Reply #10: The key to comprehending the subject is to conceptualize Social Security [View All]

[Cool Logic]

as one of the government's special purpose entities. Unfortunately, the funds are as depleted as one of Enrons's SPEs.

As Boomers continue to retire, a huge group of people putting money into the system will begin taking it out of the system. The surplus of money ($2.6 trillion) paid into the system by Boomers will allow it to run into the late 2030s, even though it will begin paying out more than it takes in by 2017.

The CBO's numbers show that Social Security has $2.6 trillion of assets which predominately consist of receivables from the general fund. However, as you should be aware, these receivables aren't collectible because the $2.6 trillion has already been spent.

The next generation of workers, the so-called Gen Xers, numbers are some 15 million fewer than the boomers. There are simply not enough of them to make their own contributions, pay for the boomers SS, and restore the $2.6 trillion that has been looted. Not unless their taxes are increased to 80% or 85%.

Do you think they will go for that?