Posted on 10/08/2004 6:49:11 AM PDT by stocks05
Getting into the last month of campaigning before November 2nd roles around, neither Bush or Kerry has elaborated upon a plan to secure America's gloomy future. I am not talking about the War in Iraq, Peace in the Middle East, or global terrorism, I am talking about Social Security, the third rail of politics. Currently, there are only 2.7 workers financing every retirees' retirement. This is not a new problem- its been looming around ever since LBJ screwed things up for America in his "Great Society." With every paycheck I recieve, I cannot help but notice the many taxes that dilute the total sum of money I should recieve for my labor. There is of course a federal tax, a state tax, a Medicaid tax, and a Social Security tax. FDR created Social Security to insure Americans could rely on some type of nest-egg during retirement, a semi-investment. When LBJ opened up the Social Security fund to people with disabilities, our investments payed for someone elses wealthfare. This was the single most devestating legislative manuever that anyone of our presidents has ever made. The year is 2004 and Social Security will inevitably die in a decade. The baby boomers will retire, and at age 65 they will eat up more and more of our money that we will never see again. President Bush created a Social Security Commission in 2001 (evenly divided between Democrates and Republicans) to find the kinks of and create the solutions for the system. Unforutnatley events occured in America which blinded our representatives and our citizens of what is to come at the expense of millions of Americans. John Kerry: "I Will not privatize Social Security nor cut benefits." (Jul 2004) "I will never privatize, extend retirement age, nor cut SS." (Jan 2004) "Guarantees Social Security soundness, even if unpopular." (Sep 2003) "Don't threaten Social Security on Wall Street trading block." (May 2002) Both men will tell us what they will not do, but they will never tell us what they will do. You either privatize the Social Security funds for the younger generations while shifting apporpriations of our budget into paying off the money that current retirees put into the system, or you can sit back and watch while in a decade Social Security will become the 9/11 for our future.
Sholander
I agree. The politics of neither candidate daring to even discuss this approaching entitlement nightmare are maddening as well. I read an article here yesterday that estimated these entitlement program costs to be in the neighborhood of $70+ TRILLION!!!
What I don't understand is how millions of the Greatest Generation will be receiving benefits but never actually paid a single cent into these funds during their working lives!
Ridiculously-higher taxes is the only solution to the CURRENT system, since neither party is willing to take the political risk (of losing the Grey Panther voting bloc) of reforming the system. Be prepared for income tax levels in the 40s over the next 10-20 years.
"Unless action is taken soon to strengthen Social Security,in just 14 years we will begin paying more in benefits than we collect in taxes.Without changes,by 2042 the Social Security Trust Fund will be exhausted"
Lovely,just lovely.
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