Tax cut now, pay later

While we enjoy our tax cuts in 2018, remember that they are, in effect, early distributions of our Social Security and Medicare benefits. The more we take today, the less we can expect to receive when we retire. Fifteen years ago, we also enjoyed tax cuts. Those ruined the possibility of upgrades to Social Security and Medicare.

Some might say upgrades weren’t needed. They cannot see that Social Security and Medicare are not merely “supplemental” anymore for most folks. These retirement benefits are the only thing left. That point is surely not lost on those who lost their company pensions.

President George W. Bush might have invested the Clinton-era surpluses in our retirements but his political party always prefers tax cuts. The bottom line is that the politicians have abolished retirement security for most folks. How long until they abolish retirement outright?

This story was originally published January 4, 2018 at 6:42 PM with the headline "Tax cut now, pay later."