Originally published June 29 2005
Social Security not in danger of bankruptcy
by Mike Adams, the Health Ranger, NaturalNews Editor
This article in Znet renounces the misdirected claims about Social Security bankruptcy and America's eagerness to do away with the system without more careful analysis of external factors like the wealth of current 20-something populations.
Bush and Karl Rove, his deputy chief of staff, have succeeded in convincing most of the US population that there is a serious problem with Social Security, which opens the way for considering the administration's programme of private accounts instead of relying on the public pension system.
The Bush administration wants to "reform" Social Security --- meaning dismantle it.
A huge government-media propaganda campaign has concocted a "fiscal crisis" that doesn't exist.
The official story is that the Baby Boomers are going to impose a greater burden on the system because the number of working people relative to the elderly will decline, which is true.
The problem wasn't huge when the Baby Boomers were zero to 20, so why when they're 70 to 90?
The relevant number is what's called the dependency ratio of working people to population.
It won't reach that point again until 2080, according to Social Security Administration figures.
Furthermore, any fiscal problem that might arise in caring for the elderly "boomers" has already been paid for, by the payroll tax rise of 1983, designed for this purpose.
And by the time the last "boomer" has died, the society will be far richer, with each worker producing far greater wealth.
Anything that comes is just a matter of one or another kind of adjustment.
Meanwhile a very real fiscal crisis is looming: namely, medical care.
The United States has one of the most inefficient systems in the industrialised world, with per-capita costs far higher than other nations and among the worst health outcomes.
It benefits only the "underlying population," not the "substantial citizens," to borrow Thorstein Veblen's acid terminology.
The US Congress has recently enacted bankruptcy reform that tightens the stranglehold on the underlying population.
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