>> Trustees say they can pay 100% until '36, and 75% forever more
The liberal source you cited attempts to put a pleasant spin on the problem, leaving out key elements.
For example, when you reduce it to 75%, there is no trust fund. Those paying into the system are not paying for their OWN benefits. They're paying for other people's benefits. Why would they do that willingly? I certainly would not. WHO IS GOING TO CONTRIBUTE MONEY TO AN ANNUITY THAT, 40 YEARS HENCE, RETURNS YOU 75% OF WHAT YOU PAID IN?
That is the definition FDR gave for "failure" of New Deal programs.
Also, a point which is not mentioned, is that Medicare, and now Obamacare, are far bigger problems that must be addressed at the same time. When it is all over you have everyone in the country working, paying at least a 1/4 of what they earned, to pay for the benefits of people who are either dead or way beyond working age (and thus, contributing nothing).
It is utterly stupid to believe that young people are going to make this sacrifice for generation after generation.
At some point, they are going to say, "FUCK WharfRat. What did that sorry bastard ever do for ME?"
This is also known as "tax revolt". |
