Much wiser heads than Wonks Anonymous are now considering our budget problems which really amount to two huge debt service problems.

First there is the debt held by the public and foreign governments interest and repayment of which requires about 20% of the budget. This debt is held by rich people and investors and the wonderful democratic government of China. It is a sacred obligation that must be honored.

Second there is the debt held by the Social Security Trust Fund which is not on line to be repaid until about fifteen years from now when my generation starts to retire in force. It is an accounting fiction and, besides, repaying it will mean taxing deserving and attractive young people to support unattractive geezers who are all rich as trolls anyway.

Hence the growing Washington clamor to make Social Security into another poverty program, the cry for means tested Social Security.

Because we all know how well welfare works.

So, for anybody who is lucky enough to have not experienced welfare here is a simple example of how means testing works:

First we decide how much a recipient of our collective charity deserves to have. Let's be generous and say $20,000 a year per household, which is about the average of current Social Security payments. Old people with no other income or assets will get annual checks amounting to $20,000.

Next we decide how much we take away in benefits for every dollar of income. Again let's be generous, let every dollar in income take away fifty cents in benefits. If pensions and annuities pay $10,000 then we subtract $5,000 from Social Security payments. The geezer gets $25,000 to live on. $20,000 outside income leaves the geezer with $30,000. If the old fogey has made prudent investments and has $40,000 in outside income he gets nothing.

Ignoring taxes, every dollar of future income that we purchase now through saving and investment will give us fifty cents in future consumption. This amounts to a 50% marginal tax rate. Nobody, not even a working person who pays income and payroll taxes, pays this much. Wonks Anonymous would like to know if his readers would consider this as an incentive to contribute to their IRA accounts.

And this simple discussion leaves out the interesting question of assets.

What do you do with your house? It seems to Wonks Anonymous that you will not need it after you are dead so the Government should be able to force anyone who applies for Social Security to get a reverse mortgage and buy an annuity with the money. Income from the annuity can be used to reduce benefit payments.

And your investment choices should also be supervised lest foolish decisions make you a ward of the state. Everyone on Social Security and probably people whose assets were worth less than a certain amount should also be forced to purchase an annuity.

All things considered this is a fine conservative program that will increase individual freedom, encourage thrift and lead us all to golden years free of government intrusions in our lives.