Monday, November 02, 2015

Entitlement nation

Newsday: "Social Security’s impending insolvency — just the facts."

I like this review because it directly addresses the Left's favorite panacea to fixing Social Security: raising the income level subject to taxation.  Or as Bernie Sanders says: "Scrap the cap!"  Well, it won't work and it fundamentally changes the nature of Social Security into another welfare program.

2 comments:

B-b-b-but the big Trust Fund! said...

...it fundamentally changes the nature of Social Security into another welfare program.

That horse has already left the barn. In the latest budget deal, changes were quietly made to eliminate a couple of income-enhancing options that retirees have been able to use. The money "saved" by that move will be thrown at Medicare to keep its premiums from skyrocketing next year.

Yup, we've reached that end stage of terminal liberalism where SS has to compete with all the other goodies programs of the government, as they spiral down into bankruptcy together.

Eric said...

Yes, and the Social Security surplus used to hide the true size of the deficit but now that payments are out-stripping revenues the gap is paid out of the general budget via cashed-out IOUs.

It's cute that people think our new $20 debt limit is a problem. You ain't seen nothin' yet.