Like many of you, I am deeply troubled by the latest news about the Social Security trust fund. Until this morning, I was mired in complacent ignorance, soothed by the belief that it would be sufficient to pay all benefits until 2041. Now I know the awful truth: because of the current economic downturn, the fund will be exhausted in 2037, a mere 28 years from now.
Unwilling to face reality, my first reaction was denial. Aha! I thought, the prognosticators have overlooked the effects of the Great Boom of 2021-24. This will add almost a decade to the fund’s lifespan and forestall the need for painful reforms. But then I remembered that there will be a terrible slump in the early 30s, and that this would drain the fund once and for all.
Fellow citizens, wake up! There is no escaping the inevitable. We must begin to make major sacrifices now, and I mean today, in order to avert this impending debacle. Cut benefits! Raise taxes! This is your last chance to save Social Security!