- Dec 30, 2006
Well, pretty soon push is going to come to shove and the U.S. will need to begin making hard choices about spending. The budget deficit is already $1.6 trillion this year, and that's before any money that will need to be added to cover any SS funding shortfall. Add in a few million more baby boomers retiring and collecting SS, the new healthcare law, and rising interest payments when (inevitably) the Federal Reserve starts raising rates, and the U.S. is in for some real pain. And unfortunately for the progressives/liberals here, your stock answers of "cut defense spending!" and "tax the rich!" won't be enough to fill the gap. If Obama is lucky, he won't get re-elected and have to face the ironic indignity of being forced to begin cutting social programs due to lack of resources, or for that matter lack of foreign deficit funding from the Chinese etc.
Don't want to bust your bubbble. But. There is no SS shortfall. The US government owes SS 7 trillion . That repayment should be included in every budget. What your saying is a lie. We paid in the money . We covered our asses. We didn't borrow the Noney to government they took it and now won't repay. In other words 7 trillion was stolen from us . Just try to restructure SS. You will find out your Dad is a better man than you are even at 65.