Social Security Reform

Debtism – The Legacy of Perpetual Debt is the American authorities’s bequest to its hard operating human beings. The practice of debtism has triggered the united states to grow to be the arena’s leading Debtor Nation. This did not show up due to the fact the nation is terrible or in recession. The course from creditor nation to debtor kingdom is the direct result of faulty tax and welfare schemes that reward debt, penalize financial savings and erode the rights of a unfastened human beings. The Social Security program provides prima facie evidence of the way the U.S. Economic system has developed from a system of ownership and unfastened agency to socialism and debtism.
Warning of Perpetual Debt
“I vicinity economy most of the first and most crucial virtues and public debt as the greatest risks to be feared. To maintain our independence, we must now not allow our rulers load us with perpetual debt. If we are able to prevent the authorities from wasting the exertions of the humans, underneath the pretense of worrying for them they’ll be glad.”
— Thomas Jefferson
United States of America – Debtor Nation
Recently, the cap (debt restrict) on professional U.S. Debt became raised to $eight.2 trillion (12 zeroes). Government’s strength to switch wealth from one to every other (no matter fairness or want) has grown exponentially when you consider that the arrival of Socialism during the last Great Depression.
It took this country 205 years (1776 – 1981) to accrue $1 trillion ‘on-price range’ country wide debt. It has taken only 23 years (1982 – 2004) to feature an extra $6.Five trillion. On Dec 28th, 2004, the, on-price range (legit) debt turned into $7,536,267,845,909.18; however that is just the top of the iceberg. Under-funded or un-funded government liabilities quantity to a extensive more than one of the authentic debt. Recent research provide a flavor of the nearly inestimable trillions in shortfalls. An example:
The Treasury Papers, a study that former Treasury Secretary Paul O’Neill commissioned file:
"A economic hole (the present value difference between government’s projected fees and receipts) of over $forty four trillion – now extra than $50 trillion thanks to the brand new Medicare drug benefit. Almost all of the un-funded debt is a outcome of Social Security Retirement and Medicare benefits. Medicare now faces an imbalance exceeding $36 trillion. That is the quantity of cash in present value that Medicare is projected to pay out for future advantages in excess of the money in its trust fund, plus the cash it’s miles projected to acquire in destiny taxes and rates. Social Security’s imbalance exceeds $7 trillion”.
These estimates do no longer consist of insufficient investment of the military and Civil Service retirement applications, Supplemental Social Security (SSI) nor the Medicaid program this is developing quicker than Social Security. While unfavourable outcome of Debtism is already being felt via thousands and thousands of Americans, the worse is but to return. Under cutting-edge tax and welfare schemes, those who keep and make contributions to Social Security, IRA’s, 401k’s, and so forth. Will more and more subsidize individuals who do now not. Only good sized changes in regulation or folks that enact them can regulate the fashion in the direction of a welfare country.
Debtism n 1. A corrupt financial machine that growth debt and reduce saving by way of reward and punishment, incentive and disincentive. 2. A tax gadget that damage thrift (saving) and encourage profligacy (debt). Three. A exercise of perpetual government borrowing to preserve a consumerist driven economy till the forex collapses. 4. Demonetized, fiat currency (no gold or silver backing) that decreases in cost through the years. 5. Trust Funds overflowing with debt in place of certificate of possession (i.E. Inventory and bonds).. Exemplified by pyramids of debt in any respect ranges of society, erosion in capital formation and meager savings via most people and lengthy strains at financial disaster courts.
See http://www.Debtism.Com for extra articles on social safety.

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