Column: Al Arends, My Point of View

Am I one of the few who is concerned about the recent action by Congress? Social Security is a promise to retired people that was made back in the 1930s. We were told in 2010 that it would be able to meet its obligations until about 2030 and that then it would be cut back by more than 30 percent because there would not be sufficient funds. It has been recommended that more money be put in, that retirement age be moved to 70 and that it be means tested to keep it solvent to meet the needs of our most vulnerable senior citizens.

What did our intelligent politicians in Washington do? They reduced the amount contributed by workers by $110 billion in 2011 and another $110 billion in 2012. Does this help create a more stable system for seniors or is it just another way to increase the debt and an excuse to raise taxes? Will Rogers, the great satirist, said, “I don’t make jokes. I just watch the government and report the facts.” Mark Twain said, “No man’s life, liberty or property is safe while the Legislature is in session.”

It may be possible for our country to exist another four years without going bankrupt, but can we continue to exist without having term limits on Congress? Our national debt will exceed $16 trillion by next year. There are about 100 million people paying income taxes in the U.S. and that means their obligation is approximately $160,000 per taxpayer. That is not going to affect me or most Congressmen because we will be gone by the time the debt becomes due.

All of us hope that our children and grandchildren will have it as good as we have had it, but some day the Medicare and Social Security fund will be unable to meet its obligations to our children. Much of the revenue needed by the government will be used just to pay the interest on the national debt and there will be little left to meet the needs of our citizens.

What will our Congress and the president do then? Of course, we will see tax increases, but we have to remember that the money sent to the government results in less money in the private sector, which usually results in slow growth and less jobs. There are not enough wealthy taxpayers to make a dent in our debt, no matter how much they are taxed.

I believe the burden is going to fall on the poor and the middle class. The government will resort to paying off the debt with cheap dollars. They will devalue the currency by printing more money. We have already seen gasoline, for many reasons increase in price to $3.50 per gallon and they are predicting it to surpass $4 by spring.

When home energy, food, clothing, the price for cars and other times double in price, it will affect everyone, but especially low- and middle-income people. My guess is that we will see this happen after the election no matter who wins, but you can bet that the politicians will have taken care of themselves. Another Greece with riots in the street? I hope not.

A balanced budget amendments and term limits. Are they too much to hope for?

 

Al Arends is a member of the Freeborn County Republican Party.