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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
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"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
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Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
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Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
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Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
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9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
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.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
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"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
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Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
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The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
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PrintSocial Security and Medicare:
Even Worse Deal for Younger Workers
The Social Security and Medicare Trustees report came out today, about five months overdue.
The topline data is pretty bad. Social Security is paying out more in benefits than it collects in taxes this year and next, and will do so permanently starting in 2015. So Social Security is officially in the red.
For Medicare, the report says that everything is fine, unless of course you assume what everyone does--that Medicare-earmarked tax revenues will in fact be used to pay for Obamacare, in which case Medicare is broke.
Most of the analysis has focused on the solvency of the systems. That's not really the point. The point is how workers will fare in retirement. The answer is "not well." Taxes will be paid over a working lifetime, and borrowing will have to be used on top of that--just to pay current benefits. Then, in retirement, today's workers will face a worsening situation that will likely result in benefit cuts and/or tax increases.
That's not a good solution. There is a better way.
If younger workers could pre-fund their retirement by saving their payroll taxes in a 401(k)-style account, they wouldn't need to rely on future taxpayers for their pension and health benefits. They already would have been pre-funded. This has been exhaustively-debated for thirty years, but it really is the only way to address the long-term overspending problems involved here.
Posted by Ryan Ellis 
on Thursday, August 5, 2010 3:51 PM EDT
on Thursday, August 5, 2010 3:51 PM EDTTo follow Ryan Ellis's RSS feed click here. To follow them on Twitter, their handle is @ryanlellis
