>> Without such a crisis Social Security could easily be around for centuries
Social Security SHOULD be around for centuries -- the planning horizon for such a plan OUGHT to be centuries.
But the reality is the plan will essentially be out of money by the time it completes ONE century, and there is little chance of it surviving 50 years beyond the first century, let alone 100 -- particularly, given the burdens of other entitlements (if it were SS alone, I think it could make it -- but with Medicare, too, in trouble, it is difficult to envision).
Our ability to borrow money to fund these programs is quite limited. In fact, I believe it was Greenspan who mentioned on Sunday that for the first time, he thinks our borrowing ability may be threatened.
So, while the programs could theoretically be around indefinitely, as a practical matter they have a remarkably short lifespan.
These are programs which do ONLY one thing well: They rob future generations of their wealth, and pay that over to prior generations to make for a more comfy lifestyle now.
It ought to be a crime, if you ask me. |
