While checking the news on Sunday, I ran across this headline on the Drudge Report…
“Pelosi, 70, Opposed to Raising Retirement Age.”
You can read the story in its entirety here >> http://www.cbsnews.com/8301-503544_162-20011573-503544.html
It seems that the coming debate over Social Security, that old “third rail” of American politics, is going to be just as difficult as most of us had expected.
Think about it. Millions of hard-working Americans have paid lots of money into the Social Security system. Why shouldn’t ALL of them obviously expect to receive their share of SSI benefits in retirement.
So what are the solutions?
1) Cut benefits? Who is willing to be first in this line?
2) Raise FICA taxes? Which modern politician is foolish enough to propose this plan?
3) Print money? Ahhh… why not.
America’s modern obsession with financial pain avoidance is why our economy is in the tank. Our financially reckless politicians actually believe that there is another exit door from our economic pain. Sacrifice is required but ignored. But sacrifice will only come after exhausting all other options, including the option of destroying the final vestiges of our currency through hyperinflation.
What are you doing to prepare yourself against the inevitable?
About Jerry Robinson
Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.