Today, however, House Republicans voted overwhelmingly to abolish the inheritance tax, a tax that, by definition, only impacts people who inherit money from extremely wealthy forebearers. If passed by the senate this new legislation, which would come into effect in 2012, will cost the Treasury $745 billion dollars during its first ten years. Figure in associated interest on the added debt and the number comes closer to a trillion dollars.
That is about a trillion fewer dollars in the US Treasury over the course of the same decade in which the Social Security Trustees say the SSA will begin (2017) to start drawing on the Treasury notes in the Trust fund to cover scheduled benefits (2020, if you go by CBO estimates.)
There's no hidden complexity here. It's a zero-sum game. They say Social Security is in trouble because we don't have enough dollars to make good on the Trust Fund (which today holds roughly $1.7 trillion in Treasury notes). And here they are voting to take a trillion more dollars off the table.
I haven't blogged all that much on Social Security (admittedly, I haven't blogged on much of anything of late) only because other people are doing it much better than I could.
My next blog...how stupid is it that this wealthy nation we live in can't afford public transit, education and health care for our citizens? Very stupid, I say.
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