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Reply #3: No the surplus does NOT necessarily "provide a safety net" for retirees, [View All]

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AirAmFan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-10-05 06:11 PM
Response to Reply #1
3. No the surplus does NOT necessarily "provide a safety net" for retirees,
given the way Reagan's "Greenspan Commission" set up mechanisms for managing it. See the excerpt from the 1983 Final Report from this commission in post #12 of another active thread, at
http://www.democraticunderground.com/discuss/duboard.ph... .

Details on COLLECTING the surplus were spelled out in detail. But Greenspan knowingly and deliberately insisted on using the surplus to offset deficits due to the Voodoo "tax cuts" for the wealthy he originated, as Reagan's campaign economic adviser. Had the Commission made Social Security an independent entity with authority to invest in marketable bonds and other securities, the surplus WOULD have been a safety net. But only contemporary budget politics keeps the surplus from vanishing completely, given the absence of safeguards for ensuring the surplus is applied to the purpose for which it ostensibly was collected.

Also, are you suggesting that a payroll tax does not drive a wedge between supply and demand for labor, and does not diminish equilibrium employment? That's heresy for any economist regardless of ideology.
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