Boomers Coming of Age

I heard this week that the first baby boomer born began collecting social security. And that something like 70 million others are lining up right behind her. I think I'll just close up shop now. Check out. Push up some daisies. Turn into worm food. Because, of course, by the time I'M eligible for social security the word "security" will no longer be part of the title. It will be something like "social obligation" or "social burden." Or "Shut up and eat your prunes."

Who started social security anyway? Was it Roosevelt or Truman. Wait let me google it.

Officially titled Federal Old-Age, Survivors, and Disability Insurance, the program was started in 1935, which makes it Roosevelt's baby. The first benefits were paid in 1937. I think we've been behind the eight ball ever since. Experts say that "According to most projections, the Social Security trust fund will begin drawing on its Treasury Notes toward the end of the next decade (around 2018 or 2019), at which time the repayment of these notes will have to be financed from the general fund. At some time thereafter, variously estimated as 2041 (by the Social Security Administration or 2052 (by the Congressional Budget Office]), the Social Security Trust Fund will have exhausted the claim on general revenues that had been built up during the years of surplus. At that point, current Social Security tax receipts would be sufficient to fund 74 or 78% of the promised benefits, according to the two respective projections."

I think that means we'll be robbing Peter to pay Paul. And Mary? She'll be SOL.