Saturday, June 21, 2008
Barack’s Social Security A-Bama-Nation
The Democratic nominee wants to turn a pension program into another wealth redistribution scheme.
. . . Obama’s proposal thus officially severs the earnings/benefit linkage for the first time in the 70-year history of Social Security. As Jim Taranto wrote in the Wall Street Journal on Monday:
Obama’s proposal to use Social Security as a means for taxing “the rich” amounts to a repudiation of the program’s original New Deal conception. Social Security is supposed to be a pension for workers, not a redistribution scheme. That is why Democrats have, over the years, resisted efforts at means testing — i.e., preventing the wealthy from collecting benefits. Obama’s proposal would convert Social Security into nothing more than another welfare program.
read the whole thing