The Vice President had this to say yesterday:
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No changes in Social Security?? Joe B "guarantees" that? Who is he making this promise to? There are only two possibilities. Either Biden is flat out lying, or he is a fool.
Social Security is a “here and now” issue. It should be a matter that is part of the debate in the coming election. Charles Blahous, a Social Security Trustee, had this to say last weekend about the current status of America’s biggest entitlement program (Link) [6]:
“To me, urgent doesn’t begin to describe it. I would say we’re somewhere between critical and too late to deal with it.”
Critical? Too late? If this is what a Trustee of Social Security is saying, then what is Biden selling?
I’m going to give Biden an award for his words. I call it the “Postpony”. I’m tired of the phrase, “kick the can down the road”. When Biden spoke about SS he was kicking the can. He was pushing a strategy of postponing a debate/resolution of something that is important for the country’s medium and longer-term future. This is politics at its worst. Joe B. is just trying to buy some votes. So the VEEP gets the “POSTPONY”. A picture of the plaque:
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I can’t think of an election where the VP candidate actually made a difference in the final vote. Maybe 2012 will be different.
Those who are under 50 today, and working, are going to get stiffed (big time) by Social Security. They will have 12.4% of their wages sucked out of their pockets and into a sinkhole. That money will be used to “deliver” on the promise that Joey B made to the baby boomers in VA yesterday. When those who were born after 1965 try to retire, there will be no money left in the SS Trust Fund. The under 50 set will recieve only 70% of what the boomers get (Current law). That's a lot of people who should be thinking about this issue as they vote.
I’m looking forward to the debate between Joe Biden and Paul Ryan (I’m not in love with this guy either). A question that I would like them to answer:
The Social Security Trust Fund reported to Congress that the Social Security Disability Fund will run out in 2015. Either benefits for 12mm people will get cut by 30% (current law), or any shortfall (mega $s) will have to come from more deficits and debt.
The next Administration will have to “fix” this problem. This is not a maybe; it’s a sure thing. What are the candidate’s plans for this fix?
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H/T: DAK&Co
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