January 24, 2005

SS Beat Stick

Social Security Reform is going down. TTP has all the gory details as various Republicans run for the hills. If Bush's term starts out with a massive legislative failure it could cripple his already shaky Presidency. Let's keep the heat up.

Social Security cuts: a tax hike for the young

The administration has not called this a tax increase, but that is exactly what it is: a massive tax hike reserved for the young and the young only. It is a tax increase because they will pay the same payroll tax but will receive less in benefits.

The burden will be carried entirely by the young -- yet Mr. Wehner says that "we have a duty to ensure that we do not create an intergenerational conflict."

The White House is offering benefits as usual to older Americans -- and a terrible choice to younger Americans. With expected Social Security benefits replacing about half of what their parents had, the young face an inevitable descent into poverty when they retire. They can avoid that fate by saving far more than their parents ever did, reducing their lifetime standard of living. Either way, the White House is proposing to raise taxes -- but only on the young.

Young people didn't vote for Bush and now they will be screwed. Don't let it happen.

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