2007-01-19 07:27:43 · 20 answers · asked by Yamel 1 in Politics & Government ➔ Other - Politics & Government
as long as you work for along period of time like maybe 25 to 30 years
2007-01-19 07:36:00 · answer #1 · answered by j13 3 · 0⤊ 0⤋
The Social Security is taken from your check to pay the people on social security now.
That is the problem..when the baby boomers are all on social security there will be a vastly smaller population to pay into the social security account so it will be bled dry.
People have seen this coming for decades but no one will do anything about it until the entire system collapses into ruin and takes everything else with it
Hey Bob B...there was a Republican President with a Republican Congress and they did squat about social security...so the Dems are to blame? Repubs could have done something multiple times in the past 20 years just like dems could so they are both equally responsible
2007-01-19 07:32:09 · answer #2 · answered by Anonymous · 2⤊ 0⤋
They have been saying that Social Security is going to collapse for YEARS now. I remember when I was in High School (I graduated in 1988) and we first learned about it, we all thought, "Great...we'll get it for about 5 yrs, then it will be gone." but then they push the date up...
One of the main reasons we still pay in is in case of accident or disability. If you became disabled tomorrow, that money would come back to you in the form of a meager check. I have been working since 1986, pretty much full time, and I'd get a whole $890/month if I became disabled. That amount will go up as I work more.
Have faith and if you're really that concerned about it, make sure you have an IRA or other retirement account, and start working "under the table".
2007-01-19 07:33:35 · answer #3 · answered by Dolphin lover 4 · 2⤊ 0⤋
Don't worry, social security will always be around. The politicians won't let it go bankrupt, they need it too much. Think about it, they use it to buy millions of votes of old people now. There is no way they'll let a bribery scam like that go away. They'll just keep raising taxes and going into debt to pay for it.
As long as social security exists they can buy senior citizen votes. That is the ONLY thing politicians care about. Therefore you can be secure in the knowledge that the government will steal our grandchildren's money to buy our votes, just as they are stealing ours now.
2007-01-19 07:45:50 · answer #4 · answered by Aegis of Freedom 7 · 1⤊ 0⤋
The money that is taken out of your checks is paying for the current cost to operate and maintain social security. There is no social secrutiy "trust fund" anywhere. The money you put in is thrown into the pot and used to pay the benefits of current retirees. This is the way the system has worked since its inception.
2007-01-19 07:32:32 · answer #5 · answered by msi_cord 7 · 1⤊ 0⤋
It's a tax. And you have no right or entitlement to collect anything from your "donations".
US Supreme Court, Helvering v. Davis (1937) "The proceeds of both employee and employer taxes are to be paid into the treasury like any other internal revenue generally, and are not earmarked in anyway."
Fleming v. Nestor (1960: "To engraft upon Social Security system a concept of "accrued property rights" would deprive it of the flexibility and boldness in adjustment to ever-changing conditions which it demands."
It's a payroll tax, to be used as Congress sees fit.
2007-01-19 07:42:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Under the present system, Social Security is fine untill 2045, then it's funding will drop to 74%.
Right now funding is at 102% but it needs to be 112% to stay slovent for the next 100 years.
The last time SS taxs were raised was under Reagan.
Clinton put 400 billion back into SS.
Bush borrowed from SS to fund his tax breaks and then again to cover the Iraqi invasion. Thanks to Bush, money owed to SS grew by 600 billion. Guess who pays it back?
Sorry kids, it wasn't me who voted for the dumb idiot.
2007-01-19 07:50:29 · answer #7 · answered by MechBob 4 · 0⤊ 0⤋
Because the money you're paying in now is paying the social security benefits of the people who are receiving it now.
Hopefully there will be plenty of young people to pay for your social security when you're old.
2007-01-19 07:34:32 · answer #8 · answered by Sean 7 · 1⤊ 0⤋
the social security tax you pay now goes to help the people drawing from it today. They get to benefit from your money today, but there will not be enough people paying it when we get older for us to benefit.
2007-01-19 07:30:42 · answer #9 · answered by Emily B 4 · 1⤊ 0⤋
Because it is one more way for the government to screw us. Plus we are actually paying current social security not our own future security. Sucks huh.
Welcome to the USA
2007-01-19 07:31:10 · answer #10 · answered by puggylover 4 · 1⤊ 1⤋
You probably will get it when you are older , usually the rates go up every year to cover it if you have not noticed.You should start saving today just in case .
2007-01-19 07:32:37 · answer #11 · answered by Anonymous · 1⤊ 0⤋