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Thursday, March 17, 2011

Why Social Security is Going Broke

Glen Allport has done it again with a clear and chilling look at America's Social Security nightmare and the underlying flaws of the "pay-as-you-go" system. Here's an excerpt:

In plain language, there is no good reason for the unfolding Social Security nightmare. Yes, the Baby Boomers are retiring, but so what? It's a big group, but this same big group has been paying into Social Security their whole adult lives. It's not like the money hasn't been set aside or anything. Right?

Of course, you know better: the money that should have been set aside wasn't. That is the entire Social Security problem in a nutshell. How did this happen? Government happened (as in, "Be careful not to step in the government"). Ringo's Law happened: "Everything government touches turns to crap."

Give the rest a read over at Strike The Root.

Wes Messamore,
Editor in Chief, THL
Articles | Author's Page

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