With Social Security unfunded (no money) liabilities of almost $14.5 trillion, believing that everything should stay the same is insane. If the theft of the Social Security Trust Fund is not addressed there will be no Social Security for anyone. Social Security has become a general welfare tax with the funds being spent by the government to buy votes with more social benefits. There is no ‘lock box’ with the money.

By Jane McGrath and Pete Winn at CNSNews.com

House Majority Leader Steny Hoyer on Tuesday would not rule out raising the retirement age to try to solve the $53 trillion in unfunded liabilities the federal government faces in Social Security, Medicare/Medicaid and federal pensions.

Unfunded liabilities are commitments that the government is obligated to pay, but for which there is no money to repay debts and honor future benefits promised under Medicare, Social Security and government pensions.

When asked by a reporter at his weekly Capitol Hill “pen-and-pad” news conference if he would consider raising the retirement age to help Social Security, Hoyer (D-Md.) wouldn’t rule out any possibility.

“What I have said, in a speech that was pretty specific, was that I think everything needs to be on the table,” Hoyer said.

“We need to bring down the deficit, we need to stabilize our fiscal posture and we need to look at all the expenditures – I’ve indicated entitlements; I’ve indicated defense spending; I’ve indicated revenues. They all need to be on the table,” Hoyer said.

Hoyer also did not specifically rule out privatizing retirement accounts, a move favored by most Republicans – and virtually all conservatives.

FULL STORY

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