Perhaps a better headline would have said “a bunch of a-holes in it”, namely Congress. Recently Social Security began paying out more than it took in taxes, years ahead of schedule. Even worse, the leak in the box will soon become a flood.
Bob Krumm explains:
Imagine that my wife and I both work and that she sets aside 15% of her income for retirement and gives that 15% to me. I go through the years spending all of my income, plus all of the 15% that she gives me, plus a little bit more. Eventually, my wife starts to ask questions about her retirement fund. “Relax,” I tell her. “You’ve been ‘earning’ 5% interest on that money.” And I hand her a nice little official looking annual accounting statement to that effect. Unbeknownst to her, I’m only adding that 5% interest to that amount that I “owe” her. In truth, I’ll never pay her that money. It doesn’t exist. It’s already spent, and I don’t have the income earning potential to ever repay it. But–and this is the key point–that amount I owe my wife is not a debt in the legal sense. Sure, I still have other debts; remember, I’ve been spending all of my income, plus 15% of hers, plus a little bit more. That “little bit more” is money that I owe to outside creditors. And I will have to pay them back or they will make my life miserable. When my wife finds out that there is no money for her, my life will be miserable too. But that’s a different kind of misery–one that will lead to a bitter and nasty divorce.
We are the wife, the political class is the husband. When the wife finds out, the husband will be out on his ass. That’s what all the fuss is really all about.
– Written by Bonfire of the Absurdities
Source: BobKrumm.com
