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Budget Should Be Balanced by Slashing Waste, Not Tax Cut

Cal Thomas | Syndicated columnist | Wednesday, August 29, 2001

Budget Should Be Balanced by Slashing Waste, Not Tax Cut

The government has a new budget estimate that says it will be forced to spend $9 billion of Social Security reserves to keep the budget balanced. Already, Democrats are calling on President Bush to submit a new budget request. You know what that means, don't you? They want to repeal the tax cut.

Several things about this. First, there never was a true budget surplus. There were only projections based on estimates. Second, Democrats have always borrowed from Social Security. And so have Republicans. In fact, they aren't borrowing at all, because there is no money to borrow. Social Security is an I.O.U. Current workers pay the retired and the disabled and they rely on future workers to pay them when they retire or are disabled.

The entire budget process is a sham, no matter who is running it. And so is Social Security. That's why the focus should be on cutting waste, fraud and abuse and privatizing retirement. But don't look to the politicians to do any of that. It would cost them power.