To attempt to offset massive obligations, tax rates have risen repeatedly. What commenced as 2% of the first $3,000 of income (half paid by you, half by your employer) is now scheduled to be 12.4% of the first $110,100 of income in 2012. Furthermore, "full retirement age" is moving up from 65 to 67. Even with the increasing of taxes and the cutting of benefits, Social Security's destruction appears inevitable.
Again, do the math. People are living longer and having fewer children. While the American birthrate has fallen from 18.7 live births per 1,000 population in 1935 to 13.8 per 1,000 in 2009, so has the work force as the percentage of the working age population actually working is down to 63.9% as of November 2011. Just a decade earlier, 66.6% were working. As Social Security no longer pays surplus funds to the Treasury, the Treasury not only loses that source of revenue but it also needs to make up the amounts being redeemed. Consequently, the revenue deficit will continue to mushroom.
So just like the childhood nativity of the lovable kids in The Bad News Bears, Social Security won't last forever. in its current form. The key questions are "What will change?" and "When will it happen?"
Speaking of bad Bears, the Chicago Bears continue their slide both on and off the field. Of course many know of Brian Urlacher's civil controversies LINK. However now, criminal charges against a wide receiver are further perpetuating the team's downward spiral. In fact, as of Thursday, Sam Hurd was in jail after authorities accused him of trying to set up a drug distribution network in the Chicago. Sam was arrested after he allegedly agreed to buy a kilogram of cocaine from an undercover agent.The federal complaint contends Hurd told an undercover agent that he was interested in purchasing five to 10 kilograms of cocaine and 1,000 pounds of marijuana with an intent to distribute.