Posted by: arnegrim | July 27, 2010

Soaring deficits, spiraling benefits

“The Social Security system today faces a threat greater than the drive for partial privatization by George W. Bush.

“That’s not hyperbolic,” says Nancy Altman, codirector of Social Security Works, a group dedicated to preserving the system that provides income for 50 million retirees, the disabled, millions of children, and more. Her fear is that President Obama’s bipartisan National Commission on Fiscal Responsibility and Reform will recommend cuts in Social Security benefits as one means to reduce the burgeoning federal budget deficit”

Privatization doesn’t look so bad now…

Especially in light of the fact that SS costs are expected to rise about 1% (of GDP) by 2030… and yet health-care costs (with the new fangled Obamacare) is expected to double to 10% (of GDP) by 2035…

so if they can’t afford a 1% increase in Social Security… how will they afford 5%?!?


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