Mon May, 18 2009
Your Neighbors Will Require Your Complicity
"Since many taxpayers have just paid their income taxes for 2008 they may have their federal returns close at hand. They all should look up the total amount they paid and multiply that figure by 1.81 to find out what they should be paying right now to finance Social Security and Medicare.Read all of it.
To put it another way, the total unfunded indebtedness of Social Security and Medicare comes to $106.4 trillion. That is how much larger the nation's capital stock would have to be today, all of it owned by the Social Security and Medicare trust funds, to generate enough income to pay all the benefits that have been promised over and above future payroll taxes. But the nation's total private net worth is only $51.5 trillion, according to the Federal Reserve (pdf). In effect, we have promised the elderly benefits equal to more than twice the nation's total wealth on top of the payroll tax."
Try to understand: you're all going to have to start stealing a lot more from each other than you ever have before.