Skip to Content.
Sympa Menu

homestead - Re: [Homestead] One More View of Social Security

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: Rob <becidawa AT hctc.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] One More View of Social Security
  • Date: Mon, 14 Feb 2005 19:00:35 -0800

At 2/13/2005 11:17 PM, you wrote:

The Skinny on Social Security

his was a good article if the numbers quoted were accurate.


By Michael I. Niman, ArtVoice 2/10/05

The corporate media has been making a lot of noise lately about the
so-called "Social Security crisis." And those in the alternative media
have been assuring us that there is no crisis, based on interviews
conducted with a plethora of economists both in government and academia.


Here are the facts. Lots of Americans were born during the 15 or so
years following the end of World War Two. We call this the baby boom.
Boomers have demographically passed through time like a big fat rat
flushed down the toilet, clogging public schools, colleges and
ultimately the job market with their mass. The big fear is that
ultimately when this demographic blip reaches retirement age in about
ten years, they'll burst the Social Security pipeline and throw the
system into ruin.

Social Security administrators, however, saw this blip coming a
generation ago, and adjusted payroll taxes so that the payroll system
would run a surplus - enough to support itself until the last of the
baby boomers die of old age.


Here are the numbers.

At this point (2028 or later), Social Security will dig into the nest
egg it built up specifically for the purpose of getting over this
hump. The trustees, including a number of Bush administration cabinet
officials, predict that this nest egg will be depleted in 2042. The
Congressional Budget office predicts this will occur in 2052.

In 2052 I'll be 99 years old, that really does put it into perspective.

I have not been watching much of the media lately, do they keep bringing up Mr. Bush's numbers and ignoring the others?

I suspect that again, this is the time to follow the money if you want to know what's really happening.



Rob
becidawa AT hctc.com




Archive powered by MHonArc 2.6.24.

Top of Page