Thank you for pointing out where my SS contributions are going and why the system needs to be reformed NOW. How about this - quit your trips to Vegas and give me MY tax dollars back!
Much of what I write on FR is satire. While we do receive SS, most goes for groceries. But there are MANY seniors who gamble at Snoqualamie everyday.
Where your money went. Read and weep.
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
What they said in 1964 (before they looted the system)..
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
Assuming KB is legit and contributed to his SS account, the money KB gets from SS is his money.
Social Security, was never intended initially to be funded by succeeding generations. It was, in effect, supposed to be a government mandated personal savings account.