Photo: Tetra images RF
Democrats are trying to push through a change to Social Security before the end of the year that could speed up when Social Security goes bankrupt. The Congressional Budget Office estimates that the bill would cost taxpayers $190 billion over the next ten years.
Heritage Foundation economist EJ Antoni says that may speed up Social Security insolvency by as much as 2 years. That price tag comes from an increase in benefits to public sector workers, who already receive better benefits and salaries than their private sector counterparts.
He went on to point out that this really isn't a good way to increase Social Security. He said, "If you wanted to actually increase benefits to beneficiaries, then you would think that you'd want to start with those who are getting the least."
Antoni also points out that we can't even afford Social Security as it's currently constituted, and we definitely can't if we add an extra $190 billion to its price tag. He said, "At some point, you're going to have to seriously structurally reform Social Security, or you're going to have to just sunset the darn thing."
This is all exposing a key flaw in the Social Security system. Antoni explained that, "It is constructed exactly like a Ponzi scheme, where new investors today, their money is being used to pay off yesterday's investors."
He says middle-class Americans would actually benefit more from Social Security being shut down, because that would allow them to keep and save their own