Trust Fund WMDs
Recently, my first Social Security check arrived. The County Schoolteacher, the 2 Wal Mart associates, the 2 McDonald hamburger flippers, and the local plumber, are now obligated to fund my SS check until the day I die. Somehow I felt guilty, helpless, and almost un-American for doing nothing to offer resistance to the ongoing looting of excess cash from the SS trust fund, intended to fund my retirement checks. I can still see Ronald Regan when he said, “I can think of no more important domestic problem requiring resolution than restoring the integrity of Social Security”. Like millions of Americans I believed my President, and gave him my trust, which led to the 1983 Social Security reform legislation significantly increasing SS taxes. I believed paying additional taxes to build Social Security trust fund surpluses, was a reasonable approach to offsetting future financial obligations created by retiring baby boomers. I remember, looking up the definition of trust fund, and finding money, securities, property, etc., held in a trust, and it gave me even more comfort that my trust was well placed. One most memorable quote I remember, Thomas Jeffersons, "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them" - It made me wonder, but my Government wouldn't do this would they?
Twenty plus years later hard working Americans are now generating 12.4 cents for every gross dollar earned up to a maximum of $97,500, and waiting an additional 10 months before qualifying for full retirement. By all measurements, Americans have, and are living up to their end of the bargain, and just like President Regan said, there are annual trust fund excesses. Sad to say, the 1983 reform legislation, billed to be a 75 year fix, has got us in a fix in 25 years later. Like most political fixes, the 1983 fix had a built in gotcha, and all parties to President Regan’s fix then, and now are very aware of the consequences as a result of the gotcha. The gotcha mandates transferring trust funds to general revenue funds by exchanging IOUs for excess trust fund dollars. This gotcha has allowed the Government to spend every cent of the Social Security Trust Fund surpluses specifically earmarked for the retirement of baby boomers. This well planned plundering of resources began on day one, and continues unabated today. It represents a direct contradiction of stated intent, and blatantly violates my trust, and the trust every American put in President Regan, future Presidents, and Congresses, including the 110th. The IOU for dollar swap effectively turns paid contributions into future obligations that will be paid by future workers and their families. IOU obligations now total over 2 trillion dollars, and are increasing at the rate of $200 plus billion annually. Sad to say, the 1983 reform legislation, billed as a 75 year fix, has us in a fix in 25 years later.
Continued collection of Social Security trust fund excess that literally creates “weapons of monetary destruction” (WMD) on hard working Americans must cease immediately. Hard working, play by the rules American families deserve something better than a drawer full IOUs for their financial sacrifices. Barbara and I are Grandparents 14 times over. We deeply care about their future, and respect them more than to let this game go on for another minute - TIME OUT –
Drawing upon all my entrepreneurial experience, including helping form the American Association of Baby Boomers (AAB) in the 90s, I have completed the framework for a comprehensive SS package, that begins by immediately putting more $$ in American’s paychecks. It is called the Generational Initiative Bill (GI Bill). The GI Bill uses the Social Security lemon and turns it into lemonade. Among other things, it creates community investment/retirement pods, provides a venue for young creative minds to put forth, and funds their new ideas, creates good paying American jobs, bridges the generational gap, and inspires a buy American mind set. I would like to share, and discuss the GI Bill with you.
We realize this is a tough challenge for any politician in today’s world, but putting working Americans ahead of political considerations should be a no-brainer. To close, if like Barbara nad me, leaving a better tomorrow for Grandkids is your top priority, then let's start by demanding lock box legislation, and begin restoring the American people's trust by making the trust fund whole.
Twenty plus years later hard working Americans are now generating 12.4 cents for every gross dollar earned up to a maximum of $97,500, and waiting an additional 10 months before qualifying for full retirement. By all measurements, Americans have, and are living up to their end of the bargain, and just like President Regan said, there are annual trust fund excesses. Sad to say, the 1983 reform legislation, billed to be a 75 year fix, has got us in a fix in 25 years later. Like most political fixes, the 1983 fix had a built in gotcha, and all parties to President Regan’s fix then, and now are very aware of the consequences as a result of the gotcha. The gotcha mandates transferring trust funds to general revenue funds by exchanging IOUs for excess trust fund dollars. This gotcha has allowed the Government to spend every cent of the Social Security Trust Fund surpluses specifically earmarked for the retirement of baby boomers. This well planned plundering of resources began on day one, and continues unabated today. It represents a direct contradiction of stated intent, and blatantly violates my trust, and the trust every American put in President Regan, future Presidents, and Congresses, including the 110th. The IOU for dollar swap effectively turns paid contributions into future obligations that will be paid by future workers and their families. IOU obligations now total over 2 trillion dollars, and are increasing at the rate of $200 plus billion annually. Sad to say, the 1983 reform legislation, billed as a 75 year fix, has us in a fix in 25 years later.
Continued collection of Social Security trust fund excess that literally creates “weapons of monetary destruction” (WMD) on hard working Americans must cease immediately. Hard working, play by the rules American families deserve something better than a drawer full IOUs for their financial sacrifices. Barbara and I are Grandparents 14 times over. We deeply care about their future, and respect them more than to let this game go on for another minute - TIME OUT –
Drawing upon all my entrepreneurial experience, including helping form the American Association of Baby Boomers (AAB) in the 90s, I have completed the framework for a comprehensive SS package, that begins by immediately putting more $$ in American’s paychecks. It is called the Generational Initiative Bill (GI Bill). The GI Bill uses the Social Security lemon and turns it into lemonade. Among other things, it creates community investment/retirement pods, provides a venue for young creative minds to put forth, and funds their new ideas, creates good paying American jobs, bridges the generational gap, and inspires a buy American mind set. I would like to share, and discuss the GI Bill with you.
We realize this is a tough challenge for any politician in today’s world, but putting working Americans ahead of political considerations should be a no-brainer. To close, if like Barbara nad me, leaving a better tomorrow for Grandkids is your top priority, then let's start by demanding lock box legislation, and begin restoring the American people's trust by making the trust fund whole.
Labels: GI Bill
posted by pappyg at 6:49 PM
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