Robert L. White – 10/10/08

This page was last updated on October 10, 2008.

Could this motive be behind crisis?; Robert L. White; Beaver County Times; October 10, 2008.

Below is a detailed critique of the subject letter.

“The financial crisis is hitting at the same time that the baby boomers are entering the Social Security system. It has been well documented that the financial condition of Social Security is in dire straits.

“With the valuations of 401k plans and IRAs hemorrhaging by the day, Main Street will delay retirements for a few years, causing less of a drain on the Social Security system.

“Is it possible that this financial crisis is a well-calculated scheme on the part of our federal government to save the Holy Grail — the Social Security Administration?

“Think about it.”

[RWC] Conspiracy theorists never cease to amaze me. I wonder if it ever occurred to Mr. White that a “financial crisis” results in both lower employment and lower wages subject to Medicare and Socialist Security taxes. Less tax revenue certainly doesn’t help Socialist Security and Medicare. Of course, it’s possible Mr. White believes the alleged delayed retirements would more than offset the reduced SS tax revenue.