Opposing the President's Extension of Economic Recovery Payments
October 15, 2009
The president’s request for additional funds not offset by higher taxes or budget cuts is an ill-advised plan that neither helps enough to be worth the costs, nor costs so little that the amount is negligible.
President Obama requested an additional $13 billion to disperse to approximately 57 million seniors, disabled persons, and veterans, at about $250 per person. Of that total, just under $10 billion would go to seniors over the age of 65, presumably to offset the lack of a cost of living adjustment (COLA) this year, the first since 1975.
Social security is hemorrhaging money as more and more people retire and fewer are paying into it. Using the federal government to make up the difference in social security payments is a tremendous waste and is wholly illogical.
Social security will collapse at some point in the next few decades; there is little disagreement concerning this. It is not the government’s responsibility to continue to make payments to eligible recipients when there is no money left to pay.
The solutions to this problem are very simple, yet highly unpopular and no one in the government will do anything about this situation until the disaster is upon us because it is a sure way to get voted out of office.
There will either need to be higher social security taxes on those still paying into the system, or an increase in the age one needs to be in order to receive payments.
Those are your options. Either increase the amount of money going in, or reduce the amount going out; there is no third choice.
As noted in a previous article, since social security has only been indexed for life expectancy once, increasing the age to receive benefits is the obvious change to make, and would extend the life of the program, perhaps enough for it to continue indefinitely.
This is a prime example of the benefit of smaller government; less wasted money, less national debt, and more reason for citizens to ensure their own well-being instead of waiting for assistance from an already over-extended country.
Do your part to end the wasting of taxpayer dollars on preserving a deteriorating program and tell Congress to either make the hard decisions or let the best example of socialism in America finally collapse.