Monday, June 06, 2005
Social Security’s Real Problem
As the House and Senate return back to “work” this week, the talk of Social Security reform will once again return to the forefront of media coverage. Whether you are in
favour of Private Accounts or think the government provided defined benefit route is the best, there is one underlying issue that needs to be addressed.
There is a great little column today from Michael Barone, one of America’s leading watchers of politcs. Barone is right of center, but is well respected by everyone. In this article:
http://www.townhall.com/columnists/michaelbarone/mb20050606.shtml
he talks about the benefit increases that came around in 1972, thus propelling retirees out of poverty and the SS trust in the direction of insolvency. But even Barone misses the point of what came shortly after the 1972 change in benefits.
In January of 1973, the Supreme Court ruled in Rowe Vs. Wade that there was a constitutional right to abortion. Some states had already passed abortion laws, legalizing the practice, while placing some restrictions on timing and access.
