Tuesday, January 08, 2013

Breitbart: Social Security Broke In 18 Years

It turns out that Social Security will not go broke right about the time I reach retirement age!
 
"How bad are the government estimates? The two academics claim the program will actually pay out $800 billion more in the next two decades than the government claims...Not mentioned in the article is the fact that the 2031 number is based on the Social Security Trust Fund. In reality, Social Security is a pay-as-you-go system which has no money set aside. All of its payments come from the general Treasury...As of now, the program has at most 18 years of life, assuming we can come up with the trillion dollars in additional spending we need to keep it going between now and then."
 Fun stuff, eh?

The chances of anything being about it? Slim to none:

          Yes, Obama, There Is A Spending Problem
"At one point several weeks ago," Boehner told the Wall Street Journal, "the president said to me, 'We don't have a spending problem'..."Even after the economy recovers, federal spending is projected to increase faster than revenues, so the government will have to continue borrowing money to spend..Over the long run, as the baby boomers retire and health care costs continue to grow, the situation will become far worse."
The first step in correcting a problem is admitting that there is one. Absent that, nothing gets done. It would be nice if doing nothing meant that this idiotic program would die on its own, but as the Breitbart article mentions, the money for this monstrosity comes from the general fund. There's no way for it to go down on its own without taking everything else down with it. Despite that, it's a sure bet that most will demand blood from a stone because they "paid into it."

On a related note, I'm thinking I might scrounge up $15 and buy Cappy's new book, Enjoy the Decline.
 

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