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June 11, 2018

DEMOGRAPHICS IS DESTINY: Darn. I may outlive Social Security.

This week we learned Social Security will spend more than it collects this year for the first time since 1983. Unless trends change, the new go-bust date for the retirement program is 2034.

That’s just 16 years from now. I’ll be 79, and hope I’ll have a few years left, though I doubt I’ll be in shape to go job hunting.

Even worse news is that Medicare, the retiree health care program, will be spent out by 2026 — I may not even be retired yet.

As maddening as that prospect is for someone who has been paying into both systems for a half-century, I feel for the generations behind me. I’ve still got a shot at getting some of my money back. There seems no chance they’ll ever collect anything.

Given the vast number of Baby Boomers heading into retirement, you’d think these doomsday reports would trigger a panic response from Washington.

No way.

Anything which can’t go on forever will stop.