2007-04-14 03:26:06 · 9 answers · asked by No No 3 in Politics & Government ➔ Government
The Social Security program in the United States began as a kind of mandatory savings program, whereby working people would sacrifice some of their income in the present in order to create a retirement fund for their future use. Politicians started buying election victories by giving voting non-contributors access to funds that other people had paid. Over the years, this has reversed the function of Social Security; it has become a way for non-working people to get an unearned income in the present by sacrificing from other people's future.
It wasn't long before Social Security fell in arrears by a generation, so that the work of each generation was paying for the retirement benefits enjoyed by their parents and a certain number of political fleas.
Not long after that, it fell into arrears by two generations, so that people were working to pay for the social security benefits of their grandparents and a somewhat larger group of fleas and ticks.
Now Social Security is so far into arrears that the looting can't proceed any further. Why not? Because going further would require taxing the labor of children who are too young to work. And soon it would require taxing the labor of people who haven't even been born yet.
Working Americans, give up all hope of getting back from Social Security what you've paid in. It isn't going to happen. You've been robbed by politicians, by previous generations, by illegal immigrants, and by other mangy parasites.
2007-04-14 03:41:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't usually agree with Bush, but we do need to privatize social security.
But on your question about social security coping over the next 30 years. I believe that if the current system stays the same, we will have a revolution over this issue because the raise in taxes will be too much for a lot of people to take.
2007-04-14 04:01:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The U.S. social security system is absolutely solid for the next 30 years.
It is the rest of the government that is facing bankruptcy. - Last year congress borrowed over 180 billion dollars from the Social Security trust fund, every penny of which came from FICA taxes on the earnings of workers that was earmarked for their retirement, and congress has no plan in place to pay it back when it is needed to pay benefits.
Our government has also borrowed hundreds of billions dollars from the Chinese, but nobody is claiming the Chinese are broke. The reason politicians like President Bush say that social security has a problem is that they want to convince the public that it is not necessary to repay the retirement money "borrowed" from the Social Security trust fund. President Bush wants debt relief, as if the U.S. were a third world country, so that he can preserve his income tax cuts for the rich.
2007-04-16 16:50:32 · answer #3 · answered by Franklin 5 · 0⤊ 0⤋
No, I don't believe so. It is strained to it's limits already. Families are having less children these days, and there are going to be less adults paying into the system in the future as a result. I have accepted the fact that although I have money taken out of every check for Social Security, I will see nothing in return when I'm ready for retirement. It's best to make other plans for your financial future.
2007-04-14 03:30:09 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It can but they will have to raise the SS tax. There is a huge surplus but Congress (and the President) raid the surplus and spend SS money on all other expenditures. It's the most arcane, archaic retirement system in the world and needs to be dismantled NOW before we have a massive financial crisis because of it. Just get rid of it, I say. They can even keep all the money I've paid in if they would just DO IT.
2007-04-14 04:36:53 · answer #5 · answered by The Scorpion 6 · 0⤊ 1⤋
No the baby boomers will Bust the system in the next 20 years.
IF not before that, so if you are banking on collect Social security DONT. I suggest you put your money away in 401K or mutual funds and dont count on the Govt.
2007-04-14 03:30:34 · answer #6 · answered by Lovely B 3 · 2⤊ 0⤋
No way. The unfunded mandate of the system is well over $20 trillion, and that can only come from working people.
2007-04-14 04:20:59 · answer #7 · answered by TheOnlyBeldin 7 · 0⤊ 0⤋
It will no doubt be gone by the time I'm ready to retire anyway, so I don't really give a damn
2007-04-14 03:28:58 · answer #8 · answered by Don 2 · 1⤊ 0⤋
It is on the verge of bankruptsy NOW.
2007-04-14 03:28:38 · answer #9 · answered by WC 7 · 0⤊ 0⤋