myth buster
2009-04-05 18:39:51
Here’s an idea, let’s buy out everybody from SS. All retirees shall receive a lump-sum payment equal to ten times their annual benefits, and all workers shall receive a lump sum equal to ten times their accrued annual benefits to date. The funds shall be raised by liquidating all the T-bills held by the Trust Fund (pro-rate these numbers if we can’t afford to pay 10 years’ worth). After that, the FICA tax shall cease to exist. Sure, we’d have to borrow an extra $4 trillion, but it’s worth it to have the $50+ trillion unfunded liability off of our balance sheet. The increased growth and savings from canceling the FICA tax will pay for the additional debt.
