Beliefnet
Jesus Creed

What will happen to Social Security? Jack Cafferty, the most lovable curmudgeon I follow, got it going on this topic the other day at CNN.com. Here’s a bit and I wonder what you think:

First it was the banks and car companies… and now it looks like Social Security is the next in line for a taxpayer bailout.

Fortune Magazine’s Allan Sloan writes that for the first time in 25 years – Social Security is taking in less than it’s spending on benefits.

That’s because For decades – the government has been using the surpluses from the nation’s largest social program to pay for other things; and now Social Security is running out of money and pretty much consists of IOUs……..

Things haven’t been so bleak for the government trust fund since the early 80s – when it came very close to running out of money. Back then, the government wound up trimming benefits and raising taxes – which led to the significant cash surpluses.

Meanwhile Social Security already provides more than half the income for most retirees; and with millions of people seeing their home values and stock portfolios slashed, this probably means they’ll become even more dependent on social security in the future.

Previous Posts
Join the Discussion
comments powered by Disqus