The fact has been publicly acknowledged by a 2009 Social Security trustees report; Sen. Tom Coburn; and President George W. Bush, who in 2005 said, “There is no trust fund, just IOUs that I saw firsthand … future generations will pay – pay for either in higher taxes or reduced benefits or cuts to other critical government programs.”
Recently, Speaker of the House John Boehner offered a sobering statement on ABC’s “This Week,” on Oct. 6, 2013: “…Ten thousand baby boomers like me (are) retiring every single day – 70,000 this week; 3.5 million this year. And, it’s not like there’s money in Social Security or Medicare. The government, over the last 30 years, has spent it all.”
So, are we all doomed?
Will Baby Boomers get their retirement checks?
Smith says there is hope.
However, he says Congress must admit the truth. “The total cost of paying full benefits in 2010 exceeded Social Security tax revenue by $49 billion,” says Smith, “and the gap between revenue and costs will become larger in the coming years.
“On Sept. 27, 2000, I appeared on CNN Today to discuss my book, The Alleged Budget Surplus, Social Security, and Voodoo Economics. The host did not take me seriously and asked me if I was ‘a voice crying in the wilderness,’ ” Smith says. “I’d quickly realized that he was right, with the exception of multiple statements by politicians and officials.”
He says it’s time that Baby Boomers start protesting – demanding answers from Congress.
“Boomers are no strangers to taking to the streets to express their outrage.”
So, dust off those 1970s protest signs.
Demand answers, says Smith.
Get involved – and force Congress to make sure that the unthinkable never happens.