Friday, August 22, 2003
Read it and weep: Social Security is going to tank, and the politicians continue to dither. With each passing year the cure becomes more fiscally painful. From Pete du Pont's Wall Street Journal column:
Unless something is done, the Social Security Administration will have no choice but to cut benefits. The impact of those reductions will start falling on baby-boomers. People born in 1955 won't see any benefit reductions until they are 83; then they will fall off the cliff. But if you were born in 1970, you fall off the retirement income cliff when you are 68, shortly after retirement. Those born in the 1980s will never receive the benefits retirees get today.
Du Pont's proposed solution is Personal Savings Accounts. Don't hold your breath. Politicians are more concerned with getting re-elected than actually dealing with a problem.
Read the whole column.