Entitlements: Washington’s Official Lies About Spending, by Walter Williams

From Investor’s Business Daily, January 29, 2013, by Walter Williams

Key Points:

  • Social Security funds contain nothing more than IOUs, Govt bonds that have no market value, and thus Social Security is a pay-as-you-go system.
  • To resolve the presidential rhetoric declaring that people won’t get their social security checks, the House need simply enact a bill prioritizing how federal revenue wold be spent, making social security and debt payments the first priority.
  • In 1962, national defense was 50% of the federal budget, now it’s 19%.
  • In 1962, entitlement spending was 31% of the federal budget, not it’s 62%,¬†with Medicare, Medicaid and Social Security alone comprising 44%.
  • There are more people living off of entitlement programs than are paying taxes.

 

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