There should be no surprise by the trustees who report that the Social Security surplus will be gone by 2033. Some believe that the $2.7 Trillion paper surplus will evaporate even sooner as the baby boomers retire. One trustee, Chuck Blahous, said, ″To me, urgent doesn′t begin to describe it.″ He adds, ″I would say we′re somewhere between critical and too late to deal with it.″ Gee, how did that happen?
Barack Obama, alleged champion of ′The Little People′, has been too busy robbing MediCare of $716 Billion dollars to pay for Obama-Care to worry about Social Security. Maybe his slashing of the Pay Roll Tax hasn′t helped matters, either. Nor has Obama′s spending spree with adding $4 Billion per day to the National Debt. Never mind that Obama has been too busy playing golf or fund raising to do any real work as president.
Perhaps now that Mitt Romney has selected Paul Ryan to be his running mate we can now have an honest discussion about the role and size of government. Forget about being distracted with silly issues like Romney′s taxes or his underwear. America is going broke! Some of us think it already is broke and too late. Either way the numbers paint a grim future. At some point down the road, our two primary entitlement programs, Social Security and MediCare will consume 100% of all federal revenues. We won′t even have the cash to make interest payments on our ever growing debt.
And people wonder why our credit rating was downgraded. Obama took a bad situation and made it even worse. Instead of behaving like an adult, let alone a leader, Obama has blindly ignored the fundamental problems facing our nation. He has become the master of kicking cans down the road. Not only does Obama shirk any responsibility for our current dilemma, but most of his agenda items that have become law do not become fully implemented until after he leaves office. Obama is the nation′s vandal.
So the Social Security surplus is gone by 2033 or sooner and if trustee Chuck Blahous is correct, it may already be too late to do anything about it. If you believe that the alleged $2.7 Trillion in remaining surplus even exists, then bless your heart! Some of us realize that the I.O.U.s that the federal government have been using to raid the surplus are ′Non-Negotiable′ Treasury bonds. Which means that only the U.S. Treasury can honor them. But that′s okay, since I doubt if even the Chinese would be crazy enough to buy them anyway.