It's Only Money

It was reported this morning that Social Security will pay out more money than it takes in this year. This was not expected to happen until 2016. This was attributed largely to the current recession. Due to the high unemployment rate, fewer people are paying into the system. Also due to the recession, more people are applying for benefits.

Nevertheless, the news will have no effect on benefits, at least for this year. The higher payouts and decreased revenue were not unexpected. People can rely on receiving their checks. At least for 2010. The program is not expected to deplete its funds until 2037. The Social Security Administration will supply its own forecast later this year. It is expected that the grim predictions will be verified. Former chairman of the Federal Reserve, Alan Greenspan warned that "unless we get an immediate and sharp recovery, the revenues of the trust fund will be tracking lower for a number of years."

We needn't preoccupy ourselves over the dour news. President Obama is still on the job. Most agree that the economy will sooner or later pick up. It always does. And, if we are to take the administration's word, that recovery will be soon and it will be spectacular. It is just a question of when. In the mean time we shouldn't worry ourselves. Why should we? Billions have been spent on improving the economy. Nearly a billion more is going to be spent on health care. Things are going to be just fine, even if another billion has to be spent. Once people calm down and realize things aren't so bad, they will be out spending money. Despite the surging national debt and struggling economy, President Obama is not worried, so neither should we be. In any event, it's only money.

Even if the economy doesn't recover, people should not be concerned. The melt down will not occur for years. Obama will be long gone and many of us will be dead before the worst comes to pass. At least we have affordable health care to cushion our slow decline. That should keep people content for a while. As for Obama, if he has hopes of getting his image carved into Mount Rushmore, he may be in for dissapointment. It will be some time before his presidency is evaluated by history. But, judging from the numbers, his prospects at this point do not look good.