There is so much talk and misinformation about the impending doom of Social Security it’s hard to know what is true and what isn’t. Even if you go to the Social Security Administrations own web site ( Click here to visit the site. ) and look around it’s hard to know if they are giving you the truth.

You ask yourself “Is this true or is it just pushing the current political agenda”. From reading the “FAQ” on the site it’s still hard and I think unclear as to what the problem is all about. Here is an example.

What will happen if Social Security is not changed?

If Social Security is not changed, payroll taxes will have to be increased, the benefits of today's younger workers will have to be cut, or massive transfers from general revenues will be required. Social Security's Chief Actuary states, "If benefits were reduced to meet the shortfall in revenue for the combined program, the reduction would need to be 27 percent starting with the exhaustion of the Trust Fund in 2042 and would rise to 32 percent for 2078. Alternatively, if additional revenue were provided beginning in 2042, revenue equivalent to a payroll tax rate increase of about 3.1 percentage points (from 12.4 percent under current law to about 15.5 percent) would be needed for the year. The additional revenue needed for 2043 would be equivalent to a payroll tax rate increase of about 4.5 percentage points for the year. Thereafter, the amount of additional revenue needed would gradually rise, reaching an amount equivalent to an increase in the payroll tax rate of about 5.9 percentage points for 2078 (or about 50 percent higher than today's rate).

Now I may not be the brightest light bulb in the pack but I’m not sure that that is really that big a deal…we are talking about increases over the next 70 plus years. It’s time for some truth.

PRETTY GOOD JOKES
WHAT IS A GRANDPARENT?
(taken from papers written by a class of 8-year-olds)