The change we can believe in:
Social Security will pay out more this year than it gets in payroll taxes, marking the first time since the program will be in the red since it was overhauled in 1983, according to the annual authoritative report released Thursday by the program’s actuary…
We warned about this and President Bush attempted to fix it. Democrats refused and, in fact, did everything they could to demonize the very concept of SS reform. Now, its going broke.
We had a window of opportunity for a few years to reform SS without undue pain – now we’ll shortly be forced to reform it and it will be very painful. We might be forced to benefit cuts and/or tax increases just to keep the current and soon recipients ok while we cast about for some sort of long term reform. This is the wages of first buying a system which was bound to fail, and then playing politics with it.
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