Social Security is a Sinking Ship
Friday February 4th, 2011 • Posted by Emily Skarbek at 11:05am PDT • 3 Comments
A wonderful graphic by Third Way is available here showing the path of Social Security towards insolvency.
Jim Kessler and David Kendall advocate:
“a ‘Savings-Led’ Social Security reform plan that actually increases the program’s progressivity. Our plan makes roughly two dollars in benefit reductions for every one dollar in revenue increases, and achieves solvency while enhancing economic growth.”
I am highly skeptical this proposal can achieve what it claims and I oppose these policy measures. Instead, I advocate allowing individuals to choose where to place their savings rather than rigging up a scheme to coercively attempt to make the Titanic float.
HT: William Shughart II
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Art LaGrange says:
Social Security was never designed to support a non-working population for 20 years, particularly with fewer offspring per family supporting the program at the base of the pyramid. Living longer will obviously require contributing longer.
Aborting Social Security one baby (or one birth control pill) at a time hasn’t helped but that’s part of the price DINKs (Dual-Income-No-Kids) will pay while the OINKs (One-Income-Numerous-Kids) play with their grandchildren.
What kind of social security will the next generation want? Governments can create a safety net that works for some of the people some of the time, but ultimately their legislated world without love comes crashing down. Children, on the other hand, can create a world full of love.
So be fruitful and multiply. Before it’s too late, procreate! (Try it, you’ll like it!)
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Barbara Estes says:
How do you know that Social Security was never designed to support a non-working population for 20 years? There is enough money in Social Security to last us 73 more years (trust me, I did my homework on this one). Do you not think that maybe wars cost money also??? The “Fat Cats” ALWAYS have enough money in THEIR wallets. Sure, they’re taking it away from the needy and the poor and giving it to themselves. We have a HUGE debt, but it’s definitely not because of Social Security. We spend money like drunken sailors and then wonder where the money went. Do YOUR homework and you will see that I am right about Social Security.
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In order to make clear about setting up of the idea of welfare economic system in to practice, it is better to draw at first about the simplest picture of its over all design so that every citizen can understand. A raw political campaign will find another gate of controversy in its further implementation, because there are too many down roads that may be taken into account and may come to another scandalous gate of monetary policy