Wednesday, January 12, 2005

No Problem with Social Security

According to Ted Kennedy. It's all Bush hype.

Even though the
Social Security Administration's own site has this to say:

Social Security's financing problems are long term and will not affect today's retirees and near-retirees, but they are very large and serious. People are living longer, the first baby boomers are five years from retirement, and the birth rate is low. The result is that the worker-to-beneficiary ratio has fallen from 16-to-1 in 1950 to 3.3-to-1 today. Within 40 years it will be 2-to-1. At this ratio there will not be enough workers to pay scheduled benefits at current tax rates.

and this

If Social Security is not changed, payroll taxes will have to be increased, the benefits of today's younger workers will have to be cut, or massive transfers from general revenues will be required.

But, then again, what's Ted Kennedy care? He'll be filling Depends at some nursing home in Hyannis before the economy collapses under the weight of entitlement programs and everyone realizes what an unbelievably assanine thing this was to say.


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