Skip to comments.8 Reasons Why the Young Should Give a Sh*t About Social Security
Posted on 08/11/2006 7:55:15 AM PDT by tang0r
Despite being a hot topic among certainly campaigning politicians, many less-political Americans, especially younger Americans, consider Social Security to be a boring, worthless issue that they don't need to care about. Here are eight reasons why that's wrong, and why everyone, especially the young, really should consider Social Security an important issue in their lives.
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Thes greatest scam of the 20th and 21st Centuries...Social Security. Kill it, privatize it, force people to be responsible and take care of their own retirement.
1. You're paying for it. 6.2% of every dollar you make is already going to Social Security, through taxes, whether you like it or not.
The number is actually double that since your employer also pays 6.2% on your behalf.
Unfortunately, most politicians, like young people, have no grasp of economics. Turn Social Security into a needs based system, and everyone's total tax rate will drop. I have paid into social security for over 22 years and frankly I don't want it or doubt I will need it.I am self employed for 15 of the 22 years and pay the full amount. I am more than happy to 'give up' my entitlement to try to stop this hideous program from bankrupting our country. To bad more people don't do that.
I guess it's ok to care about it. It's not ok to assume you will ever see a dime of it.
Remember that the U.S. budget deficit this year and for the forseeable future is in fact well into the trillions. Social Security is magically "off budget" because Congress can cut it at any time. That's the official OMB statement more or less.
Want to help the SS system, stop giving ****'n benifits to illegal aliens.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
I am 61 years old and have been retired for about 7 years and I would give it up too if that would stop the madness that is social security.
1. In a nation dominated by a pragmatic, nihilstic culture like ours, it'll be much easier to euthanize Social Security recipients than to worry yourself over how to support them.
"You choose: collectivism or individualism?"
FDR chose collectivism. We can change the system, but RATS will stop meaningful change. Eventually, the system will collapse as it did in Brazil 5-6 years ago when they had to change the law and raise the retirement age from 55 to 65. More money was going out than coming in the system.
The bad news, Medicare has an even large unfunded liability. Raising the retirement age won't work for Medicare. Be prepared to buy more health insurance Seniors.
I routinely get AARP membership solicitations. I would write them back a nice note on why I didn't like their scum sucking organization. They did not stop sending me solicitations, so I cram as much useless paper in their prepaid envelopes and mail it back to them.
You truly believe the taxes for SS would go down if means tested. Oh no they would not. There would be always a push to make payment to the "POOR" better. Must kill the thing.
Needs based system? Who determines whose "needs"?
Most people my age (Recent college grad) know we won't ever see a penny of SS. My main concern is staving off draconian tax increases to keep the ponzi scheme propped up.
I'm in my mid-forties, and I could care less about social (in)security. I'll take care of my own retirement.
I'd make it really simple: abolish payroll taxes, at 67 you get $18,000 a year (twiddle both numbers as needed). Enough to live on, but if you want RVs and vacations you get to save for yourself. There's no reason Warren Buffet should get a bigger government check than a retired coal miner.
Socialist Security should be completely dismantled. Give everyone the option to receive a lump sum and exit the system right now. This would be equal to total employee and employer contributions plus interest. Most younger people (under 50 I think) would take the lump sum. Stop all new SS taxes, no new participants. Older people probably would not take lump sum payment, but in 20-30 years the mess would be cleaned up, as people die. Billions of dollars would be "liberated", to be invested as individuals see fit: stocks, real estate, bonds, etc. (For the benefit of liberal lunatics, this idea is called "capitalism".)
Socialist Security is a fraudulent Ponzi scheme. If a private corporation ran a pension fund in the same manner, the company executives would all be sent to jail.
I'm investing for my retirement as if I will not recieve a dime of Social Security.
Or even, to set up massive government run "retirement communities" that would have more in common with giant long term care homes or even refugee camps.
I believe if everyone had to pay SS and fed taxes quarterly out of their pockets rather than "auto deduction", everyone would suddenly care alot more about what the government is taking and a tax revolution would follow.
so I cram as much useless paper in their prepaid envelopes and mail it back to them.
I once sent them a banana peel with a note explaining the metaphor of "sliding into entitlement oblivion." Didn't get a reply.
What the hell is a "whippershapper," anyway?
It is too bad more don't think like you do. Too many think, "I paid into it, I just want to get what's mine!"
Guess what, it's not theirs, it's not there, and hasn't been since it left their pockets. It is the biggest scam perpetrated on the American public. Anyone else trying something like this gets jail time. The government doesn't like anyone nosing in on their business I guess.
That's one of the genius moments of the tax collective mindset; don't let the masses know just how much is being taken from them. If people had to write checks every quarter from their own accounts, the outcry would have made most tax schemes impossible. I still cannot understand those who view their income tax refunds as free 'gubmint' money instead of their own money they lent to the government interest free for a year.
The fundamental of Social Security is that the "Social Security Trust Fund" is invested in safe government bonds. "Safe," that is, until the money is actually needed.
Then those bonds will be revealed as liabilities to the Treasury equally as they are assets to the Social Security system. For the purpose of helping our grandchildren pay our Social Security checks, those bonds are useless. In exactly the same way that an IOU you wrote and signed for a trillion dollars wouldn't make you rich.
OTOH, to the extent that the tax liabilities on our IRAs/401(k)s is of similar magnitude as our Social Security checks our grandchildren will have some significant help.
The only important issue is seeing it gone.