The official blog of the Libertarian Party
October 18, 2007
The 'Silver Tsunami'
When Kathleen Casey-Kirschling filed for her Social Security check, it wasn't any other day for the Social Security administrative agency. No, Casey-Kirschling was surrounded by cameras and she was prepping for a press conference. Why? Because Casey-Kirschling is the eldest of the baby-boomer generation, and her retirement will mark the beginning of a "silver tsunami" that will inevitably bankrupt the system if things don't change.
In fact, just this past year Social Security payouts increased by 2.3 percent.
In her interview with the Guardian, Casey-Kirschling said that just as the U.S. adjusted to their generation before, and they would have to do it again. "It's just like [when] they had to build schools for us growing up and universities expanded ... it's the same now with retirement issues like financial planning and assisted living homes," said Casey-Kirschling. "Everything is still going to be for the baby boomer."
But things may not be that simple.
With the cost of living ever on the rise and more healthcare initiatives aimed at the elderly such as the Bush administration's $500+ billion dollar prescription drug bill, the United States can't continue to meet it's promises while keeping things the same. There are three options that could happen. The United States simply fails to fulfill its promises and Social Security program ends; the government tries to fulfill its promises and bankrupts the nation; or, the government places astronomical Social Security taxes on American incomes.
In a GAO report on the healthcare crisis the nation faces, it stated the government would either have to cut spending by 60 percent by the year 2040, or either increase taxes to twice what they are today. Adding the burden of Social Security makes things all the worse.
No matter what option occurs, one thing is for sure: People are going to be very angry. Justifiably, of course. Baby-boomers -- like everyone else -- have paid into the Social Security system all their lives. One would expect to get at least some of that back; however, this is the flaw in trusting the government to do retirement savings for you.
But like it or not, the problem is here and it's only going to get worse. Casey-Kirschling was right in saying she was glad to be first in line for Social Security because sooner or later, those funds are going to dry up and the United States will have procrastinated itself into a very perilous situation.
Posted by Andrew Davis at October 18, 2007 11:05 AM
Reader Comments:
We need to start by allowing current workers to opt out of the system. Let them handle their own money. Sure it will be a burden to pay out the benefits people are due (they DID pay into the system), but at least we should stop the hemmorhaging now. STOP MAKING IT WORSE.
When you discover you're in a hole, the first thing you should do is stop digging.
Present it to the people like this "hey, wanna reduce your taxes? Wanna stop paying SS tax?" How many will say yes?
I'd love to handle my own retirement finances but since money isn't real, (as we've all learned here) why bother?
The money may not be "real," but as long as it is still accepted for rent and groceries, it's still a concern. I agree with Coach Jim...we're long past due along people to opt out of the system, and I say that as one of the last-born boomers, who are almost certain to be left holding the bag.
Yes!! We should all have the choice to opt out of this coercive, inefficient, bureaucratic nightmare.
Thus I say....Ron Paul 08!!!!
RE: Ron Paul 08!!!
I would 'digg' your comment, but the LP hasn't switched yet to 'digg' style comments, nor can I even 'digg' the article (above) until the LP staff sumbit the article. -(technical problem?)
I'm doing all of my retirement planning based not ever filing for SS, even if it still exists.
At 49, I would gladly give up everything I've already "contributed" (HA!) to be able to totally opt out.
i'm 26 and i suppose that would mean being young i have the most to gain from opting out, but anyway this reminds me of a funny story when George W talked about privatizing social security. i was a democrat when i heard him talk about it. i thought to myself, "oh no! he's making sense! but since he is saying it, no one will listen." that was when i started seriously doubting, everything the democrat party stands for.
I think we would all prefer Social Security be totally abolished, but I don't think society reacts well to sudden drastic change. That's why I suggested the easy incremental solution.
During the GOP debate, one of the candidates (I forget who) commented that the budget problems couldn't be solved by reducing military or any other discretionary spending. It is the mandatory spending that is killing us: Social Security and government charity. This is a valuable message.
Oh, by the way I live in Michigan and we were hours away from a state shutdown because of being over-budget. Who wants to guess the solution our Democrats voted into place? Sure, raise the income tax. Our businesses are moving out in droves, our economy is crumbling, their solution? Make it worse. Egad - I need to buy a tropical island and start from scratch.
Wow... it's only been 7 years since Harry Brown was our candidate, and everyone has already forgotten the "solution". 1) end SSI today. 2) sell off all land owned by the federal government (which is not allowed under the Constitution anyway) to raise the money to pay the benefits owed to those who paid into the system all of their life. 3) reduce government spending to it's constitutional limits.
With just those taxes allowed by the Constitution, the US raises more than 4 times that which it is constitutionally allowed to spend (numbers were from the 200 campaign - could be higher by now).
You see, we don't have a money problem, we have a spending and accounting problem. Follow the law of the land, and this can be fixed with little to no pain on anyone (except those who make money running government land).
BTW, our money may not be 'real' and thus not worth anything, but at this point, it still buys gold and silver.
Thanks for the great idea Harry - rest in peace my friend and honored patriot.
