Retirement? Seniors and Congress Best Plan Ahead Dr. David J. Demko, gerontologist and edito AgeVenture Syndicated News Service 01-04-05 "Everybody has a plan to get rich ... that doesn't work." Oh, you've heard that one? Then how about this one, "Everybody has a plan to save Social Security ... but those planning to raise taxes just won't work." Findings from a new study by the non-partisan Congressional Budget Office raise both economic and constitutional concerns. Read on, and find out why. $87 billion in economic loss per year by 2050. That's the disaster that would be created by the proposed Brookings Institution plan for Social Security reform, according to the non-partisan Congressional Budget Office (CBO). The Brookings' out-dated, "tax and spend" strategy for Social Security reform "would lead to large, permanent tax increases and benefit cuts for future seniors, and would also shrink the U.S. economy", warns the CBO. “This non-partisan CBO study makes it clear that we can’t tax our way into long-term solvency on Social Security", says the chairman of the United States Special Committee on Aging. "Tax increases will be painful for workers and hurt the economy." The Brookings Institution's so-called "Diamond-Orszag Plan" proposes to bring Social Security into long-term solvency by increasing payroll taxes and taxing new segements of workers. For example, spiritual leaders now serving the nation's needy via their community church, temple, or mosque would be forced into Social Security. So, the half-baked Brookings plan to save Social Security is more than bad economics. The plan's oppression of religious leaders is equally disturbing. "It's a clear violation of the U.S. Constitution's separation of church and state", says Dr. David J. Demko, gerontologist and editor of AgeVenture News Service. "The founding fathers intended to protect religious groups from such government exploitation." Looking at the latest CBO review, the tax increase plan being pushed by Brookings would shrink our economy by $87 billion a year by 2025, says the Special Committee on Aging. Also, an updated CBO report released in September 2004 found that adding personal accounts within Social Security, and not increasing taxes, could add $58 billion each year to the economy during that same time frame", according to the Special Committee on Aging. Here's the point. A stronger economy means a stronger Social Security which means more security for Older Americans. Taxing our economy back into the Stone Age, and violating Constitutional civil liberties is no way to save Social Security. Yes, Virginia, there really is a Sound Cause for saving Social Security. That Sound Cause is common sense, and common sense dictates that we allow the American workers to participate in planning for their economic security. Private investment spells new financial freedom for future retirees. Comments in response to AgeVenture's Guest Opinion are welcome from responsible individuals and organizations. AgeVenture reserves the right to edit Op-Ed submissions for length and content. AgeVenture Editor-in-Chief, Dr. David J. Demko is available for interview on breaking news, issue analysis, and trends. BACK TO TOP