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Social Security Reform - free article courtesy of

Social Security Reform

 by: John Koraska

Debtism - The Legacy of Perpetual Debt is the American government's bequest to its hard working people. The practice of debtism has caused the USA to become the world?s leading Debtor Nation. This did not happen because the nation is poor or in recession. The path from creditor nation to debtor nation is the direct result of faulty tax and welfare schemes that reward debt, penalize savings and erode the rights of a free people. The Social Security program provides prima facie evidence of how the U.S. economy has evolved from a system of ownership and free enterprise to socialism and debtism.

Warning of Perpetual Debt

?I place economy among the first and most important virtues and public debt as the greatest dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt. If we can prevent the government from wasting the labor of the people, under the pretense of caring for them they will be happy.?

--- Thomas Jefferson

United States of America - Debtor Nation

Recently, the cap (debt limit) on official U.S. debt was raised to $8.2 trillion (12 zeroes). Government?s power to transfer wealth from one to another (regardless of equity or need) has grown exponentially since the advent of Socialism during the last Great Depression.

It took this nation 205 years (1776 ? 1981) to accrue $1 trillion ?on-budget? national debt. It has taken only 23 years (1982 - 2004) to add an additional $6.5 trillion. On Dec 28th, 2004, the, on-budget (official) debt was $7,536,267,845,909.18; but this is just the tip of the iceberg. Under-funded or un-funded government liabilities amount to a significant multiple of the official debt. Recent studies provide a flavor of the almost inestimable trillions in shortfalls. An example:

The Treasury Papers, a study that former Treasury Secretary Paul O?Neill commissioned record:

"A fiscal gap (the present value difference between government?s projected expenditures and receipts) of over $44 trillion ? now more than $50 trillion thanks to the new Medicare drug benefit. Almost all the un-funded debt is a consequence of Social Security Retirement and Medicare benefits. Medicare now faces an imbalance exceeding $36 trillion. That is the amount of money in present value that Medicare is projected to pay out for future benefits in excess of the money in its trust fund, plus the money it is projected to collect in future taxes and premiums. Social Security's imbalance exceeds $7 trillion?.

These estimates do not include inadequate funding of the military and Civil Service retirement programs, Supplemental Social Security (SSI) nor the Medicaid program that is growing faster than Social Security. While adverse consequence of Debtism is already being felt by millions of Americans, the worse is yet to come. Under current tax and welfare schemes, those who save and contribute to Social Security, IRA?s, 401k?s, etc. will increasingly subsidize those who do not. Only significant changes in law or those who enact them can alter the trend toward a welfare state.

Debtism n 1. A corrupt economic system that increase debt and reduce saving by reward and punishment, incentive and disincentive. 2. A tax system that destroy thrift (saving) and encourage profligacy (debt). 3. A practice of perpetual government borrowing to sustain a consumerist driven economy until the currency collapses. 4. Demonetized, fiat currency (no gold or silver backing) that decreases in value over time. 5. Trust Funds overflowing with debt instead of certificates of ownership (i.e. stock and bonds).. Exemplified by pyramids of debt at all levels of society, erosion in capital formation and meager savings by the general public and long lines at bankruptcy courts.

See for more articles on social security.

About The Author

John Koraska, MSGT, United States Air Force, retired. I have studied Social Security and the economy for over 20 years since my retirement in 1975 from the military. With the current debate of social security, I enlisted my two sons to help me with getting the word out on my take on how to reform this broken system. Come see my site and spread the word at Comments are welcomed and appreciated!

This article was posted on March 13, 2005

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Utah House Passes Bill Recognizing Gold, Silver as Legal Tender

gold coins

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. (AP)AP2008

Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency.

The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state.

The legislation now heads to the state Senate, where a vote is expected next week.

Under the bill, the coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

If the bill passes, Utah would become the first of 13 states that have proposed similar measures. The others states are Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.  

Backers of Utah's bill say they want to send a message to the rest of the country.

"People sense that in the era of quantitative easing and zero interest rates, something has gone haywire with our monetary policy," said Jeffrey Bell, policy director for the Washington-based American Principles in Action, which helped shape the bill.

"If one state recognizes gold as a valid currency, I think it would embolden people not just in other states but in Washington," he said.

The U.S. used the gold standard from 1873 until 1933, when President Franklin D. Roosevelt outlawed the private ownership of gold amid the Great Depression. President Richard Nixon abandoned the gold standard altogether when he announced in 1971 that the U.S. would no longer convert dollars to gold at a fixed value.

Critics of the gold standard say it limits countries' control over its monetary policy and leaves them vulnerable to financial shocks, such as the Great Depression. But supporters argue that the current financial system's dependence on the Federal Reserve exposes the value of U.S. money to the risk of runaway inflation.

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Business :: IBD or Wall Street Journal Subscription Choices - Uncover The Best Option

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