“Social Security hits its wall in 15 years.”
Which is the year I’ll turn 67. nice
“Social Security hits its wall in 15 years.”Money in government hands justsits there orgets spent wastefully; it'srarelynever invested wisely.The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. - Adam Smith, The Wealth of Nations, Book IV, Chapter II (1776)
Which is the year I’ll turn 67. nice
Two things:
- The problem is not the nominal balance held by the Social Security Trust Fund. The problem is that whatever balance it does hold is “invested in safe government bonds.” That is, the US Treasury owes the SSTF all that money. Where, exactly, does the line item in the budget appear for retiring those “safe government bonds?”
- Given the insolvency of the entire mess, anyone who is on Social Security and finds themselves comfortably situated should seriously think about what Social Security is doing to their children and grandchildren - and should pass down to them as much of their Social Security as they can readily spare.