Social Security example of government rigor mortis
Posted: October 02, 2010
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Social Security passed in 1935. Although there have been changes in the way of tax increases and expansions of the program, Social Security is essentially the same system as was passed 75 years ago.
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Americans are retiring earlier and living longer. In 1950, the median male retirement age and male life expectancy were about the same – 66. By 2005, the median retirement age for men was under 62 and the median male life expectancy was over 75.
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And the promise we get from our leaders is that they will save and preserve a system that was conceived 120 years ago and enacted here 75 years ago. This is leadership?
Not only is our Social Security system unsuited to our times, it is bankrupt. It went into a deficit situation this year and its overall unfunded liabilities – the total amount promised less the total amount for which there is funding – is almost $20 trillion.
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Clearly “Social Security Insurance”, which is NOT Social, NOT Security, NOT insurance, is an meme that no longer fits. If it ever did! The stated public purpose was “welfare” when the public was scared by the Great Depression; the unstated private purpose was to amass political power. It basically setup many if, not all, of the problems that we are facing today. Bu allowing the Gooferment to raid the “mythical lockbox”.
How can you “insure” against old age?
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