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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?


To: THE WATSONYOUTH who wrote (877156)8/1/2015 1:53:13 PM
From: i-node  Respond to of 1571928
 
A really good article that will, unfortunately, be read by very few and comprehended by fewer. Almost none of whom will be "young," as young people don't give a crap.

Back around 1981 I read an article in the NY State "CPA Journal" that was an interview with the former chief actuary for Social Security. At the time, there was the debate over how to shore up the program. In that article, he said that by 2040, whatever they did to shore it up, it would be broke. A pretty damned good call if you asked me.

And he flatly stated in that article we would be facing a tax revolt. That's how tax revolts happen: taxpayers are called upon to pay money for something that doesn't benefit them one iota.

For now, Bernie Sanders is running around feeding into the narrative that idiots buy into: All we have to do is raise the cap. Bullshit. Young people are going to be willing to throw their money away for so long -- probably until their parents are dead -- then they're going to stop.

I'm reminded of people who try to quit smoking and can't do it. You can't do it because there is no sense of urgency. But once the urgency gets here, it is too late.



To: THE WATSONYOUTH who wrote (877156)8/1/2015 2:13:24 PM
From: i-node  Read Replies (2) | Respond to of 1571928
 
By the way, there was a great line in the comments after that article:

"We're just eating the seed corn now."

That guy is absolutely right. By any reasonable view of it, it is already broke.

Next year the disability income trust will bust out. I suspect they'll just grab money out of the main SS trust to cover that. A few trillion a year.

This thing is a house of cards and ultimately it is going to fall.