Rep. Bill Thomas Meets the Press

Thomas was on Meet the Press today and wasn't too outlandish. He seemed to admit there was no Social Security "crisis" and he attempted to put the ball in the minority party's court by asking them to submit proposals to help shore up the trust fund if it ever reaches the bankruptcy point which, I might add, is still up for debate.

Two things stuck out for me, anyway. One was the Rep. Thomas seemed to propose a removal of Social Security taxes all together from workers wages, instead proposing something like a Value Added Tax on imports or perhaps even the idea of a nation sales tax. This would shift the bulk of the costs from American workers and companies to those overseas. How they would react to something like that is another matter entirely.

His mantra seemed to be that we need to look at new ways to fund the program, side stepping the question of raising the $90,000 dollar cap with talk of new systems and fresh ideas. The cynic in me said, "That's because it would hurt his wealthy donors." But in a sense, it's true. And his proposals would be another tax break for business in America coupled with a break for the public at large.

All of this is very intriguing. One could almost suggest that, if a VAT is a viable option to keep Social Security solvent, that the wages workers currently pay into the system could then be turned into private investment accounts watched over by Uncle Sam. Big business gets a tax break, the Social Security system is safe plus Bush gets private investments to the joy of the his Wall Street friends. Seniors would get the same benefits on top of whatever money they earn from investments.

Now I'm reasonably certain that taxes on imports would have their downsides. And if you are going to give money to the people to invest, why not give just give it to them outright and let them invest it all in new Ikea furniture or the latest Humvee.

Oh, the other thing that stuck out. Here it is:

MR. RUSSERT: Do you think Congress, Mr. Chairman, would accept any formula that said that people would be treated differently because of their gender or their race?

REP. THOMAS: If we discuss it and the will is not to do it, fine. At least we discussed it. To simply raise the age and find out that you've got gender, race and occupational problems later, I would not be doing the kind of service that I think I have to do. You and I have been around quite a while. We went through the '80s. We went into the '90s. And now we're in the 21st century. We saw the choices that were made in the past. We went to the well over and over again with the same old solutions which really aren't solutions. We've reached the point where we have to fundamentally examine it in my opinion. The president has given us that opportunity. We ought to take it.

This idea, to pay women less in payments because they live longer seems like flim-flam and tomfoolery that would lead nowhere. Hopefully the kibash is put on this idea soon.

Anyway, I'll be looking for more info on Thomas and what seems to be his proposal. I'll report back as soon as I find it.