Sunday, July 15, 2012

A clash of generations – 1 out of 6 Americans receiving Social Security benefits. A larger share of workforce dominated by older Americans.

The bill is coming due. A stunning 61,000,000+ Americans receive Social Security, Supplemental Security Income, or both. Add another 46,000,000+ Americans on food assistance and you begin to see why we are running on borrowed time on a variety of fronts. With Social Security, working Americans are taxed for current retirees. This works when you have a large and young work base supporting a relatively small retired population. That equation is not our current situation. In 1960 you had nearly 5 workers for each beneficiary. Today that number is down to 2.8 and will hit 1.9 in 2035. For many young and less affluent Americans this is the time they will enter into retirement. If we are having a hard time funding current programs what is going to change the math down the line?

The infinite deficits

The current system is built on debt financing and spending money we don’t have. We are running deficits much quicker with Social Security than once expected: Read more.......


  1. Social Security is a fraud and a shell game and it always has been. Here's one way you can tell this is so: public school teachers are NOT PART OF IT! I have been a school teacher for over 15 years and I have never paid Social Security taxes in all that time: we have our own retirement fund! If Social Security is so great, why wouldn't the teachers unions -- the biggest unions in the country btw -- be a part of it? Answer: because they know its crap!

  2. Do not forget that the federal government owes SS about $4 trillion in principle and interest from money they borrowed from SS over the years. Social security is funded by the recipients so before it is cut or ended the federal government better damn well eliminate all the free stuff they give away. All the welfare, unemployment benefits, disability, food stamps, farm programs and subsidies. All the excess federal employees and the unfunded portion of their retirements. All the education subsidies, loans and grants. After they do that if they still need to cut SS I will accept it.

  3. One big scam for the under class. Just like Obamacare.


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