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March 23, 2005 All of these amounts came from annual surplus overcharges in payroll taxes for Social Security alone. And nobody dares talk about them; even Bush who could use them to prove there’s plenty of money available for personal accounts while not disturbing benefits to the currently retired. The Bushit echo chamber talks about how payroll taxes are currently producing more money than Social Security needs, but somehow that won’t last forever. Somewhere in the far, far distant future, somewhere in the Matrix, the supplemental retirement insurance system will not have as much money coming in as going out. Therefore, we must act now to “save” the system. But none of the loyal, or paid, members of this echo chamber will mention or ask “how much” extra money Social Security has been producing. Oh no, that might upset the apple cart. The greatest fear of both republicans and democrats alike is the possibility that the taxpaying public might find out how much they’ve been cheated out of – and how much they’re expected to pay back, plus interest, in the greatest economic scam any government has ever pulled on its own citizens. A scam that continues as you read this. Social Security is just the tip of the scamberg. It’s what makes Social Security the “third rail” of politics. But it isn’t the only entitlement robbed. It’s just the largest, now totaling $1.7 trillion of the national debt. And debt is debt folks, it doesn’t buy anything and it won’t sustain Social Security until 2042 or 2052 or even tomorrow. The entire scam involves at least 24 entitlement accounts, some of which are no longer producing surpluses for the Beltway Bandits to “enjoy” and are currently being drawn down in a system of double billing taxpayers plus interest. The entire scam involves almost $3.2 trillion as represented by markers in the “Intragovernmental Holdings” (IH) side of the national debt. This debt can only be redeemed by the taxpaying public regardless of how the pirates try to convince you otherwise. Meanwhile, Bush needs more and more money. He’s already run up the national debt more than $2 trillion since taking office and just borrowed $86 billion more last month, February 2005, and another $37 billion up to March 10th of this year. He’s now borrowing more than $3 billion a day, weekends included. At the same time, nations like Japan are warning us to get our financial act together while threatening to come “off the dollar.” The nearly trillion dollars in treasuries Japan is holding look more and more like welfare than an investment as the dollar falls in value worldwide and they could invest elsewhere more profitably. And Japan isn’t the only country warning us. On top of all this, global economists are concerned about what they call the “perfect storm” of economic conditions that have never before occurred all at one time. A falling dollar, huge deficits with attendant rises in debt and a balance of trade that’s already predicted to top $650 billion this year. We consume, but we no longer produce much. Others are predicting the inevitable collapse of the American military/industrial Empire if for no other reason than that the rest of the world simply gets sick of our brutal aggression and our utter disrespect for long standing humanitarian treaties. Instead of taking remedial action such as eliminating the fraudulent portion of the national debt, an act that would at least make us appear financially responsible, Bush is out trying to sell his idea of reforming the one federal program that has worked for seventy years. Instead of facing major economic problems head-on, Bush and Congress are acting more and more like the proverbial chicken with its head cut off or the characters of National Lampoon’s Animal House. What reason was there for the President not to take the excesses Social Security has been generating and put those surpluses to work in an investment account? Was it because the investment wouldn’t be a “personal” investment of the worker’s choice? That couldn’t be because they never asked our permission to “borrow” this money and to give us debt in return. As the “lenders,” America ’s workers were excluded from that decision. Oh, I’m sorry, the Bushit team will claim that the money was invested. It was invested in special Treasury securities that only the same taxpayers can redeem – a form of double taxation plus interest. And nobody except the pirates knew it was happening. So much for personal choice. On top of that, the heavy hitters in the financial world and professors of economics don’t tell their pension investment houses, places like TIA-CREF, where to invest their money. When you’ve got someone you can trust, someone who doesn’t take wild risks, there’s no need to tell them how to run their business. The proof is in the pudding. It’s in the return you get. So why didn’t Bush invest the surpluses the government has “enjoyed” for so long? The answer to that is greed and the need to advance the New World Odor – Empire building at your expense. Watch the skyrocketing national debt. The real inheritance being passed on to your children. Don’t
you think it’s just a little inconsistent if not downright hypocritical
to be talking about “savings” while you pile debt up to the
moon?
Visit Ed Henry's own web site! Send a message to your elected representatives. Click here to start. Be sure to send a copy to Ed Henry.
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