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So what did you expect to find on a Home page?


 

Social Security
 

If you are counting on Social Security and Medicare to take care of you in your old age, you should know that a front cover story on November 15, 2005 in USA Today quoted Comptroller General of the United States as saying: "[the situation is] worse than advertised."

We hear a great deal of controversy these days about the solvency and viability of these massive entitlement programs that it might be a good idea to adopt a contrarian perspective, sit back and take a fresh if somewhat jaundiced look at the program.

But if it's not ... if something goes wrong in the meantime ... if benefits are scaled way back ... perhaps subjected to 'means testing ... and let's not forget the exorbitant taxes it ill take to fund this behemoth when tens of millions of Baby Boomers jump on board ... well, you get the point.

The Boy Scouts say,' Be Prepared,' and that's probably pretty good advice.

First, let's hear what President Bush had to say on the subject of Social Security reform on February 4, 2005 in Tampa, Florida when a woman in the audience asked, 'I don't really understand. How is it the new [Social Security] plan is going to fix that problem?'

To which the Chief Executive replied:

'Because the—all which is on the table begins to address the big cost drivers. For example, how benefits are calculated, for example, is on the table. Whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those—changing those with personal accounts, the idea is to get what has been promised more likely to be—or closer delivered to that has been promised. Does that make any sense to you? It's kind of muddled. Look, there's a series of things that cause the—like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate—the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those—if that growth is affected, it will help on the red.'

Thank you, Mr. President. One can only wonder whether that poor woman was enlightened as a result of this exposition.

A little later in his presidency, Mr. Bush had this to say in admitting that there is no actual Social Security Trust Fund. For more on that amazing revelation click here.

Since we're really getting warmed up now, let's read what Kent Smetters had to say in an entitlement hearing conducted before the House of Representatives on February 14, 2005.

Next, for an article discussing how Social Security and Medicare now consume nearly 50% of the U.S. government budget click here.

For some thoughts on how millions of 'Boomers' may swamp the entitlement boat, click here.

For a really comprehensive piece that takes the issue apart with a scalpel, read M. W. Hodges's 'Grandfather Report.'

Finally, just type 'Social Security' into Google and 644,000,000 pages come up. As Muldar is fond of saying on the 'X Files', 'the truth is out there.' Good luck finding it. We prefer to make our own luck.

In conclusion, we leave you with five words of advice on old age and retirement planning.

Buy gold!