Over the Cliff: Social Security is about to plunge

Wall Street Journal's Opinion Journal ^ | 08/22/03 | Pete Du Pont

[Phantom Lord]

Have you ever fallen off a cliff? If you are younger than 40, you are about to. Social Security is fast approaching a financial precipice that will plunge benefits and smash retirement plans for millions of Americans.

The graph below is a part of the General Accounting Office's July "Social Security Reform" study. Beginning in 2038 Social Security won't be able to pay the benefits promised to retirees without dipping into general federal revenue or borrowing an inordinate sum. Unless more money is found, Social Security checks will drop by 27%.

[Phantom Lord]

bump

[glorgau]

if Congress repays the money it has been "borrowing" from FICA taxes...

Fat chance. No on believes this. The federal deficit on this and many other things will make the current California fiscal mess look like small potatoes. The train is coming down the tack and nothing is being done.

[Gunslingr3]

Put a stake in it. Let me keep the 12.5% of my income that is being taxed away for this largesse. The people at the trough right now are the people who taxed themselves, spent it, and then promised to make my generation and every generation thereafter pay for their extravagance. Mr. Dupont didn't even mention the impact of longer lifespans. Since I'll soon be buying drugs for retirees (including the ones that don't exist, but will in 10 or 20 years), they're going to live even longer on the dole. What do you figure the life span will be in 20 years?

[zeugma]

Nothing is being done because nothing can be done if the system has to remain in a form similar to what it is now. The retirement age should be raised to about 85 now. The entire system should be phased out over the next 20 years.

When are people going to learn that ponzi schemes don't work?

[Mr. Jeeves]

If you are younger than 40, you are about to. Social Security is fast approaching a financial precipice that will plunge benefits and smash retirement plans for millions of Americans.

Well, my retirement plans have never included Social Security. I think most of us under 40 know that the system isn't going to exist when we reach retirement age (heck, America might no longer exist) - so, either we manage our money prudently, or we work as greeters at Wal-Mart until we're 90. ;)

[So Cal Rocket]

[Wolfie]

The sooner it collapses the better. No more lies, no more smoke and mirrors. Let everybody know their money's gone but they get to keep what they earn from now on. (Hey, I can dream, can't I?)

[George from New England]

Does anybody think the TIMING of this collapse is prime for the 2004 election cycle?

It also seems like the natural gas shortage is being timed to hit this winter, just in time to place blame on GW. In many states, the enviro-wackos have forced the clean-air legistation to prohibit power plants from burning coal anymore and use only natural gas. There's not enough gas to go around.

[Libertarianize the GOP]

http://www.freerepublic.com/perl/bump-list

[cruiserman]

smash retirement plans for millions of Americans

SS is a retirement plan? I'd hate to rely on it for my retirement.

I thought it was just a way of keeping track of the population :).

[Eala]

It would also be very unfair for all those who paid in expecting to get their money back after they retired.

It's also unfair to those of us who never expected to get anything back but are forced to pay into this criminal enterprise.

[Rubber_Duckie_27]

Exactly. Give me the money that the government is taking away from me - I'll invest it on my own. I'd gladly sign away my rights to Social Security if it means I never have to pay into it again. I am not the only young professional I know who would like to have such an option. We'll never benefit from SS, so why should we have to pay into it?

[Ff--150]

Does anybody think the TIMING of this collapse is prime for the 2004 election cycle?

Yes, it is a trial balloon...

[UncleDudley]

I want a refund, with interest, in gold.

[The Westerner]

Social Security is a redistribution of wealth plan. It was never intended as an old age retirement package. If the WWII generation and their elders during the depression thought it was a safety net for old age, they were wrong. And now they are bitterly finding out. We all are. Redistribution of wealth is socialism 101--from each according to his ability, to each according to his need.

[El Laton Caliente]

But, but, the government involved in social programs works SO WELL!

I just can't wait to see how well socialized medication and medician works... /ROLL EYES!

[Galatians513]

we work as greeters at Wal-Mart until we're 90.

That was my plan too...looks like competition for those greeter jobs is gonna be stiff

[<1/1,000,000th%]

Not again!