Paying for the Boomers Retirement

Even Ben Bernanke is worried about when the Baby Boomers are going to retire.

Shoring up the finances of Social Security and Medicare will make for
difficult choices, Bernanke said.

For instance, if the government tried to finance projected
entitlement spending entirely by revenue increases, the taxes collected would
have to rise from about 18 percent of the total size of the economy to about 24
percent in 2030, he said.

If the government attempted a fix through spending cuts, spending
for programs other than Social Security and Medicare would need to fall sharply
-- the equivalent of "a budget cut of approximately $700 billion in
nonentitlement spending," he said.

I have a feeling that they are going to cut entitlements using some arcane method in an 11th hour session before a real crisis develops. So it is pretty much guaranteed that I won't see a dime of the money I am paying into Social Security.