Ron Paul's Texas Straight Talk 5/23/11: Don't Raise the Debt Ceiling: Just Cut Spending!

I don't know where to post this, but here is a great letter that appeared in today's Wall Street Journal. Ron Paul could use this information in the debates and interviews. The logic is indisputable and proof that government run programs cannot deliver on promises:

"D. Rand Hillier criticizes Martin Feldstein's assertion that private accounts can save Social Security (Letters, May 16). In regard to increasing the FICA tax a little, what can one say but, "Been there, done that." Social Security taxes have been raised 20 times since it was first conceived in 1935. The original tax was 2%, when adding the employee and employer contributions. Today it is 12.4%, excluding the one year 2% reduction for 2011.

"The question to ask is, if we had a blank slate and Social Security didn't exist, should we require that all working Americans pay over 12% of their incomes for nearly 50 years so that they can maybe receive a small portion of their annual working income in retirement? Any actuarial model would unequivocally say no.

"Paul Bishop

"Lexington, Ky."

Paul Bishop deserves a lot of credit for his effort. I was not aware of the fact that SS taxes have been raised 20 times since inception. This letter should go viral. Maybe Daily Paul could list it as a separate topic.