Report: Social Security Bankruptcy Coming Faster Than Expected

Kevin Glass | Jul 07, 2013

A new report from the Heritage Foundation finds that, historically, estimates of the solvency of Social Security have been overly optimistic.

As Heritage economics analyst Rachel Greszler writes:

This year’s Social Security trustees report was released with little fanfare, as the projected date of Social Security’s financial insolvency held steady at 2033. Many analysts and lawmakers have pointed to 20 years of alleged solvency as an excuse to delay meaningful Social Security reform. However, if history is any guide to future solvency, the Social Security program could become insolvent much sooner than 2033.

Over the past five years alone, the projected date of Social Security insolvency has declined by eight years. This most recent decline in projected insolvency is largely the result of the 2007–2008 recession. While some of the sources of reduced solvency—such as lower economic growth, lower wages, increased disability incidence, and lower birth rates—are hopefully temporary, other consequences of the recession are unlikely to be reversed. For example, the Social Security trustees now project lower average hours of work and higher rates of disability incidence well into the future, and the lifetime earnings of the long-term unemployed are likely to be permanently lower.

They've illustrated the rapidly declining solvency of Social Security projections in a handy chart: ...To Read More.....

My Take - The IRS can't be fixed; the EPA can't be fixed; the Wildlife Service can't be fixed; and the Endangered Species Act, the Clean Air Act and the Clean Water Act can’t be fixed either.  The all have to be dumped and start all over again.  That starts with repealing the 16^th and the 17^th amendments.  After that everything will fall into place on its own.  That won’t bring about perfection, but it will prevent gigantic, uncontrolled government growth and abuse to a much larger extent than now exists.   

But SSI can be saved.  If the federal government sold or utilized the assets owned or controlled by them it would come to a staggering 120 Trillion dollars or more.  That would save SSI, Medicare and Medicaid, pay off the national debt and pay back the trillions the federal government has stole from SSI for their pest social programs.  With those trillions back in SSA hands the interest on those trillions would make SSI solvent forever.  That would be a good start to altering the entire socialist agenda and bureaucracy that has come into being since FDR and his communist allies in the federal government started creating it.