Social Security Running Out Faster

24 Apr

This morning, I note an article from Associated Press, “Social Security Heading for Insolvency Even Faster”. The article cites Congress’s reluctance to fix the funding problem, a growing number of baby-boomer retirees (which is mostly bogus — this retiree boom has been projected in for years), and a lagging recovery in the economy. Duh! What is interesting is that they do NOT blame the ill-advised Payroll Tax Cut that directly undercuts the funding of Social Security and Medicare/Medicaid. Why don’t they include this? I love the answer. They say that the Payroll Tax Cut does not affect the funding of Social Security because THE GOVERNMENT GUARANTEES REPLACEMENT OF THE TAX CUTS — WITH MONEY THE GOVERNMENT DOESN’T HAVE — MORE BORROWING! What is the matter with those people!!?! And they are just now raising the flag? The AP article does also point out that many believe there isn’t really an impending crisis. I wish someone would justify this position to me.

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2 Responses to “Social Security Running Out Faster”

  1. Joseph Edward Wages April 24, 2012 at 12:47 pm #

    To follow up on your point, the mythical SS file cabinet is full of “US Government Bonds” guaranteeing, under the full faith and credit of the USA,, the funds that have been robbed from the system. And with other bonds of the same ilk standing for the interest on those funds.

    What a gullible populace we be.

    • illero April 24, 2012 at 1:01 pm #

      Yes — Thanks. I discuss this point further in an earlier posting called (I think) “”Is Social Security Really in Crisis?” If you get time to read that one, I’d appreciate any corrections you think should be made.

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