Harry Browne had more of an impact on my political perspective than anybody else in my life. Naturally, I was shocked by his death. May he rest in peace.
Anybody that convinces so many Libertarians he's the right person to be president is a hero in my book.
However. . .
I have suggested selling off government-owned land locally many times and people always seemed to be opposed to it. Even when A) the land is sitting idle off the tax roll. B) structures pose safety hazards. C) there are recent examples of how successful selling land can be.
The bottom line is that most people aren't ready for DRASTIC change. To use drastic ideas as a campaign platform is suicide. If we propose selling off Yosemity National Park, how many "regular" folks would go for it? I would think close to 0.
Don't suggest to "end SS now" but rather propose an incremental solution.
I think public trust in Republicans and Democrats is at an all-time low, at least in my lifetime. We need a presidential candidate that will appeal to the MASSES, not just the Libertarian purists. We as Libertarians will never get anywhere until we drop the idea of utopia in one fell swoop. We CAN make changes, but we have to be realistic about the slope of change.
SOMEONE BUFFALOED: "the United States can't continue to meet it's promises"
Remember folks, "The United States" is a concept/label..a fiction..Remember: Concepts, labels and fictions can't/don't 'make promises' ('promi$e$' for CLARK fans!) ;o)
Remember, only real, living people can 'make and keep promises'..Those who hallucinate in this 'buffalo' manner are guilty of 'the fallacy of reification'..(the constant state of the brainwashed Republicrat)..
Also remember that when Republicrats talk about 'Social Security' ('$ocial $ecurity' for CLARK fans) they are, in essence, AGAIN talking about illions of federal reserve tokens..('dollars' to most/all Republicrats)..absent, in my experience, an honest understanding of the nature, origin, etc. of even one 'dollar!' SURELY, as sane person must keep this in mind when judging the worthiness of the opinion/opiner here! ;o)
WALT WROTE: "The money may not be "real," but as long as it is still accepted for rent and groceries, it's still a concern."
Methinks WALT mistakenly uses the word 'accepted' when talking about federal reserve tokens ('dollars' to the masses of Republicrat ignoramusses).
I believe the word 'accepted' or 'agreed' implies that all parties in any 'contract' understand all the terms..
When not one in a thousand Republicrats has any honest understanding of the basic unit of account; virtually half of every 'US contract'/economic transaction:..the 'dollar'
Remember Walt, when talking about today's 'dollars' a knowledgeable person (non-Republicrat) uses words like "fraud," "ignorance," "coercion," "debauchery," etc.. certainly not 'acceptance' ;o)
SOMEONE BUFFALOED??
Good one Clark. You must thinks long and hard to come up with these things...
I noticed on another thread several apparent assorted monetary ignoramusses can't seem to fathom and/or they disagree with, etc. some of my many claims about 'money'..without the decency of merely pasting ANY OF THESE suspected 'claim$' in an open, honest way so I can bolster/prove my claims..
I haven't a clue as to where any of you CLARK heel-nippers stand in your 'knowledge'/ignorance of our money system/monetary realism/etc..
I do believe that while stinking 'Republicratdom' focuses on the sex habits of movie-stars and politicians, Nascar, football, and now 'here's Ted with the weather,' many/most important outcome$ in society are determined behind clo$ed door$..and those privy dominate society and wreak havoc on many/most people..
But please do continue to flail at the leaves of the tree of evil/ignorance whilst leaving the root$ untouched, Republicrats!..As I surely get a wicked hoot funning with Republicrats!.. ;o)
Clark, I'm going to take you to task today. Your argument about the nature of the dollar is not relevant to the $ocial $ecurity issue. The fact that dollars represent a virtual trade medium does not change the fact that I can trade those virtual tokens for real things like food and clothing. It does not change the fact that over the course of my life I have forfeited many of those virtual tokens as a Social Security tax. The entity that absconded these tokens does indeed owe them back to me. As they owe everyone else who has forfeited their virtual tokens. Even if their nature is virtual, the debt is real and I want my virtual tokens back.
Your argument about how these virtual tokens are created, maintained, and manipulated does have merit. However, we as people are still CHOOSING to use these virtual tokens and laying legal claim to their perceived value. Therefore, their virtual nature is meaningless as long as they may be traded for real things.
I agree with Coach Jim about perceived value of money.
COACH JIM BLUFFED: "Clark, I'm going to take you to task today. Your argument about the nature of the dollar is not relevant to the $ocial $ecurity issue."
This is patently asinine..AGAIN, when talking about ‘social security’ you are, in essence, talking about ‘dollars.’ And you, Coach Jim, sadly, appear at best a mere newcomer as to the e$$ence, nature, etc. of what ‘it’ is about which you opine here! Surely!
Somewhat similarly, CLARK gets an awful hoot at Republicrat/Republican loudmouths, know-littles, etc. who never fail to proclaim their disdain of ‘workers unions’ for ‘the little guy’ while never bringing up ‘profe$$ional unionism’ in the form of Medical licen$ure, Law licen$ure, etc. stinking 'professional' ‘union$’ galore!..
Ooga booga, Republicrats, ooga booga!
