Posted by taxguru on June 1, 2001
Well Put
Since starting in the tax business in the early 1970s, one of my biggest hot button issues has been to educate as many people as possible as to the scam that is called Social Security.
In today’s Wall Street Journal, appeared the following letter to the editor that puts it quite well.
UO Yourself
In your excellent May 22 editorial “A Real Tax Cut,” you, like most commentators on the “lockboxes,” refer to the pieces of paper that go into the lockboxes as “IOUs.”
I believe it would be more accurate to call them “IOMes,” since there is no U there. One branch of the government gives a promise to another branch. No different from my writing a post-dated check to myself.
Milton Friedman
Senior Research Fellow
Hoover Institution
Stanford, Calif.
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Tax Guru - Ker$tetter Letter 