You Owe Uncle Sam $534,000

When most people get their social security statement, they flip directly to page 2, to see how much they’ll get.  The good stuff is really on page 1, however.  Here are some quotes from my 2011 statement:

“…the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today’s younger workers are ready for retirement.

“In 2016 we will begin paying more benefits than we collect in taxes.  Without changes, by 2037 the Social Security Trust Fund will be exhausted…”

Actually, we’ve already crossed that Rubicon.  Social Security is paying out more than it takes in.  And a recent report from Social Security says the Trust Fund will be exhausted a year sooner.

If you’re not disturbed yet, an article in today’s USA Today states that our governments total unfunded liabilities, including social security, medicare, and government pensions amounts to $61.6 trillion.  That’s $534,000 per household.

I don’t know about you, but I’m not prepared to pay that.

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About Mystic Cowgirl

I worked overseas in the aid game for longer than I'd like to admit and learned several important things: 1) Third World countries aren't poor because America is rich. They're impoverished due to socialist governments that provide neither rule of law nor basic infrastructures; 2) These socialist governments redistribute wealth from taxpayers to the government workers. There's no benefit to the poor or downtrodden, and certainly not to the general welfare in terms of infrastructure improvements. 3) America is moving toward the Third World model. Rule of law has been subverted because equality under the law is disappearing as special interests carve out exemptions to regulations and special favors under the law. The redistribution of wealth to government began decades ago -- total compensation for government employees now outpaces salaries in the private sector.
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