It was also never supposed to exceed 1% of your income, ever be taxable, you were supposed to get back what you contributed...then the generation after you was supposed to pay for you, then now I guess two generations after you will pay for you with their hamburger jobs. Also, most of the existing fund has been invested in US Gov Bonds...so that is gone as well. Our politicians have effectively stolen the retirements from the Baby Boomers. Will they admit it? No way. By the way...the US Government only produces money through taxation...so they will have to go back and tax someone else to replace the missing money...Now you can see why both Democrats and Republicans favor Amnesty and Citizenship...they need more members of the Ponzi Scheme before it implodes.
Wrong on all counts.
Also, most of the existing fund has been invested in US Gov Bonds...so that is gone as well.
All of the revenue is immediately converted into non-market, interest bearing T-bills and deposited into the SS Trust Fund, which currently holds $2.5 trillion in these T-bills.
Our politicians have effectively stolen the retirements from the Baby Boomers. Will they admit it? No way.
No money has been stolen. SS is unsustainable because of demographics and economics. There isn't sufficient revenue to pay the benefits promised. We need to either raise taxes or decrease benefits or some combination thereof. The current tax rate of 6.2% each for employee and employer was set in 1990 and has not been raised since.