Social Security Isn't Secure

More headlines designed to scare people into thinking the Government is Our Only Savior.

 

Poor economy worsens Social Security's finances 
WASHINGTON (AP) - High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday.Those trust funds will now run dry in 2033, according to a report issued by the trustees that oversee the massive retirement and disability program.Medicare's hospital insurance fund is projected to run out of money in 2024, which is unchanged from last year. The trustees, however, said Medicare spending continues to rise.Congress enacted a 2 percent cut in Medicare last year, which is the main reason the trust fund exhaustion date did not advance.

I think it's safe to say most people who are over 35 and who are working now, have felt for many years that Social Security will not be around for them when they retire. Yet, those over 55 who worked all their lives believe they are entitled to a cushy retirement based on the money they will get from SS. It's why so people get ticked off whenever there is talk of an overhaul.

As always, what is the government answer to this crisis?

The trustees said in their annual report that Congress should address the programs as soon as possible, but no action is likely before the November election.
"Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare," the trustees wrote. "If they take action sooner rather than later, more options and more time will be available to phase in changes so that the public has adequate time to prepare."

In regular people-speak this means cutting back on our expenses and coughing up MORE taxes to pay the bills. Congress should address the programs as soon as possible? Didn't President Bush try to do this? Hasn't his predecessor done this underhandedly through the guise of health care reform?

Really, right now, young working people need to double up their taxes: One to pay for the current generation of retired folks; the second for their own retirement funds years away. The second option need not be a **tax**- young people should be strongly educated and then encouraged to SAVE their MONEY for their own old age. Or so I think.