Social Security retirees will overwhelm the national debt for the next 20 years

Social Security benefits will overwhelm the national debt for the next 20 years

Did you know that every day, for the next 20 years 10,000 Americans will become eligible for Social Security benefits? And the question is: How will WE pay for this? I will try to refrain from the usage of “government pay” because it is the taxpayers that pay.

Recently Rep. Paul Ryan, a Republican from Wisconsin, asked the Congressional Budget Office to determine by how much marginal tax rates would have to increase to pay for entitlement spending over the coming decades.

The CBO says marginal tax rates for every bracket, along with corporate tax rates, would have to more than double. In doing this, the CBO determined it “would significantly reduce economic activity and create serious problems with tax avoidance and tax evasion.” The CBO warned, such rates “would probably not be economically feasible.”

If our government tries to borrow money to pay for entitlements, the CBO says, we’ll run up unsustainable debt by 2050. In short, we would destroy our nation’s economy. Income would stop growing and, by the late 2040s, actually start to contract. Hell, I think we are already in the middle of destroying our economy right now. What I can’t believe is how ignorant Americans are. They are willing to destroy the economy of this country to support their own ass and to destroy the future of this country for their children and grand children. How pathetic. We have absolutely no common sense in this country.

Anyways, here are a couple of ideas on to fix this problem:

* It’s time to start raising the retirement age. Social Security started in 1935 and people that started receiving it were lucky enough to live to 65. But now, we are a lot healthier and living longer. We’ve made major medical advances to prolong life. And our population continues to grow. I on the other hand am actually “pro-death”. We need disease, the right to abortion and the right to euthanasia. Sounds a little rough, but I’m “dead” serious, no pun intended.

* We need to have personal retirement accounts. America, it’s time to start saving and stop spending. We need to become savers. The way that private Social Security would work is that the Government would force employers to offer basically almost a 401k type plan where you are forced to put a certain percentage of income into this retirement account, you pick what you want to invest in and that’s it, the money is YOURS! It doesn’t go into a big pot, where everyone is putting their grubby hands into. I have plenty of links for you to check out and they all have great information.

* The last thing that will help with our Social Security issue is passing the FairTax Act. Do you know what the FairTax Act is?

* Ensures Social Security and Medicare funding
* Enables workers to keep their entire paychecks
* Enables retirees to keep their entire pensions
* Refunds in advance the tax on purchases of basic necessities
* Allows American products to compete fairly
* Brings transparency and accountability to tax policy
* Closes all loopholes and brings fairness to taxation
* Abolishes the IRS

Visit www.fairtax.org to find out more.

Read the full Washington Times article on Social Security.

The history of Social Security. Link.

Get the facts on Social Security reform. Link.

In the 1980’s, Galveston County, Texas created a privatized Social Security through a loop hole before Congress blocked that hole. This is a must read! Link.

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Tags: Democrats, government, Paul Ryan, private social security accounts, Republicans, Social Security, the fair tax

2 Responses to “Social Security benefits will overwhelm the national debt for the next 20 years”

Tom Krop Says:
July 14th, 2008 at 9:00 am
Broadening the tax base to include everyone who sets foot on U.S. soil is the answer to the funding of Social Security. That pick-up truck you see driving down the rode pulling a trailer full of lawn equipment with no sign on the side of the truck and no phone number. Is he paying Social Security taxes? Are his employees? Maybe! My guess is this is strictly a cash business. This is an example of the $1 trillion plus underground economy that goes untaxed, and I don’t blame them one bit. People like this, in my opinion, aren’t much different then those at the upper income levels. People with the million dollar plus incomes pay taxes. In fact they pay the largest percentage of taxes, but they are also the ones who can take advantage of so many deductions and loopholes
that the average tax payer dosen’t even know exist.

When the media and politicans talk about tax reform and Social Security they only talk in terms of current tax payers. They treat tax reform and Social Security as separate subjects. They never consider the total number of people in the country at a given time. The FairTax does. The FairTax is the only fair and rational way to cure the funding problem of Social Security. The FairTax does so much for this country and it’s citizens it must become law. That, however, will come about only in one of two ways. The first is a unified deafening public outcry. The second is the near complete collapse of our country. I prefer the former.
Hurricane Says:
July 14th, 2008 at 6:01 pm
While I agree with some of your ideas I do not agree that we need to raise the retirement age.

While people are living to be older; the quality of life for most retirees are poor. Limited mobility; chronic health problems; and degenerative mental ailments pretty much make alot of retirees useless when they get to that retirement age.

This is not going to improve it is only going to get worse as the next gen of “obese” Americans began to enter retirement.