Social Security: The Betrayal Between Generations
If you think the “bailout from hell” is going to be painful to taxpayers, wait until the bill comes due for Social Security, Medicare, and Medicaid. According to Dallas Fed President Richard Fisher, the unfunded liability for Social Security and Medicare sits at an incredible $99.2 trillion. This figure does not account for the myriad of other existing so-called entitlement programs or even consider future wealth redistribution entitlement programs Barack Obama and the Democrats wish to burden the taxpayer with.
The looming Social Security crisis is one which angers me to no end. If you are under 40, you should be angry too. The payroll taxes which are forcibly taken out of your paycheck by the federal government are given to current retirees. There will be little or nothing left when you retire but you will still be paying the bill for those who have benefited from your labors.
Yet anyone who dares to suggest even putting aside a small percentage of FICA withholding into private accounts is accused by the Left of trying to undermine Social Security. AARP and other such organizations run attack ads aimed at the elderly to make them believe they will be kicked into the streets if any such reforms are suggested by anyone who recognizes a need to reform the system.
Reason.tv is currently running a very entertaining, humorous, and informative animated series which explains exactly how royally we are getting screwed by this Ponzi scheme we call Social Security. Here are the first four episodes: