In a recent article by Dean Baker in Talking Points Memo, he considers the consequences of a rumored task force to be comprised of economists unable to see the $ 8 trillion housing bubble that gave rise to the biggest economic downturn since the Great Depression.
Baker finds the timing of this move questionable given that the economy will require much more attention before the problem is solved. The Congressional Budget Office notes that the Social Security Administration is considered to be able to pay benefits for the next 40 years with no changes at all. With the decline in value to younger baby boomer’s biggest asset, their home value, Baker fears that the last pillar of hope to those on the cusp of retirement – Social Security benefits – is in jeopardy.
The disabled are currently waiting longer than ever for a hearing before an Administrative Law Judge. Significant time and attention will hopefully be spent attempting to solve the backlog issue and steps taken to ensure it does not happen again.
