199 comments on DrumBeat: June 29, 2006
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199 comments on DrumBeat: June 29, 2006
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I guess I mostly object to using SS as the example of "fraud" when the General Fund is currently running a deficit of >$500B per year, and the Medicare program has both long-term benefits which are simply not affordable and the payroll-to-income tax shift occurs much sooner than SS.
Of course, if the Peak Oil pessimists are correct and we're really about to charge over the edge of a production cliff, then SS isn't going to be around for long enough to worry about :^)
One can usually get to age 60 at least with obesity, but the numbers begin falling quickly after that.
http://www.cnn.com/2005/HEALTH/diet.fitness/03/16/obesity.longevity.ap/
I have to hand it to Republican propaganda on this issue. They have been very successful.
Consider the quality of the forecasts. Since 1996, the SSA shifted the first date out by six years, from 2012 to 2018. Since 1996, the SSA shifted the second date out by twelve years, from 2030 to 2042. The CBO, charged with forecasting the most likely outcome (and the SSA is not charged with that), says the second date is 2052 and the percentage is higher. I will cheerfully bet a beer that by the time we reach 2018, payroll tax revenue will still exceed benefits being paid, and that the forecast date for the shortfall to begin will have been pushed out to 2024 or beyond.
I have no issue with people who want to do away with SS on ideological grounds. The position that the government should not be involved in pensions is logically defensible (I happen to disagree with it, and polls suggest that 80% of the US adult population disagrees with it, but it's still a defensible position). Those who attempt to justify that position on the basis that "today's young workers won't get a dime from SS" are, however, saying something that is not even close to the truth according to anyone's forecasts, from the SSA to the CBO to the Cato Institute.