Current Condition of Social Security
I found this article on the current condition of Social Security by Rick Kahler very interesting – and in alignment with my views…. At the heart of America’s overspending are two entitlement programs, Social Security and Medicare. Most Americans count on Social Security for a significant portion of their retirement income and on Medicare for their retirement health care.
I’m often asked, “Will Social Security be there for me when I retire?” That’s a fair concern when you consider the staggering size of our national debt, which is small compared to the “off balance sheet” liability represented by the unfunded obligations of Social Security and Medicare. Most lawmakers agree off-record that the only way these programs will continue to exist is if we make cuts in benefits and broadly raise income taxes on all taxpayers, not just the rich. Such a scenario probably includes a European-style national VAT (value added tax).
Read the complete article here: