Social Security’s Looming Fiscal Nightmare

August 10, 2014

Just a reminder of another fiscal bomb set to go off.

International Liberty

With all the controversy over the failed and costly Obamacare program, it’s understandable that other entitlements aren’t getting much attention.

But that doesn’t mean there aren’t serious problems with Medicaid, Medicare, and Social Security.

Indeed, the annual Social Security Trustees Report was released a few days ago and the updated numbers for the government-run retirement program are rather sobering.

Thanks in part to sloppy journalism, many people only vaguely realize that Social Security is actuarially unsound.

In reality, the level of projected red ink is shocking. If you look at the report’s annual projections and then adjust them for inflation (so we get an idea of the size of the problem based on the value of today’s dollars), we can put together a very depressing chart.

How depressing is this chart? Well, cumulative deficits over the next 75 years will total an astounding $40 trillion. And keep…

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So, this turned into a weekend off…

August 10, 2014

hammock nap day off

Hadn’t intended it to; there’s certainly plenty to write about (1), but that’s… how it worked out. Enjoy what’s left of your weekend, folks, and be grateful you live in one of the few civilized places (2) left in the world.

Normal service resumes tomorrow.

PS: ST goes on hiatus. Like a good TV show, we hope she comes back, soon.

Footnotes:
(1) Have I mentioned those savages in ISIS need killing? I mean, really, really need it?
(2) No, I’m serious. A country willing to shoot down its own civilian airliner to have a pretext for war is not civilized.