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Tuesday, April 24, 2012

Drum has decided to stop objecting to talk of Social Security bankruptcy would be a helluva dramatic event if the trust fund ran out of money and Social Security suddenly had to slash benefits by 25% in 2033 (see chart above). Referring to this as "bankruptcy" isn't all that big a rhetorical stretch ...

My comment is relatively mild

Nothing dramatic has to happen when the trust fund runs dry. In fact, I guess that nothing dramatic will happen. I guess that pensions will be paid in full using money from the general fund. In the very long run, this might cause the US to end up like Greece, but I am sure that we won't let them cut our pensions when the time comes.

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