The link listed above is from the Library of Congress. I point that out because under ordinary circumstances, you might assume it came from the Onion, or maybe some right-wing blog making up crazy stories. If you’re not inclined to read the bill itself, let me summarize:
- The name of the bill is “Reduce America’s Debt Now Act of 2011”. Sounds dreamy…
- The basic premise is that employees have the right to voluntarily have a payroll deduction taken from them, the proceeds of which will be directed to the US Treasury solely for the purpose of debt reduction.
- Employers will have the burden for accounting, filing, and submitting the deduction.
This is like some maniacal extension of the concept of War Bonds. Except with War Bonds you got your money back at some point in the future. In this case, the very entity that created our massive debt is now standing there, hat in hand, asking for a voluntary bailout. I guess for those among us that feel we’re under-taxed, this is a great way to let us pay our fair share.
Realistically, this bill has no chance of passing — it’s just too silly. It’s just another case of political posturing so candidates can claim how they introduced legislation to reduce the debt. Maybe when their done playing around on the margin, they can find time to implement constructive solutions.
Wait… who’s sounding silly now?