The Investors’ Business Daily had an enlightening article on Wednesday with the above title. Summary.
The excess funds that came into the SSA during the baby boomers prime earning years were spent, and the government issued an IOU to the “Trust Fund”. Since 2010 more money has gone out to retirees than came in, the “Trust Fund” will go bankrupt now in 2029, and reduction of five years from just a few years ago.
Solutions. 1. Reduce benefits for retiring early. 2. Continue raising retirement age over time. 3. Reduce no benefits for current retirees. 4. Possibly tax benefits for the wealthy. 5. Have courage in Congress to address the issue.
Oh well, number five kills the deal. Political courage is lacking on both sides of the aisle. GW Bush tried to talk about this and was excoriated as trying to screw the elderly. The NUMBERS DON’T CRUNCH PEOPLE! WAKE UP!