I noticed on this board that a lot of people here had /have good-paying jobs. So it’s really easy for them to say, Well, they should have done this and done that. Most people don’t make what the people on FR make.
The purpose of Social Security wasn’t to supplement income. It. was to be the source of income for retired people. I don’t know who made that up; it was a supplement. But somebody did, and they went with it.
I notice the undercurrents too. The poor are stupid, they're dependent on government so they're probably Democrats so they're greedy and evil too. Scrooge recommended they die and decrease the surplus population.
Not actually.
SS was a Ponzi scheme. I was away to push on the American People an enormous tax under the guise of a Widows and Orphans fund.
They told the people that this SS system would ensure that elderly women and orphaned children would have a subsistence income.
Meanwhile the excess funds were used to buy special government bonds that could only be redeemed to the Federal Government with the idea that those bonds would never be redeemed. In effect this was a tax and a lie.
The proponents of this bill never conceived that the birthdate would fall to the point where the system would fall into the red.
But consumerism, feminism and the advent of birth control killed the birthdate.
So, when the number of contributors to the number of recipients fell to about 4 to1 the system became insolvent. Hence you can not afford to pay recipients and the system fails.
We are all waiting for the second shoe to drop.
Eventually they have to shut it down.
And meanwhile the birthdate continues to drop, the Baby-boomers continue retire in greater numbers and the percentage of people participating in the labor force continues to decline.
Things really can’t look worse for the Social Security system.
That is not correct. If you go back and read the history of social security it was always designed to be a safety net, not a retirement plan.