Most people, probably 75% or more, who are collecting social security benefits have passed their break even points by years.
I believe that the present time to break-even for most retirees is aobut four years. After that, it’s a free ride paid for by the next generation.
A huge fraud perpetrated in 1983 when the so-called social security trust fund was set up so that the boomers could pre-pay their retirement, and the money was proptly spent. As a result, new retirees and their children face a double whammy. All the trillions that were spent will have to be taxed back from our grandkids, and the folks whos pockets have been picked weren’t able to save that money on their own.
The alleged bargain of 1983 was that the Government would save the money for the boomers, but it lied, and spent the money instead.
Everyone has been swindled. We’re all victims.
But never ever allow yourself to think that the the benefits that seniors are drawing now were fully paid by them through their payroll deductionas and employer contributions. That’s just not the case.
Just curious, where did you get that figure?
I’ve been paying since I was 16 and I really doubt that that 60+ years of payments are disposed of by 48 months at $500 a month or so, even discounting inflation and COLA, but maybe its close enough for the purpose of showing the utter failure of the setup, and one that was openly seen and predicted back in the 70s, at that.
Allowing me to opt out of this government fraud, and mandating a private account for those monies would mean that I would probably be worth closer to a million bucks on that alone.
I suppose that my views on these socialist thefts are closer to libertarian viewpoints.
And I do understand that the money was spent, but what control do we have over money once they reach into our pocket and take it from us?
Actually, I could get angry at the whole concept just writing this, but its too early in the morning. :)
I never did think that there was some fund that the payments went into. - Its just another government tax that you pay or else.
Given the present state of education and politics in this country, how do we get rid of it especially when most of the illegals are politically leftist?
They will vote sooner or later, and the democrat's class warfare will continue.
I'm very pessimistic. Thank you for the post. - Bill