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Steve McIntosh Report Blog

Should we fix Social Security?

I would like to see some minor changes in the funding and payouts on Social Security now, to keep the program solid for decades to come.
I know I am clearly in the minority, although I’ve heard many experts and former lawmakers say it’s essential to deal with entitlements if we ever want to bring down our national debt. Current lawmakers don’t have the political courage to do anything at all. 57 million Americans receive checks from Social Security, while 161 million support the system through payroll taxes.
A Pew Research Center survey indicates 45 to 46 percent of Americans favor keeping spending the same for Social Security. 41% want to increase spending, with only 10% calling for a decrease.
I find myself among the 10%.
Last year’s negative cash flow was 55 billion dollars. Social Security’s reserves will be fully depleted by 2033.
I want my children and grandchildren to know I was one of the few who favored fixing the problems while they were still fixable without much pain.
Our thought for today is from Warren Buffett:
“I violated the Noah rule: Predicting rain doesn’t count; building arks does.”

10/25/2013 1:18AM
Should we fix Social Security?
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