John Santoliquido of the National Taxpayers Union makes his case for a backdoor increase in employment taxes (telling workers that there payroll contributions are not going to fund their Social Security retirement benefits) with more of the lies that we are so used to hearing from the National Review:
Lucas writes that the promised benefits under the current system cannot be met with only the revenues that are brought in through the payroll tax. By 2030, Social Security obligations will consume 17 percent of payroll, compared to 11 percent today. General revenue, which is derived mostly from income taxes, will have to make up the difference … Personal accounts will alleviate this affliction, but certainly not cure it.
Santoliquido refers to a previous set of lies from Carrie Lukas, which we addressed here. We’ve gone over these two issues repeatedly. There is a Social Security Trust Fund reserve that the National Review simply ignores. And privatization does not create funds out of thin air. Assuming that the folks at the National Review are not complete idiots (one has to wonder) – do they think repeating their lies ad nausam will make them true?