Perspective on the SS Issue
How about we clear the air on this social security "crisis" eh? There seems to be some rather rampant confusion. One side refers to "private" accounts as a radical change.... the other side points out that one can choose to opt out of the private accounts... and another side thinks the idea of social security going bankrupt is great news all around.
But let's start at the begining... or maybe even a little sooner. The crisis supposedly stems from the retiring tide of baby boomers. To one devoid of critical thinking skills... and that means pretty much everyone... that's a reasonable cause.
How about we examine that?
Let's see.... a spike in the population... hrmm... Why would a spike in the population be bad for Social Security? I mean... if these people suddenly materialized at age 65, then said explaination could well plausible.
Unfortunately there is nothing plausible about the spontaneous generation of retirees... though those native to Boca Raton my think otherwise.
This wave of retiree's, earlier produces a wave of social security income via a spike in wages earned. They also produces a coresponding spike in children. So not only did they put in more money than was needed to deal with the retirees at the time, but they've also produced enough children to deal with their retirement.
There should have been a Social Security surplus for years... even decades. But there wasn't. The money was taken in, and quicky blown on programs, that were the brain children of who? The Baby Boombers themselves.
Why should we worry about the Baby Boomers Social Security, when it was them that blew their own retirment on ill-consieved government programs?
The good news is... there is a social security issue... the bad news, is it isn't nearly as bad as we're being told.
In 40 years, SS will not be bankrupt. We have a word for that sort of thing... We call it "Hyperbole". In 40 years, SS will reach a point where it cannot meet its promises.
Just because you can't buy 400 bucks a month... that don't mean you can't pay 350, or 300.
While I'm typing this up... I should also point out that the program that was sold to the American voters way back when was described as one organized with individual government savings accounts. Interstingly the average american today believes that the money they send to the government for SS is put away in some account with their name on it.
Clowns to the Left... Jokers to the Right...
Wait... what am I saying? I'm Nate. There ain't no one to Right of me.