"I want every damned penny the government stole from me in the last 40 years ."
Interesting opinion. With that reasoning, none of us should be paying taxes that do not directly benefit us. So if you paid 7.5% of your taxes in your lifetime to SS, and you paid an additional 2.9% to Medicare, then the remaider would be used for things like the military (indirect benefit, but at least it is something for you), roads (if you use roads, as opposed to sitting in your house your entire life), public schools ( if you or your family went to school).
However, what about the taxes that didn't go to things that benefitted you the taxpayer. Part of my taxes im sure goes to the national endowment for the arts. I may see some obscure benefit in my life, but really, I don't think it is something the government should be paying for. How about all the little earmarks that add up to billions of dollars for pork projects in other states.
Do you want a refund of your taxes that they stole from you to use on frivilous projects that don't benefit you? I don't agree with your position that you are entitled to one dime of your tax money. It is also that position that keeps the system from being changed.
Social Security is not an entitlement. It was not set up that way, nor should it be treated as one. Just because you pay some tax that they have twisted our arm into paying, doesn't mean you are entitled to one cent of it back.
True reform would be to immediately make SSI a needs based system. Lower the actual rate for all tax payors now. Give to people only enough social security to pay for the basic necessities of life (top of poverty level). Why should our country be bankrupted by mismanagment in the future? It shouldn't.
The last issue, that has been stated a few times is that it was the FDR generation that caused this problem. I'm sorry baby boomers, but it has been your generation that has been leading this country for many years now, in all sectors of government, if you thought it was so bad, then why didn't you change it?
Bernanke is right, Bush was right and the GOP failed to address this very looming problem in our country. I am willing to live at the poverty level in the future if I do not plan ahead. But for people who have succeeded in life, will have paid an effectively higher tax rate over the years. I will gladly forgo any SSI that I would be entitled to in the future. It would be nice if the tax rate I was paying would be less, so my tax dollars that surely won't be around in 30 years, don't put another $20k in the pocket of a millionaire each year.
The boomers have had alot of success particularly in the real estate market over the years.
The money the government took under the guise of a retirement fund for the future wasn't TAX money . Social Secutiry payments are not a tax . It is money taken from citizens without any recourse to invest in their own future the way they want . It is outright Socialism .
BTW, If I hadn't planned on future retirement, my two sons (X 'r and Y'r ) would be up to their necks in student loans . Two full college expenses without scholarships ( out of state and not jocks ) worth a minimum of $225,000 after tax dollars .