Acommon error,for the public to make, isto rely on U.S. Governmentstatistics and analyses as a way of determining howfederal expenditures are funded and how tax revenues are deployed and, then, accounted.
For example:
By blending Social Security "surplus"Tax dollars with U.S. Income Tax dollars, the U.S.government is able to effectively hide the misappropriation of Social Security surplustax revenues, used to artificially lower and, thereby, disguisethe size ofannual federal deficits and the size of the entire federal debt as a result.
Important points for the public's consideration:
1. Most probably, Members of Congress and White House occupants are so cavalier aboutand disparaging of true Social Security reform because none of them (as does no employee of the U.S. Government) participate in Social Security. They have their own separate retirement system provided for employees of the U.S. Government only. If they did have to fully participate in Social Security, then the system would have been truly reformed long before now. This has nothappened because they are not going to steal from themselves or"plunder" their own retirement fund. Pride, the greatest of the 7 deadly sins, and greed can begreat motivators and, most certainly,are so with respect to White House occupants and Members of Congress.
2. Social Security "surplus" tax revenues, now$600 billion a year,taken for a period of 3 years and8 months,paysthe entire annualfederal budget, now $ 2.2 trillion. It's like a 30 -35% surchargeadded to the income taxof every working American.
Copyright © Edward J. Bradley 2006
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