Posted on 03/30/2012 4:05:16 AM PDT by quesney
The actuarial mathematics of Social Security demand one of the following:
1. Raising the age of benefit initiation to the median life expectancy of the age cohort retiring, or
2. Means testing benefits.
When 65 was chosen as the “retirement age,” it was the median life expectancy of males in the 1930’s. Let me translate that mathematical jargon for you:
The government expected that, of people eligible to collect Social Security payments, HALF WOULD BE ALREADY DEAD.
That’s how the actuarial mathematics worked back then.
As life expectancy has rapidly increased due to increases in health care and nutrition, the SS system’s mathematics have become completely unsustainable. We now have far too many people eligible to collect off the system. Whereas in the early days, there were 17 people paying into it for every person collecting, today there’s about 2.7 people paying in for every person collecting. And that number is going down, leaving a larger and larger burden upon those who are of working age, paying into the system.
The math doesn’t lie. It can’t continue as it is.
The second option, means testing, should be done on a sliding scale, where those who need more, get more, and those who don’t need anything get nothing. This would break the Democrats’ biggest selling point, that ‘everyone who pays in can depend on getting paid!’ and it would devolve into a conventional welfare scheme at that point.
Too many people have believed the lies of the Democrats and RINO’s that SS is a pension. It isn’t. It is a social welfare scheme, and the SCOTUS said so in Flemming v. Nestor, in 1960. There is no pension, there is no property right, there is nothing to prevent the Congress from changing the benefit payout(s) or eliminating them outright.
Legally, it's still my money. If I pay more into the pot, I'm entitled to a bigger share of the pot.
Means tested benefits crosses the line from "forced retirement funding" to "full blown socialism"
It was full-blown socialism from the get-go, since Congress is not obligated to pay out anything, and never was. The benefits have nothing to do with what you pay in.
No, it is not your money.
By settled law, the money from Social Security taxes goes into the general fund. It is a tax, and was spent shortly after you paid it.
You don’t have any money that is “yours” in SS. The statements you get are what I and every other working person will be expected to pay you from the taxes collected on us.
Legally, it isn’t your money.
Your point is directly addressed by Flemming v. Nestor. You have NO property right. It is not “your money.” You can have NO expectations based upon the amount of money you have paid in.
People, go READ the SCOTUS decision Flemming v. Nestor. It is NOT “your money.” You are paying into a “social insurance” program, and Congress can change the benefits at any time.
And, NB, this SCOTUS decision is from 1960. The truth has been out there for a LONG time. People just don’t want to read what is now the law of the land, and instead, want to believe the fiction from 1935.
I plan to twiddle bits well into my 70’s.
Then non-citizens shouldn't be required to pay into the fund.
Hypothetically they could cancel the entire shebang tomorrow and keep all the money. Legally.
It's payment for the privileged of working here.
A credit for the money they put into SS can be sent to their country of origin's pension fund.
Or we can say 'thank you'.
One of the reasons neither the dems or repubs want to crack down on illegal immigration is their contribution to SS, etc without having to pay out. Free money into the system.
Of course there is a move afoot to change that. Should we excuse them from contributing? Let them collect?
Which is why I don’t expect to receive a penny of SS.
I am near the middle of the Boomer births and I figure the retirees over the next 10 years are going to overwhelm the system unless they dramatically raise the SS collection age. Since they said reform won’t affect thoseover 55 years old (Gee, I just missed!), the next 10 years of increased demand for SS benefits will overwhelm the ability of the government to pay it.
They will reserve SS payments for the destitute elderly. Those of us that aren’t broke are not going to get much if anything. Those doing well are certain to get nothing from SS.
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