- Get ready kids. It's time for more scare stories about
Social Security.
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- The New York Times weighed in today with a dire warning
that this year, six years ahead of what had been predicted only a few years
ago, the Social Security system would be (cue scary music) paying out more
in benefits than it takes in from the payroll tax. The reason for this
earlier-than-anticipated event is the Great Recession, the paper explained.
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- Well yeah. If you were 62, or 65, and you had lost your
job, with no likelihood of its coming back, wouldn't you, once your unemployment
checks ran out, opt to start your retirement earlier than planned, so you'd
at least have some money coming in each month? Oh, and with 10 percent
of the work force currently unemployed (actually close to 21 percent if
you count the people who have given up looking for a nonexistent job, and
those who have taken some low-paid part-time work out of desperation),
there is a lot less money being paid into the Social Security Trust Fund.
So with beneficiaries rising faster than anticipated, and the total national
payroll in sharp decline, of course things have gone negative for Social
Security earlier than originally anticipated.
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- So what to do about it?...
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- For the rest of this article, please go to:
- http://www.thiscantbehappening.net
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