Of course, I’m not an economist but people who are economists share my belief that the Social Security system in this country is beyond redemption:
Readers of this column who pay income taxes should brace themselves for the substantial new taxes that they will soon be paying to bail out a Social Security system whose cupboard is already bare – a Ponzi Scheme whose Trust Fund is full of Treasury IOUs instead of invested monies from past payroll taxes.
The politics of entitlement is very ugly. Politicians simply cannot keep their thieving hands out of an apparently limitless money jar. Addicted as they are to the jar’s contents, they ruthlessly renege on contracts when the jar runs empty.
And of course, politicians are above the law. They cannot be sued in the courts for breach of the Social Security contract.
By the time I get to the retirement age, there will be nothing whatsoever left in the Social Security Trust Fund, so I’m not even taking it into consideration as a hypothetical for the time when I retire.
Once again, if you have better news for me, feel free to share. As you have probably noticed, I always try to see the positive side of every development (see here, for example), but I can’t see my way past the realization that Social Security is dead and gone.