The following is excerpted from "IMPRIMUS," a publication of Hillsdale College (hillsdale.edu).
The first of the baby boomers started signing up for early retirement under Social Security last year. Two years from now they will start signing up for Medicare. All told, 78 million people are going to stop working, stop paying taxes, stop paying into retirement programs, and start drawing benefits. The problem is, neither Social Security nor Medicare is ready for them. The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly he was studying federal entitlement policy.
You can read the full article at www.hillsdale.edu - and you should. Think about where the money is going to come from to meet these obligations that our elected officials so graciously granted to seek the approval of their voters, and how much deeper in debt it will sink our future generations. Piling this onto the enormous debt BO has already passed, it is readily apparent that during their lifetimes our children and grandkids will be working longer and harder, receiving fewer benefits, paying much higher federal and state taxes and, in all, enjoying a much lower quality of life than we have now. But then, isn't that what socialism is all about?
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