LDOTR: Walter E. Williams
Walter E. Williams is by far my favorite talk radio fill-in host. He's an economist/professor by trade, and I wish he had pursued having his own show.
Today, he was blunt: Social Security and Medicare will bankrupt this country in the future. Current politicians have zero motivation to solve this problem for future generations.
One of my biggest disappointments with Bill Clinton was his failure to address the problems with Social Security. Watching the Democrats derail Bush's attempts to fix Social Security a decade later was equally disappointing.
Look: the stats don't lie. The Federal Government cannot afford Social Security in the coming decades. This needs to be fixed immediately.
Mr. Williams expressed his lack of faith in the current American public doing anything, going so far as to say that if James Madison had run for President today, preaching the economic ideals of the Founding Fathers,, he would have been "run out on the rails."
Similar Posts:
- Bernie Williams Interview on WFAN
- Peter Barker and J. Janah Jameson discuss politics
- Things I Learned Today from 3 Widows
- Obama Interviewed by Smerconish
- Food Court Empty; Economy Done
- Classic 80’s movies like Wargames
- Embassies in Yemen, Airport Security
A Google archive search has the same issue going back to Goldwater/LBJ in the 1960’s.
I also read projections from experts predicting a March 1979 and 1983 collapse if changes weren’t made.
There were problems back then that were addressed. They raised the FICA tax, began increasing the retirement age, and delayed increases in benefits due to inflation.
So, based on that, the Government will allow us to touch our benefits when we’re 80, just like that old guy who was on an episode of Buck Rogers.
Years ago, I hoped for a logical solution to this … Obviously, that was a vain hope.
Looks like the Government will do in this case what they do best: push the problem into the future.
Well, I agree of course. Just saying that the Gov. can come up with a solution in 1-10 years and save it again…until the next prediction.
I know what the stats say and how convincing the experts are, but the projection is based on the Gov sitting on its hands for the next decade or two.
any “expert” who says handing the money to the stock market to be invested is a good idea to me is probably just a shill for wall street
letting the money be invested did not sound like any kind of a good plan to me, and Im glad it was shot down if thats what the plan was.
preserving medicare and social security may require a raise in taxes, but the truth seems to be that social security and medicare are more stable than the stock market, or these brokers/investors.
Bush’s attempts to “fix” social security sounded to me like he was gonna tax the poor so he could give the money to the rich, who when after they have “lost” the money could declare bankruptcy while still retaining millions of dollars and living in penthouses.
I have a feeling that that is exactly what would have happened.
Sigh … Social Security is a defined benefit plan. Many pensioners who were enrolled in private defined benefit plans have seen their benefits reduced to pennies on the dollar because corporations underfunded those plan.
Most corporations have switched to defined contribution plans (like 401k plans).
The Social Security fund is also underfunded, using today’s tax dollars to pay out benefits.
Personally, I would rather have a defined contribution plan where I could invest in Government-backed bonds, knowing I could begin withdrawals at age 59.
Instead, the retirement age for someone like me will probably be increased to the modern life expectency to reduce costs. Translation: I will never see the Social Security benefits I’ve been paying into.
Anyway, back to the Wow-Wii. Have to defeat Darth Maul and save Cinderella. Goodnight.