Financial Crisis and Entitlements

We have to be ever more vigilant in times of crisis to make sure that the Federal Government doesn't overstep its bounds. As Congressman Jim Moran states on his website:

From its inception in 1935, Social Security has been a safe, stable, and dependable source of financial assistance for retirees and their families. Today, 95 percent of all workers are covered by Social Security and 6 out 10 seniors depend on it for over half of their total income.

The problem is that Social Security was designed to be a temporary measure to help people who had their retirement saving or pensions wiped out and to encourage people to retire in order to allow younger workers to be able to get jobs. Now all social security does it cause people to take excessive risk with their retirement account, and put a financial burden on younger workers.

We should have gotten rid of Social Security a long time ago, but now it is a sunk cost and people expect it. Had we rid ourselves of Social Security after its immediate purpose was accomplished, we would be able to institute a temporary system to help support retirees that have had there savings wiped out by the current crisis, if we need to. Now we don't have the reserves to be able to do this.

We need to be sure that we don't allow any new temporary programs instituted as a fix for problems during this financial crisis become entitlements.