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Social Security Tipping Point

March 27, 2010 by  
Filed under Blog Entries

The news this week from the Congressional Budget Office (CBO) about Social Security is sobering.  For the first time in the program’s history, it will pay out more in benefits than it receives in contributions.  CBO had predicted this “tipping point” would not occur until 2017.

The news highlights Washington’s untruthfulness about what it has been doing with the surpluses all these years.  In a number of stories I read about the earlier-than-expected deficit, government officials were quoted as saying the program is in no immediate danger because there is a $2.5 trillion trust fund.  Really!?  A trust fund with actual money in it?

But, of course, we all know this is not true.  The truth is that the politicians we elected through the years spent every dime of the surplus money.  Consequently, not only is the $2.5 trillion not sitting in a “trust fund” somewhere in Washington, but these same politicians spent another $12.5 trillion MORE than they had in revenue.

Unfortunately it gets worse.  The sum of the U.S. government’s unfunded promises is $56.5 trillion…and growing by roughly $3 trillion each year.  That is $340 million an hour!

What impact will this have on our economy?  Will foreign governments at some point decide lending to the U.S. is risky? Is this sustainable?  How will it impact our children and grandchildren?

The answer to each of these questions is heartbreaking.  But while our political “leaders” have not been truthful, we must also accept responsibility.  If we do not engage in the debate, if we do not rise up to elect leaders who will force Washington to change its ways, if we do not act on the principle of “government by the people,” then we will in fact leave our children and grandchildren a country in complete financial ruin.

I think it is clear that we can no longer trust professional politicians to take the bold action that is needed.  All of the other candidates in the race for Arkansas’ First Congressional District have spent their lives in politics.  Please join me in bringing real change to our government.  Not more entitlement spending that we cannot afford, not more pandering about “I’m for YOU!” but someone who will vote to put our financial house back in order so that we do not leave a catastrophe for our loved ones.

My wife Stacy and I feel passionate about this and we just can’t imagine doing this to our children.  Please join us today in making a difference.  Join my facebook page, forward this article to others you think care about our future, and, if you are so inclined, consider a small financial contribution that will help me buy radio and TV time to communicate this message to a broader audience.

Respectfully,

Comments

3 Responses to “Social Security Tipping Point”

  1. Chris Ashworth on March 30th, 2010 5:12 pm

    Rick,
    This piece on social security was especially well written ! This is an issue you need to use more, especially after the primary.
    Chris Ashworth

  2. Justin H on May 27th, 2010 4:46 am

    http://www.lauraingraham.com/petitions/viewpetition?petitionID=1010

    Do you or do you not support the privatization of social security?

  3. Rick Crawford on May 27th, 2010 5:11 am

    I am absolutely opposed to privatizing social security and will never support any cuts in benefits for Arkansas seniors.

    I’ve always maintained that the system needs reform. I’m happy to listen to all the ideas out there on how we can make it solvent in the long-term.

    But I am totally opposed to privatization – we made a commitment to our seniors, and we need to honor it.

    I’ve also promised seniors that I will never support a cut in benefit levels or raising the eligibility age.

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