Some of our older readers might not like this one. Thing is, it’s true.
How much student debt do you think this guy carried? If he ever carried any it was unlikely the kind of sum kids are graduating with now. Do you think he benefited from a generally rising stock market and economy during the 50s, 60s, 70s, 80s, and 90s? He looks pretty well fed and well dressed. But “hands off” HIS Social Security. Your security is less important however.
When I was in college one of the first op-eds I ever wrote was on Social Security in the college newspaper.
Destined to fail from the beginning. We need to figure this out and make difficult choices.
Look, I think there should be a phase out of the old system over say 10 years.
Older people have made calculations with the idea that Social Security would be there forever as it is now. Most people are not economists. They just did their thing in their working life and then retired as they were told they should. If we are going to change social security we should be sensitive to this very important (and very political) point.
Insiders have known about this for a long time, but now it is documented.
In the words of 2 people I spoke to about this story – “How can this be legal?”
Good question. At least they’re stopping it.
You read that correctly.
The Western welfare state is unsustainable. It’s not sustainable in Europe and it isn’t here. It is amazing however that many people insist that government and the welfare (and warfare) state must continue to grow.
One of the least discussed, but potentially most significant, provisions in President Obama’s budget is the use of the “chained consumer price index” (chained CPI), to measure the effect of inflation on people’s standard of living. Chained CPI is an effort to alter the perceived impact of inflation via the gimmick of “full substitution.” This is the assumption that when the price of one consumer product increases, consumers will simply substitute a similar, lower-cost product with no adverse effect. Thus,
This should have been their centerpiece proposal during the last battle. They had the full attention of the country and could have put it to good use.
Watch the “net interest” percentage going forward as interest rates rise. That’s going to put a cramp in our lifestyle.
It appears that the White House has been secretly negotiating with large businesses as Obamacare has veered off down disaster road. The delay of the employer mandate has everything to do with the Obama administration’s buddies in big business saying that the program is half baked at best and that they can’t comply with the tangle of red tape. So Obama has punted, on this.
Now, however, it appears the administration’s bravado was all for show. At the same time Obama was expressing great confidence,
The president has proposed using something called a “chained consumer price index” for adjustments (which are always up) to Social Security payments. It in theory lessons the current rate of increase. Liberal and progressives are beside themselves. How could President Obama do such a thing?
Every time I write about the need to reform Social Security people freak out. Suddenly supposedly small government folks fly into a rage at the idea that Social Security must be curtailed for the good of the country.
Hey, life isn’t fair. But we have got to do something about Social Security and the coming debt bomb.
Of course most seniors don’t consider Social Security theft, and the headline above is intended to be inflammatory, however the Social Security system we have now is completely unsustainable. It hurts many who are just struggling to make it in an economy which is very different from the rising tide many retirees experienced over the past half century.
Should generally poor young people be subsidizing often wealthy old people? That’s what happens in our present crony capitalist system.