"I'm old. Gimme, Gimme, Gimme..."
Posted on 01/17/2008 6:14:34 PM PST by newbie2008
Social Security faces an enormous future deficit: Between today and 2075, the inflation-adjusted shortfall is projected to reach a staggering $20 trillion. Although the problem with the current system is due in part to changes in demographics, the root of the problem lies in the fact that the Social Security system itself is poorly designed. Workers, particularly those under age 50, are slated to receive very low benefits in return for a record amount of payroll taxes they send to the federal government. 1 These workers could enjoy substantially greater levels of retirement income if they were allowed to place the bulk of their payroll taxes in professionally managed individual retirement accounts, 2 which historically have had significantly higher rates of return.
Defenders of the current system generally admit that personal accounts would make workers better off, but they also argue that the "transition cost" of privatizing would be significant. More specifically, because a major share of the payroll taxes now used to pay benefits would be invested instead in private accounts, policymakers would need to find several trillion dollars to finance benefits for current retirees and those nearing retirement (and, therefore, too old to take advantage of private accounts).
(Excerpt) Read more at heritage.org ...
Huh..are you series??
So folks, tell me....this has gotten better with the democrats in control of congress, right? I mean, it’s much better now than it would have been if anyone would have backed Bush when he was taking on the issue, right? Just wait until there is a democrat in the White House...then this problem will be completely resolved, right?
This is from 1998, and there is a lot better data on SS from 2005.
The trust fund is currently worth about 3 trillion...it is not going bust anytime soon.It is backed by government bonds that the US has never reneged on, and by law, can only invest in those US government bonds.
Social Security as we know it isn’t going to be touched by politicians for a decade, if then. Bush tried to just get a dialog going...you saw how well that worked.
The trust fund is worthless. The only thing social security has to back it up is the government's ability to confiscate money in the form of taxes.
I helped an elderly man load a couple of those big bags of dog food in his pick up at Wal-Mart the other day and he told me I was a nice young man. Made my day and I’ve been feeling frisky ever since.
You're right of course.
US bonds are the safest investment in the world. Of course they are based on US tax revenue. I don't see your point. The bonds are not worthless.
Well, Doc, here’s my solution. If you need more taxpayer money, just simply provide your bank account and routing numbers to me, and I’ll help the government collect the money and deposit it for you.
Its my thought that the powers that be will successfully eliminate SS. It all part of the cabal that wants to reduce America to a turd world country.
As long as you’re willing to support private accounts, you can have the rest with my compliments.
those under age 50, are slated to receive very low benefits in return for a record amount of payroll taxes
While baby-boomers enjoy the money, some stupid young folks will continue to vote Democrat.
Well, I don’t need “more” taxpayer money, just that which is owed to me from a lifetime of paying into the SS debacle.
US bonds are the safest investment in the world. Of course they are based on US tax revenue. I don't see your point. The bonds are not worthless.
What post #30 said...but let me also offer an analogy.
Suppose you have $1,000 and you put it in a "lock box".
Then suppose you take $100 out and put an IOU to yourself for $100.
Question: How much money do you have?
That's exactly what these bonds are. The government has slipped a piece of paper (bonds) into an accounting ledger and spent the "real money". They have promised to redeem their own debt with their own IOU.
Question #2: How do you think they will do that?
"I'm old. Gimme, Gimme, Gimme..."
So you’re telling me not to count on Social Security when I turn 65?
:-)
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