Social Security...Celebrating 75 Years of Mismanagement
Wednesday, September 8, 2010 at 09:53AM Find more investment news at Annuity News Now
ANN host Scott Drake interviews article author Ron Delegge
(Nasdaq.com) It was a joyful occasion on the House Steps of the Capitol on July 28, 2010 as elected politicians celebrated the 75-year anniversary of Social Security.
House Speaker Nancy Pelosi concluded her speech saying:
‘So again, I thank my colleagues for their participation in this. I thank them for what they have done, what they are going to be doing as we go into August so that we can say, as we say happy birthday to Social Security, we will say may we wish you many, many generations to come. Thank you all very much.’
Interestingly, there was no mention at the party of another important milestone achieved this year by Social Security: It now pays out more in benefits than it receives in payroll taxes. How could they miss such a major detail?! Not that it matters, but this dangerous threshold wasn’t supposed to be reached until around 2016, according the Congressional Budget Office.
What’s wrong with them? What’s wrong with Social Security?
