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Willisms

« Wednesday Caption Contest: Part 114 | WILLisms.com | Quotational Therapy: Part 138 -- Qadhafi, On Cola. »

Social Security Reform Thursday: Week Seventy-Three -- America, Slightly Better Than France.

reformthursdayblue.gif

Thursdays are good days for reform, because they fall between Wednesdays and Fridays.

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

This week's topic:

In The Long Run, We're All Debt.

An interesting set of numbers, from Standard & Poor's (via Luskin):

standardandpoorssocialsecurity.gif

What a coincidence that the decline in America's projected bond rating would begin just as Social Security begins paying out more than it takes in.

Hey, but at least we're slightly less awful than France.

On a more positive note, the solution (for Social Security, at least) is pretty straightforward.

Personal accounts.

We don't have to become junk status, if we are smart and reform Social Security before it's too late. Unfortunately, because 100% of Democrats and 15% of Republicans are apparently hoping for some fiscal excitement in the coming decades, we're left to rely on strong economic growth to bail us out of this mess.

I tend to be quite the optimist with regards to the economy, but with the automatic expiration of the Bush tax relief just a few years away, and the socialists currently in charge in Washington, that optimism has faded substantially in recent years.

Can we grow ourselves out of the Social Security crisis? Sure, but not if this sort of nonsense manages to become law, and not if we start hiking personal/corporate income taxes in the middle of a global tax-reduction trend.

We have time, but each day without Social Security reform is a day that the government commits theft of all of that glorious potential compound interest we could be earning.

The clock is still ticking:


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

--------------------------------

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).
-Week Fifty-Six (Big Brother Social Security).
-Week Fifty-Seven (Personal Accounts Are Awesome).
-Week Fifty-Eight (Private Accounts and Presidential Proposals).
-Week Fifty-Nine (The False Promises Of Social Security = Unwise Investing/Saving).
-Week Sixty (Declining Rate Of Return).
-Week Sixty-One (Entitlement Spending Threatens America's Defense Capabilities).
-Week Sixty-Two (Dismal Rates Of Return Only Getting Worse).
-Week Sixty-Three (Lost Time, Growing Shortfall).
-Week Sixty-Four (Solutions & Consequences).
-Week Sixty-Five (Totalization Agreements).
-Week Sixty-Six (The 7.65% Solution).
-Week Sixty-Seven (No Reform Means The End Of Many Federal Agencies Or, More Likely, Higher Taxes).
-Week Sixty-Eight (Our Next President Faces Serious Social Security Challenges).
-Week Sixty-Nine (Taxing Social Security Benefits).
-Week Seventy (Democrats Just Want Higher Taxes).
-Week Seventy-One (Max Baucus = Thief).
-Week Seventy-Two (Social Security's Proportion Of The Federal Budget).

Posted by Will Franklin · 26 July 2007 12:48 PM

Comments

Wow! When was the last time we had a Reform Thursday at WILLisms.com? I have been so confused on Thursdays without it...

Posted by: zsa zsa at July 26, 2007 02:43 PM

"commits theft of all of that glorious potential compound interest we could be earning."

It does not take a lot of industrial knowledge, clinical laboratory work, or common sense to take what you have paid into SS and calculate forty years of compound interest on half of your total SS payments(your withholdings and the employer matching.) A simple Excel or 123 spreadsheet only takes a few minutes to set up. Don't bother going to the SS website to see if they have one available.

Even calculating at a modest five percent, if is enough to make you fall out of your walker.

Posted by: Eneils Bailey at July 26, 2007 05:07 PM

Reform Thursdays - good to see it back.

#35 is still one of my top 5 RTs, though...

Posted by: Hoodlumman at July 27, 2007 04:07 PM

Yep! #35 with Howard Dean and the Salami will always have a special place in my heart for reform Thursday. Has anyone seen Howard Dean lately??? The Dems are probably hiding him...

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