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IPFS News Link • Social Security

Social Security crunch coming fast

• MSN Money
Here's a frightening prediction: The public pension system's trust fund could go into the red in the next year, far sooner than expected. Will it get the next huge bailout? The debate over health care has captured everyone's attention, but it appears the next big government program that needs to be addressed will be Social Security. That's the focus of the July 30 article "The next great bailout: Social Security" by Allan Sloan, Fortune's senior editor at large. Given that so few people really understand the Ponzi nature of the current Social Security financing scheme -- created in 1983 by a commission chaired by none other than the world's greatest serial blower of bubbles, Alan Greenspan -- I decided to reprise Sloan's article. (The Social Security problem is especially important because it likely will put additional pressure on the dollar and on bonds, and exacerbate the funding crisis down the road.)

3 Comments in Response to

Comment by Freedom Fighter
Entered on:

 We can fix social security easily.  Right now those who make over $125K and/or capital gains income pay no social security tax on that income.

This would be a simple fix that would be fair and honest and fix SS for years to come.

Comment by RickStone
Entered on:

 Red you must be having a bad day and taking too much meth. It is hard for me to decide which is better, to ignore an angry lib with a chip on your shoulder that has nothing constructive to say or tell you that you need to go play somewhere else because you are a pain in the a**. Could anyone else out there help me make a decision, suggestions would be appreciated.

Comment by Lucky Red
Entered on:

 And no doubt, this is Obama's fault too cause as we know, SS was robust, alive and well when Bush left office.



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