If they're doing such a p@ss poor job of managing the money they already have, what makes them deserving of more?
When Bush proposed looking at private accounts for social security a couple years ago, Democrats were against it, and many denied that Social Security has any funding problems. Nancy Pelosi has said that funding for S.S. is fine until 2041, meaning the date of the trust fund being exhausted. Unfortunately, the politicians kick the can down the road.
As they say, there are a few basic options, and one or a combination of them will happen.
1. Start raising the retirement age for full benefits.
2. Make Social Security “means tested” so that more affluent people get a lesser benefit.
3. Reduce benefits
4. increase payroll taxes
5. have the system sell bonds on Wall Street to raise money
6. invest the trust fund money in the stock market to get greater returns.
7. Run the government money printing presses overtime to pay all promised benefits, but increase inflation by doing so. This results in paying all promised benefits in dollars with less buying power.
Some combination of the above will happen in the future. Some future presidents and Congresses will have to do something to “balance the budget” of the Social Security fund.
Everyone who already knows this has an alternate retirement “plan”.
When Social Security was established it was set up as a trust — it didn’t take long for the politicians from both parties to loot it.
The brains of moonbats, Democrats, and RINOs are structurally deficient. Unfortunately, there are a large number of politicians that fall into one or more of the aforementioned categories.
The reason SS began as a pyramid is real simple - IT IS AND HAS ALWAYS BEEN A PYRAMID SCHEME! Sooner or later all of them go belly up.
If this were done by a private entity instead of the gov't, everybody from FDR on who has served in this gov't would be cooling their heels in a jail cell.
I figured this out in my early '20's when I started to wonder where the $ went that I never saw in my paycheck, and I began to make some inquiries. It's not like the info hasn't been available since day # 1 of this gov't PYRAMID scheme; nobody asks because they don't want to hear the answer and choose to be surprised when it hits the fan and everybody discovers they've been ROBBED.
*APPLAUSE* Carrie tells it like it is, as always. Thanks for the ping! :)
As for me and my house, we’re not counting on dime-one from SS, even though we’ve both paid in tens of thousands of dollars over the years. We’ll be of retirement age around 2025, so I’ll consider it “gravy” if one or both of us can claim it. Right now, my husband and I are both working to support SIX of our parents (three originals, three “steps”) and most likely a few other strangers as well. Between the six of them, they’re siphoning off about $5K total each month, tax-free from the SS Coffers.
Now, multiply that by the continually growing population of Seniors and the dwindling number of Worker Bees out there and you can easily see the problem!
I, too, would like to see SS completely abolished, except for widowed women raising their offspring, or the truly disabled, and any Veteran with any problem from a hangnail to mental illness. ;) (I’m a Vet.)
And NO money whatsoever in any form to illegal criminal invaders of the USA or their Anchor Babies!
Anyhow, I just paid in another 50 bucks that I could’ve had in my OWN pocket to invest in my OWN retirement fund this past pay period.
Thanks again, Big (Useless) Government! Grrrr!
It’ll be certain death for any national health care plan.