Log in

No account? Create an account
the only earth?

things you should know

You probably already know this, and/or know more about economics than I do. But even if you've read this paragraph I think it's worth re-reading1 as the administration marches into its next cycle of selling fake crises to the public:
This year, the Social Security system—the payroll tax, which brings money in, and the pension program, which sends money out—will bring in about $180 billion more than it sends out. It will go on bringing in more than it sends out until 2028, at which point it will begin to draw on the $3.5 trillion surplus it will by then have accumulated. The surplus runs out in 2042, right around the time George W. Bush turns ninety-six. After that, even if nothing has changed, the system’s income will continue to cover seventy-three per cent of its outgo.[newyorker]
I feel like people of my generation have been repeatedly taught to expect that there won't be a dime left in the social security system by the time we're old enough to retire. Maybe this is true, maybe it isn't? Now, though, I'm starting to get the sense that it's part of a vast right wing conspiracy to create a sizable portion of the population that is indifferent to the continued existence of the program.

But what do I know? I'm supposed to be in a four-year news hibernation cycle. (I still haven't gotten to the Seymour Hersch thing about the coming war against Iran)

(1) the whole essay is worth reading, too. It isn't very long and Hendrik Hertzberg (a) does a nice job of summarizing the non-crisis; (b) makes a moral case for social programs; and (c) is generally a MVP of the "talk of the town" section.


From what I learned in economics class, the whole 'running out of social security for our generation and we're going to be fucked up the ass' is a myth. There is going to be money for us, just not very much as compared to what people are getting now and that it will be most likely for our generation that the retirement age will be higher is what I was taught. Who know though, really. This whole thing is confusing to everyone!

Did you get a letter in the mail from the Social Security administration recently? I just got one (and so did a few other friends) and it was strange seeing that the amount we receive is based on how many 'points' we have accumulated throughout our working years and how much we would get if we stopped working now/got on disability/retired at 65/etc.