Social Security

Last night's news suggested that Boehner and President Obama were talking about reducing the cost of living increase formula for social security. It goes without saying that social security is important to those of us who are semi retired.

Most of us have paid in far more to social security than we are taking out. The fund. however, does not exist! This is a swindle of sorts, just like Bernie Madoff's, but it is sanctioned by the law that established social security. It's not one party or the other. The FICA revenue goes indirectly into the general fund and is spent -- all of it. The payments paid out to social security recipients, therefore, must come from current FICA tax revenue. Yes there is a management board, but it is a sham. The fund is a conduit.

The greater issue now is the willingness of politicians, both red shirts and blue shirts, to bargain away the cost of living increase. The time value of money for the fund we paid in, far exceeds any cost of living scale for social security recipients. Social Security is not an entitlement. We paid for it.

It is a sick society that cannibalizes their seniors to meet the needs of a struggling economy. If the red shirts and the blue shirts cannot figure out that humanity and our human resources are the fundamental building block of our economy, we are all in hurt city. --- Land, labor, capital and entrepreneurial ability --- we recognise the later two but tend to ignore the first two factors of production.