan! These politicians are so self centered! Their focus is all about destroying the GOP! I am angry to Will. We all should be! You are at the age now where you are saving for retirement. It is frustrating to know that you could have a better retirement nest egg, and yet be FORCED to pay into Soc. Sec.
Posted by: Zsa Zsa at October 20, 2005 03:39 PM