Tuesday, June 15, 2010

The Catfood Commission

While we're thinking about deficit scolds, it's important to remember what the basic thrust of Peterson's merry gang of thieves is. In the early 80s Uncle Alan Greenspan had a cunning plan to deal with Social Security, which was to jack up regressive payroll taxes and collect a surplus in the form of obligations from the general fund which will then be paid down as the boomers retire. The deficit scolds will claim that they essentially can't afford to pay this money back, stealing your promised retirement money.