Wednesday, January 19, 2011
SSA Delenda Est?
It seems the Social Security Administration went broke last year to the tune of $76 billion owed to pensioners and the disabled. And only now are people noticing the cratering of one of FDR's signature policy triumphs. This article's writer seems shocked over the news. I hate to tell the writer but many people for more than two decades have been warning of this collapse of this grandiose Ponzi scheme, among those sounding the alarm bell was Ronald Reagan. And it will only get worse unless Congress puts back all the billions of dollars that have been siphoned from SSA to the General Fund over the decades. With thousands and thousands of Baby Boomers now hitting retirement age every day, it will get worse until its fixed or it breaks forever. To paraphrase Margaret Thatcher, you can only steal money from someone else for only so long. The pigeons of FDR are coming home to roost and the spending spree of the past fours years leave the federal coffers drained and incapable of buying time to fix things.