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Social Security and Fiscal Doomsday
[American Thinker] 2035. That’s the optimistic date for Social Security’s impending doom, after which Social Security is expected to provide only 75-80% of expected benefits to retirees. For the record, I turn 67 (full retirement age, for me) in 2047, so I, like many Americans, have been skeptical about the program for some time.

But perhaps it’s pertinent to note that when I began following this looming doomsday in earnest, it was projected at 2038. It’s been creeping forward, with some estimates placing it as early as 2034.

But there’s an interesting thing that happens when people think about Social Security, just as that same interesting thing happens when people imagine the impending doom of municipal and state pension liabilities that are now crippling governments across the country with a roughly $5 trillion hole nationally. Somehow, Americans think, the money is there if governments are capable of properly managing the inflows from workers, capitalizing upon the underlying investments, and just delivering the outflows to beneficiaries.

Each and every of those assumptions are wrong.

Let’s begin with municipal pensions.
Posted by: Besoeker 2018-08-16
http://www.rantburg.com/poparticle.php?ID=520866