Why Don't Politicians Tell the Truth About Social Security? | John Hawkins' Right Wing News
Boomers are in deep denial.
More below the fold.
Baby Boomers' Retirement Woes Summed Up in 5 Statistics -- The Motley Fool
Boomers are relying on Social Security, but it is bankrupt. About half of them have saved nothing for retirement. About one-third stopped adding money to their planned retirement accounts. They are deep in debt. And they have had to postpone retirement. On average they have less than $140,000 saved for retirement.
So, why would these people ignore the fact that Social Security is bankrupt? Because they are also not paying their taxes. Instead of paying the taxes necessary to fund the annual federal expenditures, they only pay about 3/4 of the taxes. This means there is about a trillion dollar shortfall. They don't want to pay that money, so they simply ignore the problem, ignore the Social Security problem, ignore their investment failures, ignore the fact that both public, and private pensions are in near total collapse, and lay the burden at the feet of the Millennials.
As I have said in the past, the Millennials will probably know exactly what to do with this problem, and once the Boomers as a voting block are sufficiently reduced, I suspect Millennials will pull the trigger. Alpo, and poor farms all around, for poor Boomer retirees. And after the public/private pension implosion there will be a significant number of poor Boomer retirees.
Central State Pension Plan is bankrupt . . .
The Instapundit channels one of my favorite commentators, Walter Russell Mead, "The Pension Crisis Keeps Getting Worse"
America is running a Ponzi scam . . .
Boomers may not understand this now, but they will, the Millennials are the largest generation in American history . . .
Luckily, Medicare is just as bankrupt, and the federal government will spend the next 30 years bailing out nearly every state, and local government, every transit agency, and school district. So, there should be plenty of money left over to slop some into the Boomers retirement pockets. Or something.
Or, maybe Unicorns will appear on the horizon, and we will all get Unicorn rides to Utopia. Hahahahahahahahahahahna! The progressive dream!