Episode 60: Social Security Is Doomed. Now What?

There's no way to sugar-coat it. Social Security is going to fail. There are, of course, ways to possibly extend its life for a few years, or even decades, but ultimately, like all Ponzi schemes, it will collapse. By the federal government's and the Social Security Board of Trustees' own admissions, the Social Security program will be paying out more than it takes in in just 4 years. At current rates (and assuming the federal government fully pays back the more than $5 trillion it "borrowed" from Social Security's accounts), the program will be completely out of money in about 17 years. What does this situation mean for current working Americans? Is there any way to solve this problem? Join Antony Davies and James Harrigan as they discuss this and more on this week's episode of Words and Numbers.

Quick hits

Splitting up Amazon

https://www.cnbc.com/2018/03/29/former-walmart-us-ceo-congress-consider-splitting-up-amazon.html

National pencil day

https://nationaldaycalendar.com/days-2/national-pencil-day-march-30/

Foolishness of the week: Cancer warnings on coffee

https://fee.org/articles/why-californias-lawsuit-industry-wants-you-to-think-coffee-causes-cancer/?utm_source=FEE+Email+Subscriber+List&utm_campaign=ca27aafa08-MC_FEE_DAILY_2018_04_02&utm_medium=email&utm_term=0_84cc8d089b-ca27aafa08-107137661

https://www.cancer.org/cancer/cancer-causes/general-info/cancer-warning-labels-based-on-californias-proposition-65.html

https://www.refinery29.com/2018/04/195249/coffee-cancer-warning-label-california-starbucks-dunkin-donuts-reaction?bucketed=true

https://nypost.com/2018/03/30/de-blasio-eyes-vacancy-tax-for-greedy-landlords-seeking-top-dollar/?utm_source=facebook_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons

Topic of the week: Social Security

https://www.cnsnews.com/news/article/terence-p-jeffrey/social-security-administration-spending-tops-1-trillion-first-time

https://www.ssa.gov/policy/trust-funds-summary.html

https://www.ssa.gov/policy/docs/ssb/v75n1/v75n1p1.html

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

https://www.ssa.gov/history/nestor.html

https://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html

https://www.state-journal.com/2018/01/25/you-asked-can-kentucky-teachers-retirement-system-participants-receive-social-security/

https://www.teacherpensions.org/blog/why-aren%E2%80%99t-all-teachers-covered-social-security

https://www.cbsnews.com/news/matt-bevin-kentucky-lawmakers-pass-pension-overhaul-despite-teacher-ire/

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