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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Thursday, July 16, 2009

Thought of the day......

If Medicare and Social Security continue on their current course, the obligations of taxpayers will grow. In the spring, the Social Security/Medicare trustees reported that if Social Security and Medicare were to continue indefinitely, the present value of the unfunded obligation is $101.7 trillion, or seven times the size of the national economy.
From here.

Normally, what is expected of most people in the world, or better said, what they expect to do, is to save money for obligations that may arise after they finish their working careers. Retirement, that is an indulgence that is unknown for most of human history, is a new entitlement developed over the past 40 years.

Is one entitled to retirement? Is one entitled to retirement if this person has not planned nor saved for that eventuality? Is one entitled to retirement, a life of leisure, if it has to be paid fro by someone else?

The bottom line, is that the US has not saved for retirement, has not planned for a life of leisure and is relying upon others to pay for their retirement through the Ponzi schemes called Social Security and medicare. People that are hoping for these benefits, despite paying taxes for these promises, will never be delivered. This is the legacy of my parents generation and their lovefest of Marxist ideals that have created monumental levels of risk for the nation.

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