08.10.06
Stop Social Security!
The St. Louis Fed recently released a study on the financial position of the US Government. The short answer? Bankrupt, or at least careening towards bankruptcy.
The projected difference between the obligations and the tax receipts of the US is a staggering US$65.9 trillion. The reason for all of this is Social Security as the politicians in this country can’t stand up to the AARP and all the other special interests and admit that they’ve promised more than can be delivered on.
Social Security was originally created so that our elderly wouldn’t die in poverty. It was not created so that every man and women over the age of 65 could retire and vacation with a Winnebago.
Demographically, we have a real issue if all baby boomers try to take their claim on retirement… Other people have discussed it better than I can, but suffice it to say it’s not going to be pretty if/when people try.
Lets face facts and admit that Social Security will destroy the US if we don’t address it. Dump it completely, and create a new agency/program to help those in real need — the elderly that are in poverty or than can’t continue to work. Everyone else has to fend for themselves, no matter how much they contributed to Social Security over their working years.
Too many people are lined up to receive benefits that don’t really need them. We do not have a right to retirement, or an entitlement to leisure.
So, what will happen? Nothing… politicians are certainly predictable on that front. They will wait until there is enough of a political crisis to actually be able to do something. There’s no point in trying to act rationally now — any politician who tries to act rationally will get sacraficed by all the special interest groups and those benefiting from the boondoggle.
Politics is nothing if not irrational. Predictibly irrational at that.