Social security?

Question

The Social Security department takes money from young people in order to pay older people their social security. After all the money is paid to the old people, the left over money is marked down in a book and then loaned to other government agencies. There isn't any real money in the social security "surplus". So, when the current youth gets old enough to warrent receiving social security, how's it going to be paid? The options are this: to collect on the loans to other government agencies (unlikely that these agencies will cut costs, taxes that pay for these agencies with rise), or to raise the payroll taxes that currently pay for social security. Either way the future working population is doomed to pay more taxes. You may say, "The companies that pay their workers will end up paying more of the tax, and this will only hurt the big evil corporations." But, these corporations would either have to raise prices or cut wages. So...How is social security a good idea?

Answer 1

Social Security is such a convoluted, messed-up system...I'm 26 years old now and I'm not even expecting to get it when I reach retirement age. Put your retirement savings in Roth IRA's & the new Roth 401Ks people!!! When you start taking the money out at retirement it will be tax-free!!! Tax brakets are only going to go up in the future because of the huge deficit so take advantage of tax free savings opportunities now.

Answer 2

It was a good idea. Now it is like a parent's college fund that the parents dip into to buy crap they cannot afford on their own, and then they leave an IOU (which will never be paid). I do not think it will be around much longer. Sure, privatization seems like a good idea, seeing as how the old system was drained and abused. Just like the college fund analogy, the parents tell the kid after the money is gone "You should start your own fund. This one is broken."

Answer 3

The Dems say SS is fine. However when I have gotten my yearly SS statement telling me my potential benefits when I retire, they clearly state that at the current rate what they are bringing in versus what they are paying out, that they will only be paying 70 cents on the dollar. Each year it gets worse. Bush wanted to do something about it. " No! Says the Dems" Social Security will be bust when you and I retire. So you tell me whose to blame. Some how I have a feeling libs are going to try to turn this on Bush also. Champ, do you not think SS is in trouble. Your claim of the Repubs trying to kill it is not true. Why are the Dems not wanting to do anything? That makes me cautious. Bring ideas to the table. Do something know or Dems will be responsible for this also along with every politician in Washington. Something has to be done know.

Answer 4

For 70 years the Republican Party has been trying to kill Social Security. All of a sudden they want to save it; buyer beware! Do you know the immense amount of money that Wall Street would reap if they privatize SS, do you honestly believe that those vultures would not steal it. Remember Savings and Loans, remember Enron, if you can't see that scam coming from a mile away, subtract ten points!

Answer 5

Good question.