... Evidently the current system is absolutely unsustainable. The programs won't melt away, they'll just become less generous and cover less.
A good compromise plan is the Simpson-Bowles presidential commission on deficit reduction report. Something like this is likely. But first we'll hear all the loud shouting/grandstanding.
www.fiscalcommission.gov/sites/.../TheMomentofTruth12_1_2010.pdf
Much of the stuff I have read is that SS is not the real problem... Medicare is and by larger extension the entire way healthcare is funded... just worth noting.
I am not so ready to just swallow the hook that a bunch of career politicians (the ones who got use here) throw out there.
The last time this funding debate for SS and Medicare happened was in the Reagan administration. They cut general taxes and increase FICA (to fix SS and Medicare) and it was spent the FICA income.
Now here we are again. They are throwing out 30 and 50 year projection (AGAIN) to distract people from the immediate issue.
The real issue is the need to begin paying back that $2.5T of FICA that they spent (NOW.. not 30 years out).
Nothing is dissolving... it is in more deliberate. You are looking at step 2. Was it concieved like that 30 years ago... of course not... but a crafty politician will seize on it and use the opportunity at hand.
Step 3 will occur before you exit the planet.
You had better believe that there are people (politicians, lobbyest, private citizens)that really want to kill those programs. Not all of them do... but they are there.
Here is their point of view: Well I wasn't successful at killing it. But half a loaf is better than none. And better yet, I actually convince them to believe it was in their interest to do it. I'll be back for the other half in another 15 years or so.
Here is what this game is... if you are willing to blink, they will seize the opportunity.
You... Yes you follow the rules... they broke their own rules and now they have to do something painful... what do they do... make new rules.
I don't know what you do for a living or how high you made it in your organization... if you have worked around people at a very high level (the top).... There is a lot of hubris because of their power and privileges that they assume to be a right. If you believe for a second that the leadership is not that calculating... you my friend are sadly mistaken. Of course they are not foolish enough to utter it... and for their own conscience (because after all, they would not go around scr3wing people) they rationalize it!
Show me any politician doing anything for 30 years down the road...
Heck, that was the story the last time!!! 30 years has passed.
If you do not realize it... you are being asked to go along with not paying back that $2.5T. Because... it is due NOW!!!
Why, some don't want to increase taxes and they don't want to cut other programs (the other big programs are their pet programs or may not be able to balance the account).
Heck... if we are going to have to give up the money we paid for the last 30 years... we should at least recognize what is going to happen... We are getting scr3wed!