How to Pay Off Social Security Debts

By:  Sam Blumenfeld
10/07/2011
       
How to Pay Off Social Security Debts

Finally, a well-known economist has said something about the Social Security system that no one else has said: sell federal land to pay those who have been taxed for Social Security but want to opt out of the system. Our much admired and respected Walter Williams wrote in his column of October 4, 2012:

Here's what might be a temporary fix: The federal government owns huge quantities of wasting assets — assets that are not producing anything — 650 million acres of land, almost 30 percent of the land area of the United States. In exchange for those who choose to opt out of Social Security and forsake any future claim, why not pay them off with 40 or so acres of land? Doing so would give us breathing room to develop a free choice method to finance retirement.

Great idea! But who in this tottering capitalist system has the ability to understand this simple solution to a pressing problem? Certainly not our socialist president, who believes the federal government ought to own more land, not less.

Finally, a well-known economist has said something about the Social Security system that no one else has said: sell federal land to pay those who have been taxed for Social Security but want to opt out of the system. Our much admired and respected Walter Williams wrote in his column of October 4, 2012:

Here's what might be a temporary fix: The federal government owns huge quantities of wasting assets — assets that are not producing anything — 650 million acres of land, almost 30 percent of the land area of the United States. In exchange for those who choose to opt out of Social Security and forsake any future claim, why not pay them off with 40 or so acres of land? Doing so would give us breathing room to develop a free choice method to finance retirement.

Great idea! But who in this tottering capitalist system has the ability to understand this simple solution to a pressing problem? Certainly not our socialist president, who believes the federal government ought to own more land, not less.  This government land represents a highly valuable asset that no one is using. When a government is at the brink of bankruptcy, it should do what any potential bankrupt does: not borrow more money, but raise cash by selling assets.

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Sam Blumenfeld (photo)

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