Tuesday, May 7, 2013

Truth-speaking on Social Security (US)

Bruce Crasting, Zerohedge contributor:
"- The date of exhaustion of the OASDI [Old age, survivor and disability insurance] TF[trust fund] will be shortened by 2 years to 2031. This means that anyone 47 or younger is paying "full price" for a benefit that will be worth only 75 cents on the dollar. That is how the law is currently written; I keep wondering when younger workers will wake up to the realities of what they are paying for."
"- The "drop-dead" date for the Disability Fund will be revised to the 4th quarter of 2015. In 30 months all DI benefits will be cut by 30%. Again, that is current law."
"The reality is that the Baby-Boomers did not "save" enough to cover their cost. The Boomers will come up 'short' by at least $1T. The day that they will be hitting the principal of that 'savings' is coming 5 years sooner than hoped for."

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