Skip to content
{ 2004 09 02 }

Social Security IS In Crisis

I subscribe to the American Progress report, a daily email update of links and news.

I am generally supportive of the points that they make, but this just blew me away.

SOCIAL SECURITY IS NOT IN CRISIS: According to a recent report by the Congressional Budget Office, over the next 75 years, the Social Security shortfall is projected to be 1 percent of all taxable income. Even at current levels, Social Security will be able to pay full benefits until 2052 (http://www.cbpp.org/6-14-04bud.htm)

Here’s what I wrote back (not sure if anyone reads the replies).

What happens then? I should just not worry about receiving benefits for the taxes I'm paying now? I retire in 2048. I think it is extremely naive to just bury your heads and say it's fine until then. That's not fine for me or anyone younger.

Social Security needs to be sustaining indefinitely, or else we need to make some serious decisions on the levels of benefits going forward.

I am extremely concerned about the CRISIS that will explode in the next 50 years when people actually realize the mess that this has become.

If Gov't was forced to use accrual accounting, the true costs of would come clear.

I'm extremely upset at BOTH sides for basically mortgaging our future, and only thinking until their next election. These issues, (medicare, social security) need to be discussed, planned and implemented with time-horizon that is equal to infinity.

Unfortunately I hold little hope of that happening, or myself ever receiving a social security check.

Taxes need to be increased now. We need to have a balanced budget. It is essential to the continuation of our country's well-being.

Everyone knows, when you buy a house, you start paying now, so that in 30 years, the house will be paid off. This is no different. You can’t live in a house for 29 years, and then pay for it in the 30th, unless you are the most disciplined saver in the world (which I would imagine most people are not) And who will lend you the money for 30 years and trust that in the 30th year you’ll be able to pay it off? No one.

We can’t wait 50 years to figure out how to pay for Social Security, because in 50 years, we won’t be able to afford it.

Posted by A.J. on Thursday, September 2, 2004, at 12:53 pm, and filed under Politics. Follow any responses to this post with its comments RSS feed. Comments are closed, but you can trackback from your blog.