About to head to bed here in a bit, but thought I’d share this beautiful manufacturing job by TPTB:
04.2012 Social Security is rushing even faster toward insolvency, driven by retiring baby boomers, a weak economy and politicians’ reluctance to take painful action to fix the huge retirement and disability program.
The trust funds that support Social Security will run dry in 2033 — three years earlier than previously projected — the government said Monday.
There was no change in the year that Medicare’s hospital insurance fund is projected to run out of money. It’s still 2024.
I kept that last bit in there because it’s relevant to what I’m about to remind you of:
09.2011 WASHINGTON — The centerpiece of President Obama’s job-creation plan, a proposal to further reduce Social Security taxes, is emblematic of a package of modest measures that some economists describe as helpful but not sufficient to lift the economy from its malaise.
In his speech on Thursday night, Mr. Obama asked Congress to cut the amount that workers must contribute toward Social Security benefits, extending an existing measure, and to reduce, for the first time, the matching payments that employers are required to make.
The cuts, which would deprive the government of about $240 billion in revenues next year, are the largest items in the president’s $447 billion job-creation plan, which includes payments to unemployed workers, incentives for companies that hire workers and increased federal spending on infrastructure.
Bolding mine. We discussed this at the time. If I recall correctly, the argument went like this: “Oh lookey! Obama delivering on a Grover Norquist/GOP promise to slowly kill Social Security.” The opposition was, like, “Awesome. Eleventy-dimensional chess!” You tell me who was right. #SawThisComing
Moral of the story? Every year Obama is in office, we lose another year of Social Security. We can’t afford 4 more years.
PS: The reason the Medicare date didn’t change is because those taxes weren’t cut, if that wasn’t obvious enough.
This is an open thread.