Tuesday, December 7, 2010

Social Security Now Officially Broke, Eight Years Ahead of Schedule

Just a couple of years ago, I remember the "experts" telling us that social security was still running a surplus and that it wouldn't turn red until 2018.

Apparently the "experts" didn't price in the great recession. http://www.zerohedge.com/article/social-security-2010-results-%E2%80%93-long-slide-red

In Mr Krasting's simple analysis, I agree that the cash position is all that matters. Everything else is just fuzzy math. The 1946 born "baby boomers" started taking early benefits in 2008. The timing was near perfect. Baby boomers were forced to cash in as our country shed millions of jobs. Thus the social security "fund" started leaking oil. Losses went parabolic.

How do you feel about "experts?" Every once in awhile, while searching for supportive links to embed, I come across something so utterly stupid and unconscious that I simply must use it. This author, while hardly an expert- is certainly a piece of work. This guy and others like him, are precisely why we have this mess to begin with. He just garnishes the meal with Bush hatred. http://www.hightowerlowdown.org/node/553

The problem with writers like this are two fold. Their opinions are colored with venom- therefore they assume someone they dislike has absolutely no credibility. The other problem is that their mistakes get archived on the intertubes- so guys like me can laugh at them. Math genius. This dude is a hard core statist.

1 comment:

firststreetonline said...

I agree with your notion of self-declared "experts". It is so hard to tell who to believe and who to trust about information, both in mainstream media and on the internet. Credibility is certainly important for those in charge of making important decisions for the rest of us. Thanks or sharing!

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