Tuesday, August 07, 2007
Social Security is going bankrupt!
Uhm, no. Social Security is not going to go tits up. Without tax hikes or sale of lots of Treasuries on the open market to pay back the bonds in the Social Security trust fund it’s not going to be able to pay all the promised benefits, but frankly even the 60% of the promised benefits that it will be able to pay worst case is more than enough for me to live on in retirement (granted, I qualify for the maximum benefit due to years of six-figure salaries and have modest needs for retirement income since I own my retirement property clear and outright and it’s in a state with no property tax on most residential property and thus need money only for utilities and maintenance, but even folks with more modest income will still get a good shake from Social Security).
Medicare is not going to go tits up either. Before the Baby Boomers allow Medicare to go tits up, they’re going to mandate it as the single payer health care insurer for America, and thus use payroll taxes on the young to pay for their retirement health care. On average the typical person will be paying less for Medicare than they currently pay for private insurance even with the subsidy of the prunes so it’s a win-win all the way, nevermind that the health insurance companies hate the idea (duh, they’d be like buggy whip makers in 1928 after the automobile had displaced horse and buggy nationwide!). So it’s going to happen. If you work in the health insurance business, I suggest that you do like the buggy whip makers and get another job, yours is going to get obsolete as soon as the boomers realize they need young farts to subsidize their Medicare and that the only way they’re going to get that without a revolution is to extend Medicare to all.
In short, whining about how Social Security is a "scam" and that there is a Social Security "crisis" is bullcrapola. Just typical scare tactics by people who know only the bullshit talking points handed down to them by their Party commissars on Faux News and Talk Radio…
– Badtux the Party Penguin
Labels: Republican stupidity
Posted by: BadTux / 8/07/2007 06:23:00 PM
How reassuring...thank you.
# posted by sumo : 7/8/07 10:25 PM
Ever since they started screwing with it in the '70s, I've made a point to not count on it. So it will be like a bonus.
Like you, I've got my place set and plan to live fairly simple out on the farm.
# posted by : 8/8/07 8:28 AM
but, but, i make FINE BUGGY WHIPS! consarn autoMObiles. . .
# posted by The Minstrel Boy : 8/8/07 8:38 AM
If it lasts for as long as I need it that is all I care about. The rest of you are on your own. LOL
# posted by BBC : 8/8/07 3:51 PM
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