Betrayal Coming? by David HermannsPosted: March 13, 2011
Obama has set up the working and middle classes of this country to be betrayed on Social Security. If (as rumored) he indeed proposes to extend the retirement age or reduce benefits during his State of the Union address, we will know that the betrayal is complete. Reagan started the betrayal by needlessly increasing social security taxes in the 80’s and using the surplus (supposedly safe in Gov’t Bonds in a “Lock Box”) to fund tax cuts for the rich. Now that the time is approaching when some of those bonds will have to be redeemed, we are told that that would require a general income tax hike that is unacceptable. Until now, the system was always self funded and did not contribute one cent to the national deficit or debt. With his great tax “compromise” bill, Obama has not only needlessly cut the estate tax rate and continued income tax breaks for the rich, he has now truly put Social Security in jeopardy.
If Obama does propose cuts to Social Security, I believe he should immediately announce his intention not to seek reelection (at least not as a Democrat), so that through the primary system we might be able to select a real Democrat to run for President in 2012.