Tuesday, April 24, 2012

Could a Strong Union Movement Save Social Security?

Pear, Robert. 2012. "Social Security’s Financial Health Worsens." New York Times (24 April): p. A 13.


"The Obama administration reported a significant deterioration in the financial outlook for Social Security on Monday, while stating that the financial condition of Medicare was stable but still unsustainable."

"The Social Security trust fund will be exhausted in 2033, three years sooner than projected last year, the administration said."

"In explaining changes in their Social Security projections, the trustees cited slower growth in average earnings of workers and the persistence of unemployment in the slow recovery from the recession. They lowered their projection of average real earnings in the future, primarily because of a surge in energy prices and “slower assumed growth in average hours worked per week after the economy has recovered.”

Let's see if we can get this straight. For 40 years wages have gotten hammered by the "job creators". People become increasingly reliant on Social Security, but the system is in trouble because people do not earn enough to get enough taxes taken away to cover social security. The obvious answer is to destroy social security.

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