Ran across this article in yesterday’s New York Times – our Social Security program for the FIRST TIME EVER will pay out more this year than it is taking in from tax revenue, a threshold it wasn’t expected to cross until 2016. The real estate bubble bursting, recent market downturn, and high unemployment rate (causing more to file for early payments) have been the main cause for the accelerated spend down of the Social Security Trust Fund.
Here’s a quote directly from Alan Greenspan on how we can “fix” our Social Security System…
Only three choices: raise taxes, lower benefits or bail out the program by tapping general revenue.
If you don’t plan with your clients for increasing taxes now, the government will plan for you. Information is nothing without action. Real power lies in informed decision making.
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