'Social Security... is it really secure? '

September 27, 10:47 PMOrlando Senior ExaminerTom Holbrook

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                                  'Will it be there for those who are comig up behind?'

I am one of the approximately 66% of Americans over 65 that eagerly await our monthly Social Security benefit to appear in our bank deposit column each month.  The news that our benefit would not increase this year, and potentially into 2010 and 2011, was not received too warmly.  And, if Andrea Coombes with the Wall Street Journal and other pundits are correct, more bad news awaits those of you in your mid-50s or younger, and they’re saying you ‘should start making alternative arrangements for your retirement.’ 

Those of us who are currently receiving Social Security benefits and those just months away from diving into the public retirement pool, are said to be protected in existing proposals for fixing the huge monetary shortfall, but all you young’ns out there can expect either benefit cuts or tax hikes.  Knowing the history of our government’s handling of tax money it should surprise no one if you get a little of both.  

The money in the Social Security fund will, officially, be in a deficit status in 2016 (it actually is at this moment,) and completely disappear in the year 2037.  Deficit status means more money will be paid out each year than they have coming in.  Something must be done… and done immediately. 

For years, fiscally minded individuals have fought to allow younger wage earners to strip off a small percentage of their Social Security contribution and invest it into government approved, low to medium risk equity type instruments to maximize their nest egg when their retirement year arrives.  Unfortunately, lies and fear tactics by the Dems and their sycophants at AARP have thus far successfully prevented the idea from getting off the ground in Congress. 

The lack of an increase this year in the Social Security benefit is the first time there has been no increase since the inception of the program.  That and the prediction of two more years of the same should clue us in to something serious in store for the future.  As far as Congress increasing the Medicare B premium in 2010, the law says the vast majority of Medicare recipients already are exempt from premium increases whenever there is no increase in Social Security payments.   

However, approximately 25% of the 40 plus billion seniors covered under Medicare Part B would have seen their premiums increased substantially if Congress had not passed, today, by a vote of 406-18,  a bill preventing an increase in those premiums.  The Senate has yet to put a bill on the floor to accomplish the same end. 

By the way folks, speaking of annual increases in benefits, Congress got its annual COLA (Cost Of Living Adjustment) increase raising their pay to $175,000 a year.  Our current President receives an annual salary of $400,000 plus $50,000 a year for personal expenses.  When he leaves office, hopefully in 2012, he will receive a lifetime taxable pension of $193,000; lifetime health coverage (government paid;) Secret Service protection for 10 years (Presidents elected prior to 1997 get lifetime protection;) Free office space and equipment at any location he chooses; and $150,000 annually for 2 ½ years for office staff followed by a current maximum of $96,000 for life for staff.  Somehow that just seems to chaff my butt.  Does it yours?
Premium increases or not, we got trouble ‘right here in the Capitol City’ and it’s not going to get better anytime soon unless those guys in Washington get their heads together and start making some intelligent decisions for a change.  They’ve got to solidify Social Security and do it now. 

My question to all you fine folks, who still have minds that think logically… what would hurt the Social Security System the most… the government to start allowing younger wage earners to put a small percentage of their income into equity type investment vehicles or… for us to continue allowing a grossly financially incompetent congress to rob the Social Security fund and spend our retirement for their own selfish, partisan, pork-laden interests?