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October 14, 2006

Boomers and budgets

We keep hearing about baby boomers creating problems with Medicare and Social Security, as if we’re a horde of parasites waiting to swoop down on our nation for freebies. We’re working and paying into these entitlement programs like everyone else.

Federal Reserve Chairman Ben Bernanke recently stated that we will have to choose among higher taxes, fewer dollars for other programs, lower spending on entitlement programs and a sharply higher budget deficit or some combination thereof. I can do the math, but I think the federal government is over-looking the obvious.

Clinton/Gore left us with a budget surplus. Bush/Cheney and their follies created a budget deficit last year of $319 billion. Check out www.costofwar.com and see how many billions of dollars are being wasted, then you do the math.

Diane Stewart
Overland Park

Comments

tomw

"Treasury revenues for the last 2 years are the highest in U.S. history, even after adjusted for inflation."

What an embarassment for this administration if this were not true. It's worth noting that our population just reached 300 million. However, the age of our population is more significant than the numbers. The oldest boomers have not yet reached traditional retirement age, the youngest boomers are entering peak earning years and the children of the oldest boomers are also nearing peak earning years. Tax revenues should be at their highest levels, so claiming high tax revenues as proof of tax cut effectiveness is without merit.

jack

The biggest tax increase in history was sold to the baby boom generation as a way to put money in the bank to cover the cost of our own social security payments. We were to be the first generation to actually pay for it's own benefits.

How much of that money that we boomers paid in was ever actually put in the bank? ZERO.

The fact is that the FICA tax is, to this day, running at a surplus. All the money the boomers paid in was stolen by our so called representatives in Congress.

What did they do with the money? Why buy votes to guarantee they could keep their snouts in the trough. That is what having a permanent political class in control of the country does.

The only possibility of finding a way out of this mess is to get some Representatives that actually represent the people.

THis election, every election, vote against ALL encumbents until the permanent political class is broken.

TATBO!

T. Hanson

I agree with Mark. I say that we stop making the rich from paying any taxes. I mean anyone that makes over $80k should not have to carry their share. Tax cuts till there is nothign left to cut I say!!

Mark Robertson

When Bill Clinton took office the economy was growing at over 3%. His last full quarter in office the country was in recesssion. So he actually left the country with a recession that drained treasury revenues. His heavy tax and regulation increases finally wrecked the tax cut induced 17 year Reagan boom, the actual reason for the surplus.
President Bush's tax cuts have expanded the U.S. economy by 20% since 2003, creating over 6.6 million jobs and bringing the country through 2 wars and out of the Clinton recession.
Treasury revenues for the last 2 years are the highest in U.S. history, even after adjusted for inflation. (WSJ 10-8-06)
And the deficit has been virtually cut in half, 3 years ahead of President Bush's pledge.
Tax cuts always work. The U.S. needs the Bush tax cuts made permament and a new round of cuts. Thankyou.

Mark Robertson
Independence

Mike4Freedom

As a leading edge baby boomer (I was born in 1947) I must remind everyone that us boomers just want what we paid for. We have spent 40 or so years paying into the social security fund and now find that fund is inadequate to pay us our due. Does that sound like unwarranted greed to you?

What would you be saying if a private insurance company had sold you an annuity contract, took your money over the years and then failed to pay out when the time came? You would want the management in prison for sure.

Now where did that money go? It paid for all sorts of other government programs. This included the welfare state in general but it seems that the biggest waste has been the unnecessary wars. This cost us not just the apparent dollar cost but also the lost productivity of the soldiers, dead or alive. You can add the war on drugs to that list of unnecessary and unjust wars with an annual cost that is close to the annual cost of the continuing Iraq fiasco.

Iraq war now is $8 billion/month plus probably a billion more in lost productivity. That is $108 billion for a year. I don't know how to value the loss of so many lives. It is beyond calculation.

Estimates of the war on drugs, including lost productivity of people in jail for nothing is $100 billion per year. Of course, this does not kill anywhere near as many people as Iraq but it destroys lives in other ways.

Both are dead weight losses to our nation with no upside benefit.

Joe Barone

Great bunch of letter on this page today. They have to be. I agree with most of them, at least the ones on here right now.

 
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