Rick Perry has taken a lot of criticism for his stance on Social Security, but he is based in reality. Here is a piece in USA Today that is really good:
These are the hard facts: Social Security’s unfunded liability is calculated in the trillions of dollars. Last year, annual Social Security outlays exceeded annual revenues for the first time since 1983. The Congressional Budget Office projects that outlays will be roughly 5% greater than revenues over the next five years, worsening as more and more Baby Boomers retire.
By 2037, retirees will only get roughly 76 cents back for every dollar that is put into Social Security unless reforms are implemented. Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24% of their money?
I am going to be honest with the American people. Our elected leaders must have the strength to speak frankly about entitlement reform if we are to right our nation’s financial course and get the USA working again.
Rick Perry in his own words. The editors of USA Today, of course, disagree with him, but at least they are giving him the venue to be heard.
Tags: Ric k Perry, Social Security
