how does SS then get funded? pout the whole burden on the employer?
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POTUS said that Soc. Security will be funded from the General Fund. When he said cut the payroll tax-I took that to be for the people and the employers—another tax break for companies and small businesses and worker bees.
For most of my adult working life, they have collected extra to make provision for the retiring baby boomers, but then they put the extra on the balance sheet so that the toon could claim a surplus.
It’s all smoke and mirrors anyway. In case of the very worst financial crash, anyone think that social security wouldn’t be impacted regardless of the “trust fund”?
Everyone wants to call it a retirement benefit. Recall it was initially called Old Age, Survivors, and disability Insurance? Never meant as a retirement benefit-it was to help out if you got old and couldn’t work. And the retirement age was about the same or shortly after the life expectancy at the time.
In the real world, the changing scenario would have been addressed by Insurance Actuaries and rules and premiums adjusted accordingly. Many people still maintain that the program was and is Unconstitutional, but now that so many have made it part of their survival in retirement, it’s kinda hard to just shut it off.
I suspect when as the boomers get old and die off, it will at some point be discontinued. Surprised me that it’s still going and I got to draw anything-never ever expected it to still be around when I reached retirement age.
thanx for that. I know there is no “funding” of SS. It’s all I.O.U.a as the payroll tax collected goes into the General Fund.
I’m with you...I never thought it would be there when I got to geezerhood.
Now ? All y’all (and you know who you are) better keep working so I keep getting it.