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Steve McIntosh Report Blog

Social Security lifespan shortened

Recently its trustees reported the lifespan of the Social Security trust fund has been shortened by three years because of high energy prices and a slow economy. Social Security benefits will now run out in 2033, according to the trustees’ annual report.
The Medicare fund for seniors’ health care is scheduled to run dry in 2024, which is unchanged from last year, largely because of a 2 percentage point cut enacted by Congress last year.
Meanwhile, the politicians quibble.
We already know what’s needed: gradual, small reductions in benefits along with small increases in the contributions of working Americans. If done over time, these changes will be less painful and should make the trust funds solvent for generations to come.
I’m ready to make small sacrifices now to save the programs. But our elected officials believe that we Americans are so selfish and so timid that we cannot possibly be asked to do what it takes.
Our thought for today is from William Punshon:
“Cowardice asks: Is it safe? Expediency asks: Is it politic? But Conscience asks: Is it right?”

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Topics : LaborSocial Issues
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People : William Punshon

04/30/2012 1:08AM
Social Security lifespan shortened
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