- Special Sections
- Public Notices
How can anyone regard Social Security as a benevolent entitlement? Social Security is an insurance policy whose premiums have been paid for by the combined lifetime payments of the employee and employer.
Although the government administers the program for us, it makes no donations to our premiums. It is a fact that the Social Security program more than pays for itself and has always had a large surplus, which, unfortunately, has been used by Congress for the general fund and not for the Social Security Program. Our premiums have been misspent.
A significant group of entitlements that have become inappropriate in today’s financial climate that should be tapped are the massive tax loopholes created eight years ago for the extreme wealthy who now pay little or no tax.
And larger corporations, some of which pay little or no tax, should share more of the tax burden.
For example, according to the Washington Post and other media outlets, Exxon Mobile posted a 69 percent increase during the first quarter of this year. It amounted to $10.7 billion. Also, according to several national media outlets, Chevron reported it’s income jumped 43 percent for the three months ending with June. Each of us who buys gas pays for this.