A Ponzi scheme. The left would have to admit it's what Social Security ALWAYS was.
Touch my Social Security and I’ll shank you!
/sarcasm/ Bad idea, it would put too many gubmint bureaucrats outa work.
This investment at birth could have started decades ago. Where were the republicans? Start with $1k and then sit back and watch. Now we’d need a hundred.
Go figure.
Great plan. There’d be no way for Congress to raid that plan as they do now. Right?
1) Let everyone choose if they stay in it or opt out.
2) For current retirees, that means keep getting the SS checks, or get a decent lump sum.
3) For people still working, that means keep paying FICA taxes (and building up future SS checks) or opt to quit paying FICA taxes (which means quit building up future SS checks).
4) Also, people still working can opt to get a lump sum of what they put in.
Then everybody gets what he wants. If he wants to invest it, fine. If he wants to blow it, fine, but he gets no government money later.
Obviously most people will opt out of SS, either to blow the money or, if they're like me, they can save and invest the money better than the low return of SS. The SS fund will experience short term pain to continue paying SS recipients wile workers opt out of putting money into it. But it'll keep the Ponzi scheme from keeping on growing larger and larger. And, as I said, everybody gets what they want.
Too little, too late...not sure you heard but the US Government and all citizens are in debt to the tune of 35 trillion on the books debt and 140 Trillion off the books debt..Not getting out of that one..
Social inSecurity has always been a scam - a disguised 14% income tax on top of all the taxes you pay.
Why - when it started, folks could collect at age 65.
What was the avg life expectancy back then - 65.
Then the Dem (LB f’n J) discovered this mass of ‘cash’ and used it to buy votes -
from Blacks via The Great Society
From old farts via Medicare
Then came ‘crazy checks’ more $$ to the welfare class and the hit just keep coming.
There would be plenty of dough in the fund - if not for these giveaways and constant ‘borrowing’ to cover massive budget deficits.
LBJ ‘massive surpluses” was MY retirement funds.
Instead of this, how about putting the current SS taxes (including the employer matched part) self-directed IRA? Keep the government’s hands off it.
[[What if the American people invested $100,000 in every newborn, purchasing a 65-year government bond on their behalf that guaranteed a 3.5% annual return?]]
The gov would borrow on the potential 65 year profits, while claiming that the money in the bonds was all safe and secure in a “Lock Box”
At this point it doesn’t matter.
Stop collecting SS taxes.
Print SS beneficiary amount each month.
Stop pretending.
Pronounce the ‘l’ in salmon.
Nothing matters anymore.
The numbers look better at 4.5%
At a 3.5% return per year you would lose $11254 of that original $100,000 in real terms.
BUT, of course, that would have required actual adult involvement in both the investment program and the government.
Owning our own printing press has been a root cause of the breakdown of our governments at all levels and our society. If we had to tax and spend responsibly, with penalties inflicted on the geniuses who got us into this situation, the whole world would be better off.
Any reasonable idea that anyone has will not work. Congress can’t even find the time to pass the one time standard that passed the Senate two years ago. For their next drama and self-created fiasco and disaster they will put off some tax provision to replace the Trump tax cuts or just fiddle away and let the house burn again. When time is of the essence and simple is better congress can screw up a piss up in a pub. They will never act on SS until it too becomes too late and a crisis.