At a certain point we may come to the realization that retirement for the post boomers may be 75. I will have a federal pension and social security, but the rules will change.
The system of entitlements may have to be dealt with at a certain point. Other than police and military types retirement after 20 years should be a thing of the past.
We are going to have tough choices in the years ahead. The good news is a weakened Obama may have to govern as an adult. The bad news is we are still stuck with an unqualified elitist clown for two years.
Cutting back benefits will not likely produce riots or mass protests in the USA, but it is coming soon.
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All hell is going to break loose when the state and local pension funds fail. Those funds are deeply under water right now.
Retirement after 20 years is a thing of the past for anyone but a useless government hack.
You're a master of the obvious, Officer Obie. Keep pushing the paper.
Beak, I'm not counting on Social Security at all. Its a chimera. The money being collected from us now has already been long spent. It is not tucked away in some "lock box" savings account as the American public has been led to believe. It was never a government savings program. Never. When SS was passed in 1935, there were about 12 workers paying in for everyone drawing on the system and payroll taxes averaged 2 %. Now that number has dropped to 3 paying for one with payroll taxes up around 12+ %. Given our declining birth rate, aging population and the number of "undocumented" workers not paying SS tax, that margins will increase even further. In short, SS is unsustainable and can't be propped up through budget trickery much longer. I predict that within the next ten years, all the kings horses and all the kings men will never be able put Humpty Dumpty together again.
The fun will start when Obama's in a budget showdown with a Republican House next year that won't hear new tax proposals and will force a "government shutdown" until the last wheel comes off the Obama Misadministration's agenda.
I doubt the economy will improve enough to keep Obama in office in 2012.
Checkmate.
Beamish,
I hope that you're right about 2012.
Good term I may have to start using: Obama Misadministration.
If Social Security goes under, so will our health-care system: hospitals, home care, nursing homes, etc.
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