Re: As an Independent/Centrist
by
NightSwimmer
06/07/2008, 10:21 AM #
Social Security will not go bankrupt. Social Security has been demonized since it's inception by the wealthiest Americans who feel that they will never need the program and therefore don't care to participate. History has shown that the program works.
The latest ploy for frightening Americans about Social Security's future is to warn of the impending wave of Baby Boomers swamping the system. It is true that a large spike (no pun intended!) in payouts looms ahead of us. You will be shown charts that indicate a line running into infinity at the top right corner. What you will not see is the next frame of that trend chart. Retired Baby Boomers won't live forever. (Sorry guys -- them's the facts)
The Social Security System has been operating in surplus almost since it's inception. Our politicians have had no qualms about using the fund's surplus as an excuse for deficit spending in the general budget. As a nation, we should have called them on this long ago. Al Gore made a weak attempt at broaching this issue with his rhetoric about the "lock box".
Now we have the President telling us that the Social Security Trust Fund is nothing but worthless paper in a filing cabinet. If that is true, then you can say the same thing about any federally backed financial instrument -- including our currency.
The system does face an upcoming shortfall. We will be required to engage in deficit spending in order to keep the system operational through a relatively short time-frame. Then the demographic curve will normalize. That is the next frame of the trend chart that the politicians don't want you to see.
We need only make some modest adjustments to the program in order to lessen the budgetary stress of the demographic aberration that we face. We shouldn't be convinced to throw out the baby with the bath water.