The Democrats engaged in a great deal of demagoguery during the 2012 campaign regarding Paul Ryan's dedication to fixing our Social Security and Medicare systems so that they can avoid total collapse in the decades to come. They utilized the standard scare tactics (throwing granny off a cliff) as well as accusing Ryan of being "stupid" and a "liar." The one thing they did not do - because they could not do - was offer any kind of solution of their own. Obama and Reid didn't even bother kicking the can down the road. They simply ignored the can altogether and counted on the ignorance of Democrat voters to see them through to election day.
Well, the strategy succeeded but it was surely a hollow victory since the iceberg is still lurking out there in the future.
A central factor in the looming financial crunch is the fact that our society is aging. The “Baby Boom” generation has already started to collect their Social Security retirement benefits. As a result, there are fewer workers to support each retiree than when Social Security was created. Increasing life expectancy and the approaching retirement of more Baby Boomers continues to put increasing pressure on Social Security each year. Over the next several years, the number of retirees is expected to grow more rapidly than the number of individuals whose taxes will pay for future benefits. Because of this, the number of workers supporting each Social Security recipient is projected to fall.Luckily, we still have Paul Ryan working hard in the House of Representatives on behalf of the American people.
According to the 2012 Social Security Trustees Report, beneficiaries will face a painful 25 percent benefit cut in 2033 when the Trust Funds are exhausted – three years sooner than projected just last year. At that time, even those who are currently on Social Security – those now 62 and older – may experience indiscriminate cuts in benefits at a time when they are increasingly reliant on the program.
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