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Steve McIntosh Report Blog Archive

Tough calls

No one envies the 12 lawmakers who will sit on a panel and try to agree on what to cut from federal spending and possibly how to raise revenue in a precarious economy. They risk the wrath of their fellow lawmakers and the voters back home. We need tough people on that committee because they will make some tough calls … I hope.
First tough call: defense. How can we sustain two wars for ten years without raising taxes to pay for it? We may also have to downsize our entire military. It’s the biggest single item of discretionary spending.
Second tough call: why does federal spending need to increase every year? If we can’t cut, can we at least slow the rate of increase?
Entitlements: adjust the in-flow and out-flow to make sense. Then … lock the Social Security Trust Fund so the government can’t keep borrowing from it.
Tough calls require sacrifice. I’m ready for it … are you?
Our thought for today is from E. F. Schumacher:
“Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius – and a lot of courage – to move in the opposite direction.”

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08/10/2011 1:16AM
Tough calls
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08/11/2011 12:46PM
The Social Security Trust Fund
Mr McIntosh, I think you have several good ideas in your "tough calls" blog. Then I heard you comment "lock the Social Security Trust Fund so the government can't keep borrowing from it". This reminds me of when VP Al Gore was running against GW Bush. Mr. Gore used the same argument. He said we need to keep the social security "lock box" secure from the politicians who want to use it for other stuff. Sorry, you and Al Gore are too late. There is No lock box. There is No Trust Fund. Sure you can write to the Social Security folks. They'll tell you how much you've contributed etc. But, its ALL on paper. The money is ALL spent. We are on a "pay as you go" program. That means, when you start to draw social security (next year??) you won't really draw on the money you've actually put it. No, you won't. That money is GONE. When you start to draw, it will be money that's being deducted from Ted's paycheck and mine. It you still doubt this, the next time you have Congressman Pompeo on, ask him. Knowing this reality, I hope you and other Americans will understand the real crisis we are in. I enjoy your show. Hope this helps. Sincerely, Rick Conklin Wichita, KS
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