That revelation, which was greeted with a ho-hum by the media, basically announced that by 2033, 21 years from now, the so-called Social Security trust fund will be empty. The only reason this was even announced is because we are approaching a presidential election campaign, and...
Just like a Ponzi scheme, S/S could survive only by bringing new workers into the program. At first, it was only private sector, non-farm workers. Then Farm workers, next some public employees were brought into it (kicking and screaming). Along the way, nearly all women joined the workforce and began to pay into the system (though there was no corresponding adjustment from the assumption that women were stay-at-home home-makers and care-givers. Now, there is not large body of people to rope into the system to keep it afloat - so it is sinking. Rapidly.
When Texas Gov. Rick Perry, then in the early stages of his short-lived quest for the Republican presidential nomination, referred to Social Security as "a Ponzi scheme," he was excoriated by the press, left and right, and by his fellow Republicans, as well. Earlier this week, government actuaries revealed that Perry was correct.
- Quotes of the day Allahpundit 7 hours ago
- Scarborough: A certain network should cover Bridgegate clearing as much as allegations Mary Katharine Ham 8 hours ago
- Remind me again, why isn’t Condi Rice running for president? Allahpundit 8 hours ago
- Following Scotland’s lead: 25% of USA residents open to breaking away Noah Rothman 9 hours ago
- Video: Does watching NFL games make you an ‘enabler’ of domestic violence? Guy Benson 10 hours ago
- Video: Remy solves “the ISIS crisis” as only he can Allahpundit 10 hours ago