Wednesday, January 26, 2011

Social Security and Permanent Annual Deficits

I just read an article about Social Security that sent a chill down my spine.

If politicians fail to shore up Social Security, it will run in the red every year going forward. This is according to Congress Budget Office.

Most people have no confidence in Social Security. I know I don't. I have even lower expectations of our lawmakers when they say they will fix Social Security. We will be borrowing more and more money at this rate. But, what do the politicians care. They have a big, fat pension to take care of them. If I had my choice, they would lose those pensions and have to do the same thing I have to do. I have to depend on Social Security and my 401(k). Very few businesses still have pension programs. However, the government is full of them.

What are we going to do? We have to make so very tough decisions and we will need to make them quickly. The CBO also pointed out today that we will see a $1.5 trillion deficit in our budget. Progressives believe we can spend our way to prosperity. Good luck with that one. I guess they believe that we all live the "lifestyle of the rich and famous". Think again!

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