Samuel Gregg was recently on WORD-FM: Pittsburgh’s “The Ride Home with John and Kathy” to talk about Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future. They discuss many of the main themes of the book, including: Americans’ changing attitude toward liberty and economic freedom, entitlements, and the welfare state.
Read more on Audio: Samuel Gregg on WORD-FM discussing ‘Becoming Europe’…
Samuel Gregg, Acton’s Director of Research and author of the book “Becoming Europe“, says one of America’s real debt dangers is our increasing sense of entitlement from the government. In today’s Investor’s Business Daily editorial, Gregg states our “insatiable appetites” are getting us into the very deep economic trouble that no one, least of all politicians, seems to want to face:
Read more on Samuel Gregg: Americans’ ‘Absurd Expectations’ and the Economic Crisis…
Based on Nicholas Eberstadt’s book, A Nation of Takers, this Seussian video depicts the dangerous dependency of entitlements and the importance of liberty.
(Via: Values & Capitalism)
A video surreptitiously filmed during one of Mitt Romney’s private fundraisers was leaked and captured the Republican presidential nominee talking to donors last April in a Florida home (watch below) during a very candid moment.
While Romney states the facts and opinions as he sees them regarding the prevalent public welfare culture in America, he quotes figures that will surely stir animosity from within the Obama administration and his loyal Democratic voters.
Here’s a summary of what Mitt Romney told his campaign donors:
There are 47 percent of the people who will vote for the president no matter what…There are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you name it. ..They will vote for this president no matter what… And so my job is not to worry about those people. I will never convince them [that] they should take personal responsibility and care for their own lives. What I have to do is convince the five to ten percent in the center, that are independents, that are thoughtful, the look at voting one way or the other…
Rumors are flying about a possible hearing involving Standard & Poor’s. It is believed the Senate Banking Committee is gathering information on the credit rating agency. Disgruntled over the loss of the government’s AAA rating, the rumored investigation is believed to be sparked by Treasury Department officials claiming that S&P’s judgment was affected by an error that overstated national debt projections by $2 trillion. And in the House, a few Republicans are wondering about talks S&P executives had with Treasury officials.
Yesterday Senator Harry Reid finally proposed a budget plan – one week before the United States is set to default. It is about time that Senate Democrats joined President Obama and House Republicans in offering a concrete budget proposal; however, their budget plan passes the buck onto future generations.
With the ongoing budget debate there is much discussion about what to cut and what not to cut, whether taxes should be raised, and if we should avoid even considering cutting certain programs. At the center of the discussion is the state of entitlement programs.
One program everyone in Washington seems to be leery of is Social Security. Whether it is because of ideologically supporting the program or afraid of ruining a political career, Social Security, again, may remain untouched. Political culture has taught elected officials to avoid the topic of reforming Social Security. In the past, those who have attempted to address issues related to it have been demonized. And when re-election time came around, many private interest groups made sure to fund ads to negatively attack anyone’s past attempts of reforming Social Security. However, with our current debt crisis and economic problems, now is not the time to ignore Social Security. Leadership is needed to tackle the hard problems.
Social Security has run aground. The Congressional Budget Office (CBO) reported that program will officially run out of money by 2037 if the program is not reformed. Furthermore, the CBO also projects that this year Social Security will collect $45 billion less in payroll taxes than it pays out.
Just as alarming as the lack of leadership is the number of Americans who benefit from it who will be dramatically affected if Social Security does fail. According to the Social Security Administration (SSA) over 54 million Americans will receive $730 billion in benefits in 2011, these numbers also includes those who are disabled our receiving survivor benefits. For the month of February, the SSA paid over $58 billion to its beneficiaries. The numbers get even more daunting when they are coupled with the number of Americans who rely on Social Security as their sole source of income.
The SSA states, “Among elderly Social Security beneficiaries, 22 percent of married couples and about 43 percent of unmarried persons rely on Social Security for 90 percent or more than their income.” The Institute of Women’s Policy Research also provides alarming numbers. According to their data, in 2009, 29 percent of women and 20 percent of men relied on Social Security for all of their income. It is important to keep in mind that Social Security provides many elderly members with the necessary money to avoid poverty. As a result, instead of letting Social Security continue to run its unsustainable course, it is imperative to fix to program so vulnerable members in our society can continue to be aided by it. Read more on Social Security Still Needs Fixing…
Ramesh Ponnuru says Social Security is worse than a Ponzi scheme.
He’s right. It’s more like an inter-generational pyramid scheme, a pyramid tipped on its side…
In this week’s Acton Commentary, Jennifer Roback Morse wonders why no one is talking about the Forbidden Topic in the Social Security debate. That taboo subject is the declining birth rate. Jennifer Roback Morse writes that “the collapse in the fertility levels, particularly striking among the most educated women in society, is a contributing factor to the insolvency of our entitlement programs.”
