I spent the morning at the Youth Entitlements Summit on Capitol Hill, where 20-somethings quizzed economists about the future of Social Security, Medicare, and the financial security of our country. I left feeling like young people have a lot to worry about.Some on the radical left, of course, insist that the "sky is not falling on Social Security." And these guys get really mad if you don't toe the line on their unhinged big-government pie-in-the-sky analyses!
Not only are they facing one of the worst job markets right now, which means they're having trouble getting the early experience they need to build future careers, but they also seem likely to pay higher taxes and perhaps receive lower benefits from these entitlement programs. The Social Security trust fund, for example, is scheduled to run out in 2037. After that point, if no changes are made, there will only be enough money from tax revenue to pay about 75 cents for each dollar of scheduled benefits.
Monday, June 15, 2009
The Future of Social Security: Not Good
From Kimberly Palmer at U.S. News, "The Future of Social Security: Not Good":
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3 comments:
I am a recipient of Socialist Security and I can tell you that SS is not only screwed up, it is like pulling teeth to even get their attention.
SS must be privatized because the federal Government has misappropriated and embezzled the funds.
I recall slobbering Bawney Fwank, Maxine Waters, and a whole host of other lefty congress critters assuring us that the FM's were in sound financial shape back around 2005 or so.
Shortly thereafter, the problems with those two government-run entities started to bubble up in earnest, and the world's economy's are still feeling the ill effects.
I believe the government is similarly lying about SS, Medicare, and every other entitlement program in existence.
All Obama has managed to do by blowing an additional virtual $12 trillion out the door, plus the probable arrival of Obamacare later this year, which will easily cost at least three times the "estimated" $1 trillion over the next decade, is sharply bring forward the time table for the hideous train wreck we all know is coming.
And I hate to tell Kimberly Palmer, but there is no such thing as a Social Security "trust fund," as it is nothing but an IOU on a sliver of paper that is tucked away in a dusty file cabinet somewhere in D.C.
There aren't two nickels in it to rub together.
-Dave
Wasn't it back 2005 that Bush warned that the social security fund was near bankruptcy? The congress offered no solution! Here we are!
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