Under the fair tax, retirees who paid their whole lives into the system for their retirement, now have to pay for the retirement for younger generations too. I am not retiring anytime soon, but if I was, I would not be happy with that prospect.
I am not happy about it either....but it's reality.
The net present value of the unfunded liability exceeds the net worth of the country. We don't have a chinamen's chance in hell of paying all of the promised benefits.
Time to face the music. Like any pyramid scheme...those who get in on it in the beginning make out like bandits....and those who are in on it as it collapses get the shaft. No one in the political arena today has the cajones to tell the American people the unvarnished truth.
Tricky Ricky Santorum has introduced a bill to "guarantee" all the SS benefits for those born before 1950. (S.1750) If you read the fine print of the bill you'll see that it's a completely worthless guarantee...based only on Congressional authority to tax. Our supposedly "Conservative" leaders won't even speak the truth. It's a sad and disgusting state of affairs.