Tuesday, October 16, 2007

Social Security Math

The first baby boomer recipient of what Fed Chairman Bernanke calls an “unsustainable entitlement program” filed for early retirement yesterday. Kathleen Casey-Kirschling was born one second after midnight on January 1st, 1946.

An actuary is a type of mathematician who evaluates risk and suggests ways to lower it.

In 1946 there were 42 workers for every Social Security beneficiary; today it’s closer to three. General Accounting Office comptroller general David Walker backs up the Fed Chairman, saying that over the next 75 years the Federal Government will need an additional $50 trillion to fill the needs of Social Security, Medicaid, and other so-called entitlements.

That sounds pretty risky to me. Maybe it’s time to get rid of the politicians and put those actuaries to work.

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