Speaking of Infrastructure

By August 17, 2007Economy, Infrastructure

From Carrie L. Lukas, vice president for policy and economics at the Independent Women’s Forum, “Guess what else is structurally deficient.”

WASHINGTON (Map, News) – People wonder how government could ignore problems like those that led to the Minneapolis bridge collapse, but the truth is that officials have long been turning a blind eye to many looming disasters besides the nation’s roughly 75,000 structurally deficient highway spans.

Consider our Social Security system. Each year, the nonpartisan Social Security Trustees details the program’s sorry financial prospects. The latest report concluded that the program — which consumes more than one-fifth of the total budget — will begin paying out more in benefits than it takes in as taxes in just 10 years.

At that time, Social Security will begin drawing down its “trust fund,” which means it will demand additional tax dollars from the general revenue to meet its obligations. By 2041, when the trust fund is exhausted, Congress will have to hike payroll taxes or starting slashing benefits for seniors.

Good point.

Difference between Social Security and infrastructure, though? There’s no equivalent of a horrible, fatal bridge collapse to warn against Social Security’s shaky footings. There are only more reports, studies and papers…

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