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Social Security – the iceberg

It’s been said for years now that Social Security was an economic melt down waiting to happen.  Only with this melt down we knew it was absolutely going to happen.  There was no speculation involved in the statement as it’s simple math.  President Bush tried to pass changes to Social Security that would have changed the paradigm and lengthened its life, but of course far-reaching agenda’s are evil when they’re envisioned by Republicans.  Needless to say Democrats were successful in killing the agenda off.  Al Gore even ran on a platform of “protecting” Social Security during the 2000 election.  Remember his famous debate where he mentioned the social security “lock box” 1000 times?

So, here it is 2010 and this year social security will have to start tapping those IOU’s that have been accumulating since the 1980’s.  Social Security will actually pay out more this year than they take in.  The uninformed thought that all that money being paid to Social Security was sitting around just waiting to be used.  Unknown to them, Congress takes all the remaining funds from Social Security every year and uses it in the general fund.  What’s given to Social Security is an IOU, which means that previous monies “borrowed” from social security will have to start being repaid from taxes, but because the glut of baby boomers is still yet to retire, the payouts social security will have to make annually is still going to increase.  As we have fewer children being born to replace those retiring, it also means serious shakeups for Social Security are on the horizon.

Health Care Reform, Social Security, and Cap & Tax are going to bankrupt America.  While America has the Democratic party to thank for this, we (and by that I mean YOU who vote for these idiots) enabled it.

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