Here’s John Quinterno of the Progressive Pulse in another attempt to make down-into-up, false-into-true:
This week marks the 73rd anniversary of the establishment of Social Security.
And for a 73-year-old, Social Security remains in surprisingly good
shape despite the passage of time and repeated attempts to undermine
America’s signature social insurance program.
What constitutes "good shape," Mr. Quinterno?
This: The Impending Fiscal Challenge? by economists at the Federal Reserve bank of Kansas City.
"The difference between expenditures and dedicated revenues is projected to grow over time. In 2018, this deficit is only 0.16 percent of GDP. However, the deficit is projected to grow to 1.1 percent of GDP by 2027 and 1.5 percent by 2040. This situation is clearly not sustainable."
Or this from the Government Accountability Office?
"The “Status Quo” Is Not an Option: We face large and growing structural deficits largely due to known
demographic trends and rising health care costs. GAO’s simulations show that balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to two times today’s level."
I’m now convinced. No, not that Social Security is in good shape. I’m convinced progressives have fully embraced Lenin’s dictum: "A lie told often enough becomes the truth."
-Max Borders
Max,
Perhaps Mr. Quinterno is coming from a different perspective. The fact that a government program has lasted 73 years without completely imploding (yet)could be considered a success – at least by government standards.
But seriously, in addition to the inevitable crisis facing this “signature social insurance program,” Social Security has robbed U.S. citizens of untold trillions in wealth they could have otherwise had if they were free to invest in their retirement themselves.
Not to mention the massive intrusion of government into our private affairs. More than 12% of the potential lifetime earnings of most working people will be confiscated by the government, then trickled back to us in payments determined by the government when we reach a random age chosen by the government, all for our own good of course.
Ahhh, sweet freedom!