So It Begins For Social Security

By Caomhin

While there were many issues that I had disagreed with President Bush, the privatization of Social Security was not one of them.  We all know that the entitlement program payments are exploding and have to be honest with and to ourselves, it’s going to get much, much worse.  Most people around my age have almost no faith that Social Security will be around when we retire.  A slow but steady move towards the privatization would have empowered millions upon millions of Americans in taking ownership of their retirement funds with the ability to change investments based upon their objects as a result of a number of variables.  Democrats railed against this and went so far as to applaud themselves for blocking reform all the while insisting that the crisis with Social Security was non-existent.

I wonder if they’re applauding themselves right now:

Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years. That hasn’t happened since automatic increases were adopted in 1975.

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

Democrats can try to spin this anyway they want to, but without a COLA the same amount of money from year to year is worse less due to inflation, thus Social Security recipients are facing the reality of leaving with less real wages.  The retirement of the Baby Boomers has just begun and already we are seeing the vast problems of Social Security coming to the surface and we’re not even seeing the tip of the iceberg yet.


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