COACH JIM GOOFED: "The fact that dollars represent a virtual trade medium does not change the fact that I can trade those virtual tokens for real things like food and clothing.
‘Virtual trade medium?!’ Get that stinking Econ. 101 gibberish you memorized out of your head!
The ‘value’ of ‘dollars’ is not ‘perceived’..It is very real indeed..They are, in essence, “stay-out-of-jail-and-alive-units’..Think about it..If YOU don’t use them or if someone else doesn’t use them in your behalf YOU will, most probably, be in jail and/or dead VERY QUICKLY!
One reason for this is YOU, Coach Jim, and all of us, need a place to put our heads at night, to grow food, conduct business, to be, etc..And in order to ‘rent’ this land/space you, COACH JIM, or someone in your behalf, WILL use federal reserve tokens and federal reserve tokens only (‘dollars’ to most/all Republicrat mullets) to satisfy the ‘tax requirement$..’
Thusly, those ‘dollars’ gain their stinking ‘value’..
Furthermore, CLARK maintains because the value/essence of these stinking fed. tokens is the result/creation of ‘tax laws,’ etc. LAWS requiring that we use ‘them,’ we should all be treated equally here..particularly as to the issuance of any ‘new ones..’
But sadly, Republicrats are worse than ignorant as to the current REALITY of money issuance, monetary realism, etc..So these ideas are mostly wasted on them!..But I trudge on..One Republicrat at a time! ;o)
Alright then, you agree the perceived value is real. What is your point then? I thought that was it, but apparently not.
I urge you to take a deep breath and tell us what you mean in terms your audience can understand. I'm sure you've seen me defend your right to speak many times.
I would value your opinion if I only knew what it was.
It appears to me that Clark contradicts himself all the time. One moment he is telling us the dollar isn't real and the next he is telling us we will be in jail or dead if we don't use them. I am very open to talking to people who have a point and want to have an open discussion about something but Clark doesn't seem able to do that. All he seems capable of is ooga-booga-ing and telling everyone else, and I do mean everyone else, that they are ignorant.
Have you ever once seen him admit/acknowledge that anyone else besides him is not ignorant? I think not. That tells me he just gets some kind of woody insulting everyone else around him and calling names while he probably lives in his mommy's basement behind a keyboard.
Go ahead, clark. Call me names and "buffalo" some diatribe about how ignorant I am. I could really care less.
COACH JIM WAFFLED: “I urge you to take a deep breath and tell us what you mean in terms your audience can understand. I'm sure you've seen me defend your right to speak many times.
I would value your opinion if I only knew what it was”
C’mon Republicrats, get real!..For one of many things, as I’ve CLEARLY stated MANY TIMES before, it seems obvious to me that people who don’t understand the origin, nature, etc. of the most ubiquitou$ ‘free’ stinking ‘market’ commodity - virtually half of every ‘economic tran$action’ — have ABSOLUTELY nothing of ‘value’ to add in ANY discussion involving ‘economics,’ ‘money,’ ‘taxes,’ ‘social security,’ etc. ad nauseam..
Similarly, I recall a face-to-face discussion I had with a truly ignorant Republican cheerleader..a faux news fan of Republican ignoramusses like Bill Blow-Rielly and Pawn Hannitwitty..(BTW this GD fool fancied himself somewhat of a “Libertarian”)
..Anyway, he was working his cheeseburger tunnel about “eliminating all/most ‘taxation’ when I reminded him that if 'taxation' were eliminated all those stinking federal reserve tokens he had been banking on would become truly worthless overnight!..He looked at me like I was from Mars..he simply didn’t/doesn’t understand the nature of our stinking ‘money’..and I would bet neither does COACH JIM, Republicrat MATT, etcetercrats..
(Typical of Republicrats..they know more about ‘Dancing with the Stars’ and OJ than they do the very ‘money’ for which they obsess, grovel, cheat, etc..they don’t even know that they don’t know..unconsciously ignorant..feel-good government ‘education’ has worked to the T!) ;o)
Clark, where can I get your book? Obviously with your passion for the subject you must have written one.
JAMES R FEEBLY POPPED-OFF: "Clark, where can I get your book? Obviously with your passion for the subject you must have written one." (END)
A decent respect for mankind allows me but one book..the first and final edition only when I have achieved true deity status..(CLARK’S minor deity status, although head$ and tail$ above ANY of your Republicrat teevee gibberi$h favorite$, dictates that I’m still writing ‘my book.’)
Btw, know of any decent publisher$ or owners of radio station$, etc. who want the Republicrat$, academic economist$, etc. ooga-booga artist$ intellectually called-out and beaten to a fairly quick, bloody pulp? I haven't found one but I'm always looking.. ;o)
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We need to start by allowing current workers to opt out of the system. Let them handle their own money. Sure it will be a burden to pay out the benefits people are due (they DID pay into the system), but at least we should stop the hemmorhaging now. STOP MAKING IT WORSE.
When you discover you're in a hole, the first thing you should do is stop digging.
Present it to the people like this "hey, wanna reduce your taxes? Wanna stop paying SS tax?" How many will say yes?
Posted by: Coach Jim at October 18, 2007 02:38 PM