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S4's Minnesota State Chair Gets Published!
February 28th 11:53:54 AM
Brad Short, the State Chair of Minnesota, recently had a great article published in Libery Review Online. Brad provided an excellent explanation of how the Social Security system actually works and detailed the benefits of personal accounts. Read the full article here.
Posted by Nicola Moore
Comments
brad is not the state chair in mn, he is the vice chair of the metro region.
Posted by correction on March 02nd 02:01:39 PM
Clearly I'm not the State Chair of College Republicans - that's NOT what is being said here.
I'm the State Chair of S4 in MN! - READ closer.
Posted by Brad on March 02nd 07:33:11 PM
Great article, Brad! Anything that gets the word out that, yes, we are in a Social Security jam, is good. I wish to clarify what I think is the most important problem with SS, however, which didn't get much attention in your article:
"In fact, in just twelve short years the surplus of money currently in the system will be gone, and the amount of money will continue to decline every year as benefits paid continue to rise without an increase in taxes collected. By the year 2040 all of the money will be gone and the government will have to begin borrowing money to pay out Social Security benefits."
The last clause needs to be clarified - in twelve (projected) short years, the Social Security Trust (!!??) Fund will gather less in taxes than it spends in benefits, so the government will have to start borrowing money to pay out SS benefits (specifically, to redeem the bonds in the trust fund) at that time. This, in my opinion, is the real crisis - no media outlet has effectively shown the massive amounts of borrowing that will be needed to redeem these guaranteed bonds just a few years into the future. The Concord Coalition website has some good numbers and charts on this.
Posted by Rich in TN on March 03rd 12:13:39 PM
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