Sunday, February 15, 2009

Federal obligations concern me

This article clearly explains the financial Armageddon awaiting us all from Social Security and Medicare:
"Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?"
I am concerned, not terrified, because those obligations will never be paid. The programs will become "means tested" so that those of us who have saved for their retirement will never collect the hundreds of thousands each have contributed into the program. Only those in their late 50's and early 60's right now will ever collect. This means testing will be supplemented by tax increases on my generation and the next including the newly arriving wave of immigrants. The combination of these three factors will prevent the catastrophe. At least that is my prediction.

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