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December 1, 2012

When the Social Security Act was made law on August 14, 1935, no one considered the future pitfalls.

The project was packaged and sold as support for the elderly while those implementing the program certainly knew of the windfall implications: Social Security was just another form a taxation, a means to increase the flow of cash into the coffers of the federal government and enhancing its borrowing capacity.

The notion of socking away a portion of earnings by force and making it available for retirement was, of course, part of the spiel. In reality the funds would be spent and the benefits paid by future wage earners.

No one predicted the baby boom after  World War II. How could they? Nor could they realize that, as those boomers were cashing in on benefits, the nation's birth rate would hit an all time low.

The lack of foresight that threatens to bankrupt the Social Security system is an endemic aspect of most every government program.

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