Yesterday Investors.com posted an editorial about the fact that Social Security is now paying out more money than it takes in. Meanwhile, Representative Nancy Pelosi celebrated the beginning of a massive new entitlement program. Social Security will run a deficit during 2010 due to early retirements of people who could not find jobs and less income coming in from taxes due to rising unemployment and lower payroll tax receipts. According to the editorial, the 2010 shortfall is expected to be $29 billion.
This is a problem George W. Bush attempted to fix, but the Democrats told everyone that the system was solid and that George Bush was lying when he said that the system was in trouble. MoveOn.org even put out a piece that said President Bush was using scare tactics and Social Security was solid until 2042. These are the same people that are telling us that the new healthcare reform will save us money. They really don't have a great track record!
The editorial points out:
"Private, insurance company-run annuity plans are legally required to pay you what was promised, when it was promised, and to maintain assets sufficient to redeem those promises. Social Security is not, and any insurance company CEO that ran a Ponzi scheme like Social Security would soon be incarcerated for fraud."
Unfortunately the government does not hold itself to the same standards of integrity that it demands of private industry. They have been spending the reserve Social Security money since the 1960's. There has never been a Social Security Trust Fund--it has been spent. This is another thing we need to remember as the healthcare reform bill begins take effect.
A new Congress is needed--one that will deal with the problems of our current entitlements rather than create new ones that add to the problem.
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