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11/21/08
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August 15, 2005 Of course, few mention the fact that it takes about 150 thousand new jobs per month to keep up with youngsters entering the job market and replacing those who live to retirement age, or the fact that many are accepting work in different and less rewarding work than they once enjoyed because their former employers left the country. With families to support and unemployment benefits that have run out, what choice do former factory workers have besides changing professions? Should they all run out and become lawyers, athletes, or television personalities? One of the true measures of the job situation in America is the payroll tax that is supposed to be paid immediately by everyone who works in America. These taxes are supposed to be collected and matched by every employer in the country, even those who are hiring illegal immigrants. They go directly into the supplemental retirement system known as Social Security and the health benefits of Medicare. They’ve been coming into government coffers in surplus since 1983. Here’s what the 12.4 percent retirement portion of the payroll tax surplus for this year looks like compared to last year month by month:
Well, there it is. After falling off in April and May, jobs did pick up in June and brought us back in almost perfect alignment with last year – a year that was not a particularly good year for either America’s workers or the government (see chart). If this continues, the government will have stolen roughly $71 billion in retirement money to spend elsewhere this fiscal year. The same amount they stole last year. On July 30th the Washington Post published an article titled "Pay Lags Behind Inflation" that pointed out how rising energy costs have pushed prices up more than three percent while wages rose less than one percent in the second quarter of the calendar year. On August 11th, as I was writing this article, Rense.com published an article titled "Watching The U.S. Economy Crumble" that breaks down what sort of jobs were found in this highly publicized increase. If this looks like a healthy recovery to you, then you should be happy. Maybe it’s a sign that the job market has reached its bottom and is flattening out. Maybe next year will be better for some reason. Maybe the push to invade Iran or North Korea , the other legs of the “axis of evil,” and the development of strategic nuclear weapons for field forces and space will mean more jobs for everyone. And don’t forget that if President Bush were serious about Social Security reform, he could have frozen Social Security’s surplus overpayments instead of continuing to steal them, set them aside instead of spending them elsewhere, and even carried them over into the next fiscal year in a real trust fund the way they do it with their own Thrift Savings Account and money confiscated from drug dealers, the real cash trusts that are not counted in “Intragovernmental Holdings.” As it is,
the borrowholics in Washington must be disappointed these surpluses are
not at the $98.7 billion level they enjoyed in 2001. Think of how much
yearly loss that is for the poor dears. They better "reform"
Social Security and get these surpluses back up there. Send a message to your elected representatives. Click here to start. Be sure to send a copy to Ed Henry.
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