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What is an entitlement?
Within the halls of Congress there has been a lot of chatter recently about cutting entitlement programs in the name of deficit reduction. Unfortunately, there seems to be confusion on exactly what is and what is not an entitlement.
One set of entitlements is funded through general revenues raised by taxes. These include programs like Medicaid (the health insurance for the poor), food stamps, farm price supports, subsidized irrigation projects and the like. These “general" entitlements are available to all Americans who need assistance.
The second kind of entitlement is funded through special taxes dedicated to a specific purpose. These programs have separate trust funds. These entitlements might be called “earned” because the payments from these trust funds are based on an individual’s contributions.
The two largest “earned” entitlement programs are Social . Security and Medicare Part A, which pays hospitalization for seniors and the disabled. Other such programs include military and civilian pension funds and workers’ compensation.
The Social Security Trust fund has nothing to do with the current Federal deficit problem. It currently is in the blackbecause high social security taxes have worked to amass large reserves. They will be needed to cover the retirement benefits for the baby-boomers who will be leaving the work force over the next 25 years.
These funds are a tempting plum for politicians seeking a Quick fix to Federal budget woes. They must be encouraged to look elsewhere.
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