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Opinion off base

January 12, 2014
George I. Geikas, Munising , The Mining Journal

To the Journal editor:

Routinely, The Mining Journal has opinion pieces by obscure think tanks and most strain credibility which explains why they are obscure.

One such recent column was by Mattea Kramer of something called National Priorities Project and it is hard to imagine one could be so ignorant on so many subjects and still get published.

Picking Social Security, since it has been mentioned by several others; she states that 82 percent favor strengthening Social Security even if it means raising taxes. I doubt that there are that many altruistic people wanting to preserve Social Security other than how it directly affects them.

As economist Dr. Walter Williams has pointed out on these very pages, the Social Security Administration is under no legal obligation to return any of the money collected in FICA taxes. Once collected it is no longer legally yours. A much better path is to open an IRA which is legally yours.

Secondly she asserts an easy fix for Social Security is to raise the cap on wages subject to FICA tax. However Social Security benefits are determined by how much one has paid into the system.

So, the rich guy pays in an extra million bucks and at 65 years of age, he starts getting his million bucks back, which has clearly not fixed anything.

Now for the rest of the story: Means Testing. The next step after lifting the cap is to have some nameless, faceless and unaccountable bureaucrat determine that your retirement is too lavish according to some arbitrary guideline as determined by some other bureaucrat.

And as Robin Hood famously said: "We are running out of rich people to rob; we have to start going after the middle class." So if you think this doesn't apply to you, think again.

Ms. Kramer doesn't know that the scheme is to "socialize" Social Security. In other words, have you pay for someone else's retirement deemed to need it more or she is lying by omission.

Note as Social Security needs more money, this guideline can be lowered at will and kiss some or all of your benefits goodbye.

My advice is resist every attempt to give more of your money to the government. Set up your own retirement.

 
 

 

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