Rantings and tirades of a frustrated economist.
Social Security is not even permissible under the Constitution which never gave the Federal government the power to institute it. So FDR did an end-run around the Constitution.Social Security's FICA tax was instituted under the taxation powers of Congress. Social Security's benefit function was instituted under its expenditure powers. What this means is that there is no legal obligation for the government to use FICA taxes for Social Security benefits. There is also no legal obligation to ensure that you receive benefits you have paid for your entire life.Social Security is a grand illusion - the greatest ripoff scheme the world has ever known. And the sheepish elderly defend it to their dying breaths.As bad as the ramifications of Prohibition were, the least that can be said of it was that its proponents respected the Constitution enough to properly enact it. FDR and contemporary Democrats have no such respect for the Constitution. You can expect a similar end-run with national health care.
Post a Comment