Social Security reminder – Since Will linked me (twice!) in this post, I feel obligated to reciprocate. Scroll down to the graph from the Congressional Budget Office and the widening gap between revenues (taxes) and outlays. Says Will: “At best, it's a bad situation. At worst, it's a BAD situation.” Indeed.
Extra - A high school teaching friend of the Anchoress recounts how her class reacted to the Democrats at the SOTU: ““My kids thought it was hysterical when the Demos stood up and applauded themselves for preventing any change to Social Security. They said they were like Wyle E. Coyote, blowing themselves up.”
3 comments:
"They said they were like Wyle E. Coyote, blowing themselves up.”
And would that make George W. Bush the Elmer Fudd of Social Security: the man who didn't think through his one doomed plan? And who ends up standing there, looking bewildered, after it blows up in his face?
GJ, that's BS. The proposed reforms stalled out in Congress because Social Security is a sacred cow and too many people are afraid of making substantial changes to it. It's all driven by irrational fear. But at least people are starting to understand the problem -- SS is no longer the "third rail" it once was. A few election cycles from now, Congress will have the political will to fix it, but by then it will be tremendously expensive.
there was nothing wrong with the 'doomed plan' except maybe that it wasn't significant enough to really save the system.. it was a watered down compromise that was designed to appeal to democrats, who showed that they were perfectly happy to prevent the people who need the help most from getting any
notice how the media and Congressional democrats were quick to question whether large corporations should be audited for promised benefit cuts to pension plans just last year.. well, the Social Security crisis will make those benefit cuts look like the tip you give your paperboy at Christmas time
the hypocrisy that the Democrats display regarding SS will eventually be known.. and the Old Media won't be strong enough to cover up for them when it happens.. my only regret is that I'll live to see it.. and probably paying much more than the current 6.2% of my wages into a system that will most likely 'guarantee' that I'll get back half of my 'investment'
ask yourself this, giovanni.. if you had the option to take your 6% and invest it in Social Security that the government/democrats controls, or Treasury Bonds that pay only 10%.. which would you choose?
I'll take the Bonds every day of the week
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