Rachel – Day 131

10 Jul

The News: Social Security Cut To Help Stimulate Economy. A New York Times Op-Ed writer named Donald B. Susswein suggests that we listen to Obama’s statement that more must be done to help this weakened economy. Susswein thinks it’s a good idea to have a portion of the S.S. payment out of each worker’s check be paid to that worker instead of being placed in their retirement account (which doesn’t really exists anyhow because our entire U.S. money system is not backed in money….gold, or anything substantially real).

He goes on to say this extra money in each person’s paycheck would or could significantly impact the economy in a beneficial way. However, this would have a slight affect on their Social Security account because the money wouldn’t be going in there (e.g. In one year, someone may pay $3,000 to S.S. but this would only have them pay $2,000 and pocket the remaining $1,000).

My Comments: So, what are your opinions on this? Personally, I don’t think we should lay a finger on S.S. My generation’s retirement is already going to be dried up by the time I am eligible to retire. Unfortunately, all the baby boomers are eating up my S.S. benefits because the government can’t pay out on the benefits for all the people that are retiring right now and the ones who will be eligible in years to come. So, I think it’s ridiculous to suggest we go to the S.S. funds to stimulate the economy, it’s already a fund that’s backed by nothing. If we want to stimulate the economy, then how about giving workers a percentage of tax money. Instead of taking from S.S. and putting that money in American’s pockets, how about we take away a percentage (or all) of the taxes on income and use that extra money in the paycheck to stimulate the economy. That’s the best idea ever!

Oh and P.S., I would be much more apt to spend money I knew was savings from not paying taxes than I would to spend money I knew would be otherwise providing for my retirement. As a “thank you” to the government, I would spend the money they saved me in taxes on things that would stimulate the economy. Wouldn’t you do the same?  BUT, I like to dream – the government is all too quick to give us stimulus money from other people’s/our pockets, but would never stimulate the economy out of their own pocket.

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