Friday, March 27, 2009

Social Security Surpluses Vanishing Fast 
Things look ugly.

It's even uglier when you consider that the drooling ignoramuses who point to the large Social Security trust fund think they can simply liquidate the trust fund and the whole thing is funded with magic pony pellets from some source other than new taxes and the general revenue.

I'm convinced that any moderately informed person who can cooly claim that a Social Security system going cash-flow-negative does not mean that the system is in crisis can only be a pathological liar.

Look for a sharp increase in means-testing, a substantial increase in the taxable wage base, and the raising of the retirement age in the very near future. Taxes will go up. Whether the FICA rate will go up, or whether the costs will be buried in income rates matters little now.

Further, without an operating surplus, the window for a partial privatization is snapping shut.

But at least Obama wants to let terrorists roam free in Peoria.

So that's something to look forward to.

Splash, out


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