Wintery Knight

…integrating Christian faith and knowledge in the public square

Young workers pay into entitlements that will be bankrupt when they retire

Payroll taxes for Social Security and Medicare

Payroll taxes for Social Security and Medicare

Doug Ross from Director Blue has a public service announcement for young people. Even if they are able to find jobs, they can look forward to paying a large chunk of their income to the government for retirement programs, Social Security and Medicare, that will be bankrupt by the time they are ready to retire.

Excerpt:

Ever seen these numbers on your pay stub? The numbers I’ve highlighted?

That money is being taken from you — or, more properly, it’s being stolen from you — to fund a myth. A mirage.

You’re never going to see a dime of that “Social Security Retirement Insurance” you’re paying for.

You’ll never a see a nickel of that “Medicare Health Care Insurance” either.

That money is being taken from your pay — your livelihood — to fund a system that will be bankrupt in less than a dozen years.

Oh, and it’s not me saying that: Medicare’s own actuary, Richard Foster, is. Social Security is in a similar situation, according to Treasury Secretary Timothy F. Geithner, who serves as the system’s senior trustee.

Suffice it to say that these systems will actually go broke far sooner than anyone’s really admitting because the economy remains poor and appears to be slowing down even further.

My public service message is this: this money is being taken from your pay in exchange for a promise that will be broken in just a few years. You’ll never see that money again. And it is the government — the government, not “the rich”, not the Koch brothers, not the oil companies — that is ripping you off.

It is the government, not corporations, spending untold billions on “green energy” scams like Solyndra. It is the government, not “the rich”, slathering EBT-welfare cards around like confetti. And it is the government, not “the Tea Party”, that is promoting illegal immigration and offering huge financial benefits to those in the country illegally. All with your money.

Medicare is the one that is really in trouble, as Forbes magazine explains:

The Trustees of the Medicare program have released their annual report on the solvency of the program. They calculate that the program is “expected to remain solvent until 2024, the same as last year’s estimate.” But what that headline obfuscates is that Obamacare’s tax increases and spending cuts are counted towards the program’s alleged “deficit-neutrality,” Medicare is to go bankrupt in 2016. And if you listen to Medicare’s own actuary, Richard Foster, the program’s bankruptcy could come even sooner than that.

See, the funny, funny thing about young people is that they are almost complete uninformed about basic economics. They don’t know where jobs come from. They don’t know where the money that the government spends come from. They don’t know how much the government spends. They don’t know about our debt-to-gdp ratio. Their view of economics is all determined by socialist public schools and socialist Hollywood and socialist mainstream media. It’s all emotional for them. They have feelings that the rich are greedy, and must be taxed, and that the government is Santa Claus, helping the poor with money from the rich. It’s the ultimate system of slavery, except the slaves want to be enslaved.

Filed under: Commentary, , , , , , , , , , , , ,

6 Responses

  1. ECM says:

    Them not knowing basic econ is by design, and we’ve reached the end-game, only it isn’t quite the end-game that the people that eliminated economic literacy were expecting.

  2. Jason says:

    I get you…..everyone I meet (my age group and younger) thinks that the money they pay into Social Security goes into some “personal” account, for them and them only and they get payments when they reach 62.

    I have *tried* to explain it’s a pyramid scheme, something you and I would be THROWN IN JAIL FOR.

    The replies????

    “You’re just a right winger who wants women to have back street abortions and blacks back in chains.”

    (which doesn’t have anything to do with what I was posing)

    and

    “Brainwashed again by stupidity.”

    or the classic

    “Who cares what you and your right-wing radio friends think. The government can just print more money. You are such a tool.”

    (always said by a woman)

    We’re in big trouble and we’ll take the blame, or the media will blame it on person like me.

    • annarlee says:

      What can one say to that? Idiots all; only when reality hits them from all directions will liberals believe the truth that conservatives have been saying all along, but by then it will be too damned late for all of us…

  3. Jason says:

    Even then *somehow* they will not see this. It will be the 1% blamed, Reagan, Wall Street, Newt Gingrich, FOX News, Christians, or anyone who has a letter “R” in their political affiliation. We, who frequent blogs like this know the reality. Something MUST be done now, or their will be nothing left for anyone.

    We must have a clear resolve, and what *we* can do now is push for reform, and for ourselves? Open up a Roth IRA, even if you cannot make many contributions. This will be better than nothing. Core values of working, saving what we can…even if it is a little. Getting ourselves out of debt. Living by the resolve of Americans of earlier generations of: “Make do, or do without”

    Love this place!

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