Skip to comments.Save Social Security: Restore Economic Growth (3 possible scenarios we can look forward to)
Posted on 05/12/2012 10:39:58 AM PDT by SeekAndFind
The April release of the 2012 Social Security Trustees Report has occasioned considerable media coverage. Much of this coverage has emphasized the report's finding that the date for Social Security's bankruptcy has been pushed to around 2033 (the 2011 report suggested that bankruptcy would instead occur in 2036). Yet the implications of this report are not confined solely to the matter of public finances, and policy reforms for Social Security are not the only thing that could improve the outlook for this program.
Like many federal programs, Social Security is dependent upon the health of the broader U.S. economy; the poor economic performance of the past few years (if not the past decade) has taken a considerable toll on the program. In thinking about managing Social Security, the right should not miss the influence of economic performance upon the sustainability of this federal program.
The Trustees Report lays out three scenarios for the future of Social Security: low-cost (where there's less unemployment and higher growth), high-cost (slow growth and high unemployment), and intermediate. The projections Social Security uses are based on the intermediate model. Under this model, after a brief spike in growth, real GDP growth would hover around a little over 2% for the foreseeable future. The combined retirement and disability trust fund would be exhausted in 2033, being able to make 75% of its obligations by that point. By 2086, Social Security would be able to pay for 73% of its promised obligations. However, there are no guarantees that this scenario will come to fruition.
Furthermore, Social Security's finances could be even worse than this report anticipates. The report estimates that unemployment will drop under 8% by 2015 and that real GDP growth will be over 3% a year for a number of years after 2014.
(Excerpt) Read more at americanthinker.com ...
Social Security was never meant to have foreigners take their work record to their embassies and file for social security in this country. Never paying a penny in the system they receive FULL social security benefits.
DEFUND/DISBAND domestic socialist schemes. Eliminate socialist-induced debt, eliminate fraud, eliminate waste, eliminate the large UNaccountable bureaucracy (more make-work for socialists) overseeing it, eliminate the OASDI Trustees, eliminate the reports.
Let the responsibility rest with the individual.
live - free - republic
Socialist Security liability practically mirrors U.S. national debt...(here)...
“Socialism, like the ancient ideas from which it springs, confuses the distinction between government and society.”
“Socialism is legal plunder.”
“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.”
“Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. This will be no light task.”
Quotes - Frederic Bastiat 1801-1850
We are fortunate that we can still vote them out of the body politic. Examine some of the damage they, their collectives, their enablers have done.
SS is bankrupt as of last fall (or the fall before I have forgotten). We currently borrow money from China to pay for pensions for seniors. It is difficult to imagine anything more stupid than that. The Chinese know that that we will never pay them back but they put up with it as long as we (seniors included) turn around and spend the money buying Chinese crap.
My only regret about SS is NOT that I’ll get totally screwed on what I’m able to collect....
But that THE BASTARDS who did this will skate on the blame.
I think we stopped borrowing from China a couple years ago.
Now we just have Bernanke manufacture “money” on computers.
I’ve written this a hundred times and will probably end up doing it a hundred more. Last fall, in the middle of a failed Presidential bid, Cong. Thaddeus McCotter of Michigan, introduced the SAVE SOCIAL SECURITY ACT,(HR2889)which saves Social Security WITHOUT raising the retirement age, WITHOUT increasing the withholding tax, WITHOUT reducing benefits and WITHOUT privatizing the system.
Written along with Peter J. Ferrara, the bill, as scored by the Social Security Actuary, would be the largest reduction of government spending in the History of government, yet it was buried, along with McCotter’s candidacy, by the liberal media and, unfortunately, conservatives as well. If Romney is the nominee, he should take this plan and run with it as it fixes the system without raising the ire of seniors. It changes nothing for anyone over 50.
EXACTLY. The originators are dead and buried. We could dig them up and give them a proper hanging. Their enablers and sycophants are still around. We can DEPOPULATE them from the body politic and DISMANTLE their socialist schemes.
Socialists desire to practice legal plunder, not illegal plunder. Socialists, like all other monopolists, desire to make the law their own weapon. And when once the law is on the side of socialism, how can it be used against socialism? For when plunder is abetted by the law, it does not fear your courts, your gendarmes, and your prisons. Rather, it may call upon them for help.
To prevent this, you would exclude socialism from entering into the making of laws? You would prevent socialists from entering the Legislative Palace? You shall not succeed, I predict, so long as legal plunder continues to be the main business of the legislature.
Italics - Frederic Bastiat 1801-1850