by TrogloPundit | May 15, 2011 2:32 pm
Just thought you’d like to know:
Social Security will run a permanent yearly deficit when looking at the program’s tax revenues compared to what it must pay out in benefits, the program’s trustees said Friday…
But never fear!
The trustees stressed that exhaustion of the trust funds doesn’t mean the programs will stop paying all benefits. Social Security could fund about three-fourths of benefits past 2036…
…when I’ll turn 66…
…and Medicare could pay 90 percent of benefits past 2024…
…when I’ll turn 54…
…under current trends.
That “under current trends” is an important phrase. Congress could enact changes to these programs that would in turn change these estimates. But the only “change” Democrats seem willing to pursue are tax increases. Short term (and maybe long term), tax increases would shore up these programs.
But only until the next time the bennies get better.
Republicans want to make other, more structural changes to the programs. Resistance to that will include some form of: “you’re taking away our Social Security!” Which will, in a way, be kinda-sorta true. Had I my druthers, Social Security and Medicare would look quite different than they do today.
But the real question I have for reform opponents is: why do you want to depend on a program that the government can take away? Wouldn’t you rather have something that you own?*
Via Memeorandum. Posted by The TrogloPundit.
*Note: yes, I know, the government can take that away, too. But come on, let’s have a little optimism.
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