Chimpy’s second Social Security Demolition Derby stop today was in Orlando. The good people of Orlando got the short end of the stick, however, as none of their citizens was provided the opportunity to share the stage with Dear Leader. Let’s see what did happen.
After several day’s absence, the words “bankrupt” and “bust” returned to Baboon-a-palooza.
In 2027, the system will be $200 billion in the red. In other words, in 2018, it starts to go in the red and it gets worse every year: 2027, it’s $200 billion, and it gets worse after that. It keeps getting worse until it gets up to — 2033, the annual shortfall is about $300 billion. Finally, 2042, it’s bust; it’s bankrupt.
And again later…
And Evan is out there working hard, the system is bankrupt, he’s put all this money in, and so what are the choices that future public policy people will have?
The claim that there is no Social Security Trust Fund has always been a key part of the roadshow.
The system today, you have no assets. The money goes in and it goes out. There’s IOUs. They’re paper. But there’s no asset base.
I’ve never met a limousine liberal…
I was telling Mother in the limousine, I don’t remember talking to her about 401(k)s when I was a little guy. I don’t remember IRAs, defined contribution plans. This world has changed since — since I was raised.
And finally, for someone who is always yammering on about an “ownership society” Chimpy finds some difficulty in defining “ownership”.
Now, ownership is powerful. Ownership was — you know, it means you can — somebody can inherit something from a mom or dad.