Social Security is a pay-as-you-go system. You seem to believe in Al Gore’s ridiculous “lock box” notion...the reason news outlets are reporting that Social Security should cash in those IOUs is due to the fact Social Security paid out $29 Billion more than it collected, but you maintain the program is doing well. Over the next 25 years, more than 75 million boomers will begin collecting Social Security checks, drawing down Medicare benefits, and relying on long-term care under Medicaid. I’m regret to inform you that this pyramid scheme is going to be crushed by the democraphics...
Sorry about my reaction to your first reply. I read it too quickly.
But, what we really have is, SS is a ponzi scheme on a cash basis.
It is a fine retirement system for America’s seniors on an accrual basis, with a $2.5 trillion surplus which will last until 2037, plenty of time to make any needed adjustments.
It’s not the SS system itself that’s at fault, it’s the fact that our government has continued to run deficits that continue to grow larger, and that now the value, or safety of the government debt held by SS is in question.
Gross negligence and mismanagement by presidents and congresses createrd the problem, and they might well add the single biggest addition to the problem ever, tomorrow afternoon.