America’s dirty little secret, cleverly hidden from illegal immigrants, is that while many of them get a free ride up front, there’s a heck of a bill that’ll be dropped on them before they exit this life.
It’s coming in the form of a federal deficit, projected to be $1.84 trillion this year. And it’s coming in a whale of a bill for Social Security and Medicare, the government’s two biggest entitlement programs. Social Security trustees reported Tuesday that Medicare will start paying out more than it collects in taxes this year and go broke by 2017 – a short nine years away. that’s two years earlier than projected last year.
The old folks’ retirement entitlement will start paying out more than it collects in taxes in 2016, a year earlier than projected last year, and be flat broke by 2037, four years earlier than projected last year.
The decline in the stock market has shaken the confidence of those who have 401(k) and similar retirement investments. But even with that decline, which will be temporary — the market will bounce back — individuals are far better off controlling their own retirement accounts.
The idea’s unpopular now, but the nation should begin the process of weaning ourselves from dependency on the federal government by shifting a portion of our payroll taxes from Social Security to individual retirement savings accounts. Individuals would own those accounts and be able to pass them on to their heirs.
So, illegals, welcome. Get a job. Put down roots. But be sure to check the size of your tab for my Social Security and Medicare. It’s a whopper. You might have been better off staying home.