SS was supposed to be a safety net and a supplement to one's retirement. It was never intended to be the only source of retirement income.
If I had invested in G bonds in the years that I had worked my SS payment would be around $75k a year, figuring in life expectancy.
“SS was supposed to be a safety net and a supplement to one’s retirement. It was never intended to be the only source of retirement income.”
True, but it is. There’s ideology, and then there’s the real world. In the real world, people are dependent on SS. I wish they weren’t, and I certainly want to change things so future generations aren’t in the same boat. However, it is what it is. That’s why I say I want to drawn down the federal government smartly. There are people who cheer ANY cut, but that’s putting ideology ahead of all else.
The truth is, there are different kinds of government entitlements. A military retiree who served 20+ years actually worked for those benefits. A Social Security recipient probably paid into that program for decades. Those are completely different types of payouts in my opinion than EBT, “mad money” disability payments, foreign aid, ethanol subsidies, etc, etc (the list if virtually endless!). If it comes time to cut—AND WE SHOULD CUT—let’s cut smartly!
It was also never supposed to exceed 1% of your income, ever be taxable, you were supposed to get back what you contributed...then the generation after you was supposed to pay for you, then now I guess two generations after you will pay for you with their hamburger jobs. Also, most of the existing fund has been invested in US Gov Bonds...so that is gone as well. Our politicians have effectively stolen the retirements from the Baby Boomers. Will they admit it? No way. By the way...the US Government only produces money through taxation...so they will have to go back and tax someone else to replace the missing money...Now you can see why both Democrats and Republicans favor Amnesty and Citizenship...they need more members of the Ponzi Scheme before it implodes.