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7.6.05

Freudian slip on social security...

Here is an interesting story I stumbled on accidentally during today's browsing.
  • First, despite any propaganda you may have heard, there is no Social Security crisis. The program will be solvent for many years to come. According to last year's Social Security Trustee's Report, the program will be solvent until 2042.

    However, this estimate is on the conservative side. In 1994, Social Security was expected to be solvent until 2029. With a healthy, growing economy, one can expect the date of solvency to be pushed back even further.

  • The latest economic figures were just released, and the news is not good.
Which is it? Is the crisis going to be averted because the economy is strong and healthy (a complete contradiction to the Democrat talking points of the past 5 years)?

Or is our economy slipping into a recession/depression, in which case the government will be unable to raise the funds to pay out the promised benefits since nobody will be working and earning income from which the federal government can acquire needed funds to sustain its pay as we go system?

Big government socialists insist that private accounts, like the ones the Congressmen use themselves, are much riskier than the treasury backed bonds which currently comprises the Social Security "trust fund".

If the stock market takes a huge downturn, and millions of Americans lose the savings they had acquired and placed in various stocks or bonds, the federal government will not be able to meet its obligations to pay Social Security payments, so it will be forced to print money and cause inflation.

Either way, government run retirement plans are both unconstitutional and socialist in nature. And in the eyes of Senate Democrats, saying that makes me a member of an extremist group made up of only .1% of all Americans.