We really need to pay attention to government function. Each time I watch the evening news, I wonder what it is that government doesn’t want me to know that excessive coverage is being devoted to secondary concerns. Admittedly, our society is unravelling before our eyes.
President Obama has caved once more. He is compromising Social Security, which is incorrectly referred to as an “entitlement program”. Social Security is funded by workers and their employers. It is, by law, “invested in interest-bearing government securities or securities guaranteed by the government.” Truly, we have been naive in endowing the
U. S. government with the powers of fiduciary trust.
The New York Times reports, “While many economists say the new formula is more accurate, opponents say it does not adequately reflect the out-of-pocket health care expenses that burden older Americans. All Social Security beneficiaries would be affected, but Mr. Obama proposes that at age 76 they would get gradual benefit increases to offset the depletion of their private assets or pensions.” To offset the depletion of their private assets or pensions- while personal savings have increased, most Americans do not have enough saved to afford to retire into even basic subsistence conditions. Incidentally, the average life expectancy for males in the U.S. born in 1948 (attaining age 65 this year) is 69.9.
We haven’t been paying attention so we’re getting less than we’ve paid for.