Here is the link to the video that explains everything. It is clever, it is simple, it is devastating. No large numbers are involved. But the point is well made: this loser (us) is going to default on what he owes, or else pass the debt on to his kids. Guess what option he selects?

Gary North points out that under German inheritance the next generation was held liable for the debts of the present generation. If a father left debts at his death, his sons were liable. was changed, but the point is well made. When the promises made by politicians to buy the votes from the present generation are found to be hollow by the next, what will happen?

There will be a great default although I’m persuaded that it will come piecemeal, by slicing the sausage at inch at a time. Once a promise is compromised in any form or fashion, it qualities in my mind as a default.

Remedies for Social Security abound: extending the tax base on which payroll are based: default. Raising the minimum age for benefits: default. Reducing the COLA on benefits: default. Reducing the benefits: default. Secretly cutting benefits by raising the deduction for before the Social Security check is mailed: default.

Conclusion? Social Security is already in default.

The only thing that will save it is to terminate it and allow individuals to set up their own accounts which they control. It has worked in the past. It is working in other countries. See especially Chile.

The main point of the video is that the next generation won’t stand for it. Why should they? They will elect politicians who see things their way or they won’t get elected. Geezers (like me) will get the shaft. Geezers with foresight will make other arrangements. Geezers without foresight will learn the hard way about politicians’ promises.

 

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