Where is Al Gore's Lock Box when Social Security needs it most? Remember the Lock Box?
- "I will keep [Social Security] in a lockbox. The interest savings, I would put right back into it. That extends the life for 55 years. I am opposed to a plan that diverts 1 out of every 6 dollars away from the Trust Fund. It would go bankrupt within this generation."
"Putting both Social Security and Medicare in an iron-clad lock box where the politicians can't touch them -- to me, that kind of common sense is a family value."
I ask this question because the New York Times just happens to report today that Social Security will pay more in benefits this year than it receives. Apparently, this might be a problem:
The long-term costs of Social Security present further problems for politicians, who are already struggling over how to reduce the nation's debt. The national predicament echoes that of many European governments, which are facing market pressure to re-examine their commitments to generous pensions over extended retirements.
Thank goodness no one would think to pass a massive entitlement expansion at a time like this.