Just from the census data I am now forecasting that the date that the SSA goes permanently cash negative was 2008. We will never see a return to a cash surplus. The 2037 drop-dead date will be shortened by a minimum of 5 years. I say they system explodes in 2030. These are very material changes.
Next to SSA for ponzi schemes the government is behind is the federal pension plan. Way back when it started (like SSA) We agreed to pay in 7-11% every two weeks to the pension plan. We did not have a choice, they took it out without fail every two weeks. They were supposed to match it dollar for dollar. When the first retirees started collecting, don’t know what year, financial crunch, guess what, they put in IOUs and added it to the unfunded liability. To the best of my knowledge, they have never put in another cent. When it started hurting, they changed it to FERS and it became SSA + Thrift plan (stocks & bonds) and replaced CSR except for those who chose to stay and those who are already retired. Screw the federal workers. I know how you feel about them but for those who actually perform a viable function and work, it sucks. No COLA, health insurance up 30% this year again. Bet congress and the other DC perverts got a cola and are collecting SSA and CSR. Now the “king” is talking fixing the debt byadjusting federal pensions. Should look a little closer to home to start.
Attention Tea Party dreamers: there’s a voice representing 4 million federal worker and retiree voters who will object to any plans to cut their federal program. And when the dust and euphoria settle from the last election, the other groups to be targeted will be complaining just as loudly. Lovely abstracts will turn to ugly protests, and Congress will be pressed to delay any hard action until after the next election. Always after the next election is when we’ll get serious!. Step up Tea Party, start taking things away from voters. Just don’t expect your supporters to be volunteering any damage to themselves like new taxes or benefit cuts. The problem is always the other guys.
< ...> Nor is Congress worth $175,000 in current pay for what they supposedly do.. Neither can see that they are overpaid for what they actually produce/produced while “working” for the government. I can see what Obama is doing now in flooding the government with new employees that do nothing worth being paid for but he is going to reduce the deficit by cutting federal pensions. Hopefully, the common folk can see what is happening and in the next election throw the spendthrifts out of office and demand an accounting.