How Sustainable Do You Think This Is?
There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees.
That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government.
…In its latest annual report, the Social Security board of trustees reported that the federal government’s total revenue from Social Security taxes in 2010–$544.8 billion–was not enough to cover Social Security’s total benefit payments–$577.4 billion.
…The board of trustees also reported that there were 156.725 million “covered workers” in the United States who paid some Social Security taxes during 2010. But these 156.725 million “covered workers” included all workers–including government workers–who were “paid at some time during the year for employment” on which Social Security taxes were due. People who worked full-time for 52 weeks during the year were included with people who worked only part-time for a month.
…That meant, as the Social Security board of trustees reported, that there were just 2.9 “covered workers” who paid some Social Security taxes in 2010 for each individual who received Social Security benefits.
Social Security is already in the red and every last dime that has been paid in Social Security taxes from the day the program started until today has already been spent. So, if you’re married and both you and your wife work, the two of you are personally paying the benefits for your own personal senior citizen.
Meanwhile, the ratio of workers to retirees is going to get even worse, the value of every dollar you’ve earned is going to continue to shrink because we’re inflating the currency, and within a decade we’ll be spending more on, not the actual debt, mind you, but just the interest payments on the debt than we spend on the military. What do you think your other taxes will look like then? How long do you think this can go on? Certainly not indefinitely….and if you think there’s some smart guy out there with an easy, painless solution to this problem that involves taxing some rich guy’s yacht or just cutting “waste,” you are sadly mistaken.
NoisyRoom.net Hat Tip: BB Richard A. Viguerie is absolutely right when he calls most of the Republican leadership “boneless wonders.”
In 2010, the Social Security Trustees Report said Social Security would be able to fulfill all current obligations until 2036.