Yes, it is the fault of SS. A Ponzi scheme has a life span. On the average, people collect more in benefits than they ever paid in. There are fewer and fewer workers paying the benefits for everyone collecting. I think it's around 2.3 workers per beneficiary right now. When boomers start retiring, it will be even less.
Yes, Congress borrowed from the trust fund, but they didn't raid it. Whatever they took out will be returned with interest. They borrowed from it to disguise the fact that they were running up the debt. That's the sham.
It's a Ponzi scheme. Younger people are screwed - they won't see a dime of what they're paying in, even after paying about 14% of their income into the fund for all their working years (and don't tell me it's only 7% because the employer pays the other 7%-the worker pays it ALL because what the employee pays is salary the worker doesn't get, but is part of the cost of the employment).
I have Leukemia and I'm only 56. Diagnosed four years ago and was told I had 10 to 15 years. Hopefully in my second remission.
So much for putting in less money than I'll get out of it.
Democrat Politicians hope someone like me will die early so their wonderful Ponzi Scheme will hold on just a little longer.
I wouldn't trust a Democrat to pickup my Dogs poop.
It’s a Ponzi scheme. Younger people are screwed - they won’t see a dime of what they’re paying in, even after paying about 14% of their income into the fund for all their working years (and don’t tell me it’s only 7% because the employer pays the other 7%-the worker pays it ALL because what the employee pays is salary the worker doesn’t get, but is part of the cost of the employment).
It’s 14% for all the self-employed
Can u imagine -—
39% tax + 14% SS tax +
State
house
car, highway, registration , license, passport, travel, bridge, tollway,
gasoline
electricity /water/ natural gas for the stove
FICA
State
Sales tax when you buy a book or dinner
$1 heath tax
no salt tax
WHAT IS THE TOTAL
HOW MUCH CAN THEY TAKE FROM US?
And I didn’t get a single F-22 to use.
re: Whatever they took out will be returned with interest
I think that’s the problem. There’s no money with which to pay back what was ‘borrowed’. In fact, the did raid it, when they took out billions and billions of dollars every year for years and years.
True, there comes a time when their aren’t enough workers paying in to pay all the retired workers are taking out. When they talk about the system being in the red that’s the point the mean. They conveniently ignore that the money they are having to put in from the general fund is money that’s owed to workers because it was ‘borrowed’ from them for 40 plus years.
Over the years they have come to see the system as a pay as you go system. It was never intended to be that way. The money being paid in during the times when there were 10 or more workers for every recipient was supposed to be left there, to build up for the day when the balance shifted. That’s the problem. That money’s not there, and they are so far in debt from years of profligate spending they can’t pay it back. So they distract us by acting like they are broke because there aren’t enough workers contributing now. BS, they are broke because they used the money all those years for something other than saving it for day when it would needed.
This is the whole ‘lock box’ thing. Americans who were paying in for year after year assumed the money was going into a ‘trust fund’ to be there for the day when they stopped putting in and started taking out. Now they find out their never was a ‘trust fund’. The money was being spent every penny of it, just as fast it came in.