We've come full circle. Most workers under 50 are now essentially responsible for their own retirements since any payout from SS will be very meager. The irony is we're far worse off than before (SS) because we now have to pay for current retirees on top of trying to save for our own retirement.
its a double whammy....
tell the young people ...WORK FOR THE GOVT IN SOME WAY....
That's not all. Remember that the folks in Congress were using Social Security tax payments to cover increased spending. Do you really think that the politicians are going to slim down on spending, now that the "surpluses" are no longer around? The chickens are coming home to roost. The foreseeable future holds a combination of significantly increased taxes, reduced government services, and a weaker dollar. The alternative is reduced government spending coupled by reduced taxation and borrowing, but folks are too busy pigging it out at the Federal trough that they won't approve.
We will pay for the current retirees and the increases in Federal and State spending, especially if they grant amnesty to the illegals. Whatever is left over, after the dollar slips some more, is for your retirement. But, just remember, the Federals can always impose wealth taxes at a later date to make up for even greater revenue shortfalls.