Using general revenues and/or tax hikes on higher earners to fund Social Security, while still claiming that workers earn their benefits fair-and-square? Ugh. Published by Jane the Actuary View all posts by Jane the Actuary
3 thoughts on “Forbes post, “Trump’s Payroll Tax Cut, The Democrats’ Social Security Expansion, And Having Your Cake And Eating It Too””
I do not understand yet what Elizabeth Bauer is recommending in this article, but I am astonished by this statement:
“…We once collectively had a myth (that is, in the sense of a foundational story) that Social Security was both advance-funded and “true” social insurance (rather than welfare/redistribution)…”
She is claiming that Social Security is a government welfare program, redistributing money from the rich to the rest of us. That alone is enough evidence to disregard whatever else she might have to say about anything.
It is not a myth that Social Security is an advance-funded social insurance program, it is a fact. It is a myth that Social Security is a government welfare program. That is one of the most vicious lies the right wing has ever told, and told, and told.
And her style is offensive. The greater the number of parenthetic expressions, the lazier the writer. And if a writer is lazy in one respect, it is reasonable to suspect laziness in others, such as the analysis of the subject under discussion.
Anyone who wants to understand Social Security should read Malcolm Mitchell’s 2017 articles about it on the Web site whowhatwhy.
Furthermore, E. Bauer apparently believes that the rich got their stash legitimately, and that it is wrong to take any of it to pay for social welfare. This ignores the history of wealth in the US.
After a period of relative equality in the US in the two decades after the Second World War, the business class got together and arranged to start stealing more and more of the money. Read the Powell Memorandum to get started. They have succeeded beyond their dreams of avarice.
We should not only raise taxes on the wealthy to the levels that existed under President Eisenhower, we should claw back all the money they have stolen since that time. That is the way to fund a decent retirement program for all of us, and to solve every other problem that is destroying this nation, our civilization and the life on the planet.