Editorial

Retirement fund rip-off

On Tuesday morning, daily newspapers shouted that the U.S. government will tap your Social Security funds to pay for other programs.

This is not new. Before recent surpluses, Social Security frequently served as a slush fund to cover Congress' lack of fiscal responsibility. It was one of those dirty little secrets of government accounting that citizens could never hope to get away with (try to tap your IRA to buy a new car).

The surging economy of the 1990s showered government with our tax dollars, and Social Security was not needed to cover the deficit. Each party then promised to leave our retirement money alone.

Surprise! They're going to break that promise.

The tax cut may be an important stimulus to the economy. If the dip into the Social Security trust fund was a one-time borrowing, then it might be quite acceptable.

That is unlikely. Now that the Bush League is reneging on a promise George W. made last February to keep Social Security dollars for Social Security, it will be even easier to tap the trust fund next year if the need is greater.

The obscene part of this about face is that so much of the tax cut that is in large part responsible for the loss of the surplus went directly to so few of the people.

Yes, the wealthy pay a higher portion of the taxes. It may be fair to return tax money to the richest one percent, who paid a lot of it, when there is a surplus and we are talking tax reduction.

It's another thing altogether when the give-back is being funded even in part by tapping a retirement program that by its nature should help those most in need.

George Bush just gave a tax cut to an oil baron while borrowing from a carpenter's retirement fund to pay government's bills. --ED