|Everybody's Got One
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Thursday, December 11, 2003
Steve Chapman at Slate:
"Retirement benefits used to be just one of the federal government's many maternal functions. But in recent years, the federal government has begun to look like an appendage of Social Security. In 2000, 35 percent of all federal spending dollars went to Social Security and Medicare. By 2040, barring an increase in total federal outlays, they'll account for more than 60 percent of the budget. And that's before you add in the prescription drug benefit."via Porphyrogenitus:
"This actually worries me about the future of our country (and is in my opinion part of the leftists secret plan for bringing the country down). Social spending by the government is gonna go thru the roof over the next few years (hey, its already trending that way, check out those federal budgets over the last ten years) which means more and more tax money is gonna have to be raised to pay for it."Only if the enlightened American left is half as clever as Ronald "The Actor" Reagan, who brought down the Soviet Union as it bankrupted itself in a futile attempt to match American military spending.
And they aren't. Not even close.
Update: I was thinking of today's left, educated in an American school system that has been progressively (sic) disabled. So the point holds. But Social Security comes to us from the New Deal, when serious people thought far beyond the next election cycle. Is it possible that this intergenerational Ponzi scheme is really capitalism's poison pill, set to implode a century later? Or just the mother of all unintended consequences?
posted by Kelly | 11:15 AM link