The Wall Street-backed think tank called Third Way has produced a memorandum (“The Case for Taking Up Entitlement Reform”) urging “entitlement reform”. [The word entitlement suggests welfare, but it does not apply to programs that the taxpayer funds through FICA like Social Security and Medicare (and incredibly federal pensions).] I strenuously disagree with the position of Third Way.
Like true scions of wealth, their position is that borrowing the surplus of the FICA-backed funds is essential to keeping the rich from paying their share of taxes. So rather than paying back what the country has borrowed from the lower classes, the theme is to gut the programs such that they continue to collect money from the working classes but remake the programs so that they do not have to pay out as much to those same contributors.
Third Way uses genteel language, but underlying all of those words is the idea expressed above. As such, Third Way is not a group that should be trusted. Higher-level political leadership is also undeserving of any trust to act properly without citizen intervention.
In the Third Way “entitlement” memo, I found all of the assertions to be disingenuous, but the one stating that young voters do not think Social Security will be there for them one of the worst. The use of youth to justify larcenous acts against FICA-funded programs is immoral and contemptible.
- People from their first jobs pay FICA taxes.
- Most people do not earn enough to make a comfortable retirement without Social Security.
- Only the rich benefit from 401(k) programs.
- Retirement for the college aged is far away. How Third Way could make such a broad assertion is irresponsible. Who can think about what life will be 40 to 50 years down the road? No one.
Simply because some decrepit polls supposedly opine some supposition does not mean that that assertion means to destroy the FICA-funded programs. Regardless of any polls, federal politicians have a fiduciary responsibility to administer the FICA-funded programs for the benefit of the beneficiaries. Proposing ways to reduce payments to beneficiaries (while collecting the full FICA payment) is unacceptable and a breach of trust.
If the country is declaring default on repaying their FICA debt, then the Congress should repay the working class citizenry in full immediately.