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.
Okay, we’re not really connecting here. Social Security isn’t fine, people would be better off taking responsibility for their retirement rather than depending on the Federal Government...they’d be better off putting their money into savings and rely on compound interest...they’d be better letting money be invested or investing themselves. The unfunded liabilities of Social Security total $13 trillion....by law the “surplus” was spent...it is still a pyramid scheme relying on more and more workers to retirees when in fact it is just the opposite....75 million baby boomers are going to start drawing...the demographics will crush the system. I don’t understand why people talk about Social Security as if we cannot have a world without it.