Mr. “Not a Lame Duck” continues to do one ridiculous thing after the other. Aside from posing in front of murals of murderous communists, and wanting to give risky lending policies another go – because who doesn’t love a good bursting housing bubble? – he’s now behind microphones saying he’d like to expand Social Security.
Apparently, if you’re one your way out you can go as crazy and open as you’d like to be with your thoughts, and Obama is just letting it all hang out now. Why he can’t just go play golf, I don’t understand, but here we are.
“It’s time we finally made Social Security more generous and increased its benefits so today’s retirees and future generations get the dignified retirement that they have earned,” Obama said during a speech in Elkhart, Indiana.
Needless to say – though I’m going to say it anyway – there is no scenario where expanding social security is a good idea. As it stands, the amount of debt we accumulate on behalf of programs such as social security, are more than we can handle. Things are set to dry up by about 2034. This means that today’s workers, specifically the younger generation, will be paying into a system they’ll see nothing out of.
Prager U has a great video discussing the cost and effects of the debt you can watch below.
The only way to pay for this would be to cut spending, or raise taxes. Under no circumstances are Bernie Sanders or Hillary Clinton willing to do such a thing. In fact, both Clinton and Sanders agree with Obama in that social security should see an expansion.
So if you think our $19 trillion in debt is bad now, just wait until the time comes when social security – and the other legacy programs + Obamacare – end up taking up so much of our income that we have to borrow to keep other basic programs, like the military, rolling strong. You’ll miss our $19 trillion in debt.
What we won’t miss, if a gradual elimination of this stupid policy that has robbed working Americans blind for years. Also, gradually increasing the retirement age as our life expectancy increases wouldn’t be such a bad idea either. Maybe even slow the intake social security taxation.
Eh, what do I know? I’m just one of the guys being billed for the expansion.