Watching Social Security Eat the Young Alive

My 26 year old son got the most extraordinary letter from the Social Security Administration last week. In plain English it admitted that the system was a Ponzi scheme destined for bankruptcy more than a decade before he reaches retirement age. It warned that if he is to have any hope of retiring he'd better start saving on his own. Anyone who wasn't personally hypnotized by FDR knows this to be true. Yet I was still surprised that such a frank government confession didn't make national news.[snip]

But stick in the double digit inflation figures that were in vogue when Jimmy Carter was president and a funny thing happens. In order to prepare for retirement, young people would have to save more than they make!

Given the Vesuvius of cash the Fed pumped into the economy to disguise the real estate debacle, what do you think the odds are that inflation is going to stay at one or two percent?

P.S. It's already failing. Are you mad as hell yet?

P.P.S. Can you say death panels?