Tuesday, March 22, 2005

Social Security Bankrupt?

Social security benefits are soon going to be exceed social security taxes, resulting in social security bankruptcy. But really, isn't this just semantics? All the government would have to do is keep the benefits the same but call half of it "social security benefits" and the rest something else; social security would no longer be "bankrupt." What really matters is the real problem of scarcity and wants and needs. What is really important is ensuring that there is enough goods to go around. Semantics, accounting lingo and tricks, and loads of numbers and figures have taken the foreground, when the future availability of goods is the real issue. According to the author of this article, this relies on "the amount of work young people do in the future, the amount of work old people do in the future, and the quality and quantity of stuff." It's important that we don't get bogged down in the catch phrases and keep our focus on the reality of resource allocation. The information for this post can be found HERE.

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