http://www.homelandstupidity.us/2007/04/26/
ten-years-left-for-social-security/
Ten years left for Social Security
By Michael Hampton
Posted: April 26, 2007 3:01 am
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By 2017 Social Security will begin paying out more in benefits than it collects in taxes and will have to begin redeeming bonds from the Social Security Trust Fund. Worse, Medicare is expected to cross the same line later this year, resulting in a massive fiscal crisis.
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Well, this certainly has to be added to the list of risk that the retiring baby boomers face.
Inflation is always the number one risk. You have to worry about a “wealth tax” that simultaneously devalues your savings, reduces the buying power, raises prices, and (usually) decreases your Social Security Insurance (a Ponzi fraud on a mammoth scale) earnings (i.e., the Gooferment calculates the inflation rate that it has to pay you based on?). Now you have to throw on the concern that you’ll get nothing for your SSI “contributions”! Look for lower benefits, increased taxation of benefits, means testing, making it more into a welfare program, and — when the Ponzi scheme breaks — the Gooferment walks away from the obligation.
That might be the thing that brings out the pitchforks and torches. Like during the French Revolution, that might not be a good time to be an aristocrat.
“Let them eat cake” might be superceded by “the Social Security trust Fund is broke”!
Reinke Faces Life 