Wednesday, February 2

Social Security: Who Charged It?

Tonight as Bush lays out his plan for privatizing parts of the Social Security program you will hear the replying moans of how much it will cost. "Millions and millions" they will cry. "Look at how much this Bush initiative will cost the government!" The only problem with this blame is that it is placed in the wrong place. The real cost of the Social Security that we are trying to fix today was incurred in the beginning when the program first burst into existence--we are paying their debt. The first participant of Social Security payed only $24.50 into the system and got $22,888.92 back. Because of the 'pay as you go' system that Social Security is, we will have to pay the $22864.42 debt of past generations plus inflation interest if we are going to privatize the system. Yes, it will cost to privatize Social Security, but FDR and past generations incurred those costs not Bush, you, and me.