This is a massive, bipartisan $22 trillion disaster. It’s a crisis that could have been easily avoided, and should have been.
When is America ’s entire political class going to apologize to the rest of us for plunging the Social Security program into crisis?
Any idiot knows how to run a pension fund. It’s not complicated. You invest most of the money in stocks, because that’s where you make the big bucks over time. And you invest the rest in boring, stable, low-return assets like bonds, cash and maybe gold, to give the whole thing a bit of ballast and smooth out returns. That’s it.
You can see the wreckage by looking at the details on the Social Security Administration’s own website. Since 1940, the hard-earned dollars that Americans have been forced to pay into the trust fund have earned an average annual return of just over 5%. Before inflation.If you think that’s about two and half times as much, think again. That’s about two and a half times as much per year. Compounded over time, the gap is enormous.
Alicia Munnell and Michael Wicklein at Boston College’s Center for Retirement Research pretty much agree.There’s a simple reason. It is essential context for the coming explosive debate over Social Security “reform.” We’re going to be fighting about this issue for the next 10 years, at least. Politicians are already ramping up their rhetoric on the topic.
America Political Class Social Security Program Crisis Apology Election Democrats Republicans Liberals Conservatives Finger Pointing Partisan Circus
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