Sixty years later, we boomers have a lot to be worried about because most of us plan to retire in a few years and Social Security and Medicare are on the way to going bust [NO!!]. I should know because I used to be a trustee of the Social Security and Medicare trust funds. Those of you who are younger than we early boomers have even more to be worried about because if those funds go bust they won’t be there when you’re ready to retire.
It’s already starting to happen. This year Social Security will pay out more in benefits than it receives in payroll taxes. The tipping point came sooner than anyone expected [anyone?????] because the recession has kicked so many people off payrolls. But it was coming anyway.By saying that these entitlements were unfunded and are going broke, I guess that makes Reich a crazy right winger.