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Social Security Needs More
Than Just A 'Tweak,' Mr. President

Investor's Business Daily, by Editorial

Original Article

Posted By:PageTurner, 10/6/2012 10:37:54 AM

Entitlements: Lost in all the attention to Mitt Romney's rout in Wednesday's debate was a gross factual error Barack Obama made when he addressed Social Security. No, Mr. President, it is not "structurally sound." At the beginning of the third segment of the debate, moderator Jim Lehrer asked the candidates to address economic issues and, specifically, their differing views on Social Security. Obama responded by saying "Social Security is structurally sound . .. the basic structure is sound." Maybe under some tortured definition the entitlement is sound. But in the real world, it's in trouble. Social Security is now in its

Comments:
Brilliant editorial.

      


Post Reply  

Reply 1 - Posted by: Salt5792, 10/6/2012 11:00:09 AM     (No. 8914075)

The prospect of Social Security motivates couples to not have children since they will not be needed to care for their parents in their old age. Result is a declining population. National suicide.

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Reply 2 - Posted by: woofwoofwoof, 10/6/2012 11:01:06 AM     (No. 8914078)

Well, ... I think the truth is sort of in-between. Social security already has been tweaked, the retirement age is rising a little, because people are living longer - much longer. A small reduction in benefits is coming, and yes, probably a small increase in taxes. A little more means testing, a little incentive for wealthier people to opt-out in favor of tax breaks on other money, and it's "good" for another fifty years.

The problem is near-term, since there was NEVER ANY LOCKBOX (because nobody has any idea how to build such a thing), NOW someone has to come up with the pretend-lockbox funds that were put away. That is a crisis NOW and will be a bigger crisis in ten to twenty years, exactly when me and my boomer buddies start really needing it.

I have really not seen this discussed accurately even in the financial press.

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Reply 3 - Posted by: whyyeseyec, 10/6/2012 11:50:44 AM     (No. 8914183)

I would not even begin to entertain the thought of raising the SSI age of eligibility unless the same was done in the govn sector. Being able to retire on a govn pension as early as 55 or 50 in some locations is a slap in the face to the private workforce taxpayer who must foot the bill for themselves and the govn workers. When anyone raises the specter of tinkering with the govn pension systems they go apoplectic in their outrage yet doing so to SSI seems somehow `necessary` for the solvency of the program.

If raising the age of retirement is good for the private sector then it must also apply to the govn sector or no dice.

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Reply 4 - Posted by: Kurto, 10/6/2012 11:52:43 AM     (No. 8914189)

Structurally sound, but owlgore's lock box is as empty as his head.

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Reply 5 - Posted by: stablemoney, 10/6/2012 1:21:38 PM     (No. 8914386)

I don't want Obama to tweak anything except his resume. He needs to get started.

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