So the President has agreed to extend the Bush tax cuts for another two years. This is in spite of the fact that the national debt is presently 60 percent of the GDP, the national budget spending level is 25 percent of GDP and the national budget revenue is 15 percent of GDP.
How long could your household survive under these conditions?
But then he also proposes to reduce the Social Security withholding from 6.2 to 4.2 percent. Granted, the working man needs every break he can get, but where the hell did that one come from? Especially since Social Security is expected to pay out more in benefits than it receives in payments this year. Not by much, it’s true, but the imbalance does exist and portends worse to come.
We, the taxpayers, brought this situation on ourselves by allowing Congress to buy our votes with entitlement programs. Now its time to pay the piper. Fortunately we have two congressmen, Adam Smith and Jay Inslee, who will be voting no on extending the Bush tax cuts.
We must instill a backbone in Congress to save the country. This means a deluge of letters. One or two won’t cut it. It will take hundreds or thousands. Write to your representatives in Congress now.
I am an octogenarian and depend heavily on that Social Security check. However, I am ready to sacrifice some now rather than suffer greatly when the debacle hits.