The Paul Ryan crusade (all hail Ayn Rand) takes a slight turn away from "looters and moochers" of poverty to the real villains of our time--the old leeches who hold onto life beyond their span and suck future generations dry of their heritage.
The Wall Street Journal opens its paywall for an attack on "The Millionaire Retirees Next Door," those who live it up on Social Security and Medicare, refusing to go willingly onto the ice floe that would release trillions for future generations:
"Many of the million-dollar couples believe they rightfully deserve the benefits they have been promised. They have, after all, spent all of their working years paying into Social Security and Medicare. And true enough, the typical 66-year old couple and their employers, on their behalf, have contributed nearly $500,000 in payroll taxes (in today's dollars) toward these benefits during their working careers.
"But regardless of how much they have contributed, the hard reality is that the federal government has already spent it. No matter how deserving they are, it is younger generations of workers who have to come up with the money."
As to the "today's dollars" calculation, does it include compound interest on contributions held by the government for decades accumulating money for the Social Security Fund rather than beneficiaries? I doubt it.
But more to the point, as taxpayer money bails out banks to make billionaires out of their executives, those retirees with even modest savings watch as their IRAs and pension funds wither at near-zero interest rates to the benefit of the GOP's favorite taxpayers, those with eight-digit incomes.
Before heading gracefully for the ice floe, generations of millionaire retirees may want to express themselves on this issue at the 2012 ballot box along with younger generations being robbed by the GOP on behalf of its friends.