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Social Security Reform Thursday: Week Fifty-Six -- Shocking New Social Security Development.

Thursdays are good days for reform, because they fall between Wednesdays and Fridays. Just because the status quo'ers got their way in 2005 does not mean the problem has gone away. Indeed, it's getting worse with each passing day. Thus, Reform Thursday continues.

That's why WILLisms.com offers a chart or graph, every Thursday, pertinent to Social Security reform.

This week's topic:

Big Brother Government.

This week, a lot of ink-- and pixels-- have been spilled discussing the NSA's database of American phone calls. This is news? And somehow outrageous?

Rich Noyes of NewsBusters put it well:

...the program seems like a thoroughly innocuous database of the same information that appears on your phone bill, but with your name, address and other personal information removed. Given that another government agency — the IRS — maintains information on American citizens’ employment, banking, investments, mortgages, charitable contributions and even any declared medical expenses, this hardly seems like a major assault on personal liberty.

Let's talk Big Brother.

According to the Social Security Administration, during the past year, an estimated 159 million people had earnings covered by Social Security and paid payroll taxes.

One hundred fifty-nine million Americans had 1 out of every 8 dollar they earned mandatorily confiscated by Big Brother and set aside for decades-- ostensibly for retirement. That money then earns an increasingly lousy rate of return:

And that's only what it'll be if Social Security magically remains solvent over the next few decades.

It looks even worse if we admit that, without major reform, Social Security will not be able to pay what is currently promised.

Think about what Social Security is. It's a government-run pyramid scheme.

In order to calculate your retirement benefits, Big Brother tracks your earnings (and where you work) throughout your entire working life.

Sure, this is hardly a bombshell revelation. But neither is the NSA's phone call database. Imagine if our media hyped the need for entitlement reform the way they currently push the Big Brother angle on the NSA terrorist surveillance program.

The clock is still ticking:

Previous Reform Thursday graphics can be seen here:

-Week One (Costs Exceed Revenues).
-Week Two (Social Security Can't Pay Promised Benefits).
-Week Three (Americans Getting Older).
-Week Three, bonus (The Templeton Curve).
-Week Four (Fewer Workers, More Retirees).
-Week Five (History of Payroll Tax Base Increases).
-Week Six (Seniors Living Longer).
-Week Six, bonus (Less Workers, More Beneficiaries).
-Week Seven (History of Payroll Tax Increases).
-Week Seven, bonus (Personal Accounts Do Achieve Solvency).
-Week Eight (Forty Year Trend Of Increasing Mandatory Spending).
-Week Nine (Diminishing Benefits Sans Reform).
-Week Ten (Elderly Dependence On Social Security).
-Week Eleven (Entitlement Spending Eating The Budget).
-Week Twelve (Benefit Comparison, Bush's Plan versus No Plan).
-Week Thirteen (Younger Americans and Lifecycle Funds).
-Week Fourteen (The Thrift Savings Plan).
-Week Fifteen (Understanding Progressive Indexing).
-Week Sixteen (The Graying of America).
-Week Seventeen (Debunking Myths).
-Week Eighteen (Debunking Myths).
-Week Nineteen (Reform Needed Sooner Rather Than Later).
-Week Twenty (Global Success With Personal Accounts).
-Week Twenty-One (GROW Accounts: Stopping The Raid).
-Week Twenty-Two (Millions of Lockboxes).
-Week Twenty-Three (Support for Ryan-DeMint).
-Week Twenty-Four (KidSave Accounts).
-Week Twenty-Five (Latinos and Social Security).
-Week Twenty-Six (AmeriSave).
-Week Twenty-Seven (Cost Of Doing Nothing).
-Week Twenty-Eight (Chile).
-Week Twenty-Nine (Entitlement Spending Out Of Control).
-Week Thirty (Reform Better Deal Than Status Quo).
-Week Thirty-One (Social Security As A Labor Cost).
-Week Thirty-Two (Social Security And Dependence On Government).
-Week Thirty-Three (Social Security, Currently A Bad Deal For African-Americans).
-Week Thirty-Four (Longer Life Expectancies Straining Social Security).
-Week Thirty-Five (Howard Dean & Salami).
-Week Thirty-Six (Growing Numbers of Beneficiaries Draining Social Security).
-Week Thirty-Seven (The Crisis Is Now).
-Week Thirty-Eight (Disability Benefits).
-Week Thirty-Nine (Broken Benefit Calculation Formula).
-Week Forty (German Social Security Disaster).
-Week Forty-One (Crumbling Pyramid Scheme).
-Week Forty-Two (Overpromising, Globally).
-Week Forty-Three (Demographic Wave).
-Week Forty-Four (The Jerk Store).
-Week Forty-Five (Defined Benefit Plans).
-Week Forty-Six (Even The Empty Promises Are A Bad Deal).
-Week Forty-Seven (Our Aging Population).
-Week Forty-Eight (The Tax Increases Required To Cover Social Security's Costs).
-Week Forty-Nine (Much Longer To Get Your Money Back From Social Security).
-Week Fifty (A Vote, At Last).
-Week Fifty-One (We Can Do Better).
-Week Fifty-Two (Socialist Security).
-Week Fifty-Three (China Has The Same Problem, Only Worse).
-Week Fifty-Four (Potential Crisis Size).
-Week Fifty-Five (The Crisis Moves Closer).

Tune into WILLisms.com each Thursday for more important graphical data supporting Social Security reform.

Posted by Will Franklin · 11 May 2006 09:06 PM

Comments

Posted by: Jason at May 12, 2006 10:57 AM