what are the advantages of social security?

Answer 1

Anyone who has given serious thought to retirement realizes that there are two unknowns that are difficult to account for, Inflation and life expectancy. Private markets will sell annuities and the government sells inflation adjusted bonds, but only social security provides protection for both. Because social security is paid from current tax receipts which rise with inflation the money to pay inflation adjusted benefits will be there as long as the income of workers keep up with inflation and the ratio of retires to workers is constant. If wages grew like GDP there would even be a cushion for increased life expectancy. But the of the growing income inequality means tax base for social security is not keeping up with GDP growth and the baby boomers retirement will increase the retiree/worker ratio. The trust fund was created in the 1980's to adjust for the boomers retirement but the effects of growing income inequality was not taken into account and the government ran up the debt and spent the trust fund so there will be a big problem.
The workers of tomorrow will either face higher taxes to support social security or will have to contribute to the support of their boomer parents if social security benefits are cut by the 1/3 to make the system sound.

Answer 2

The advantages all accrue to the politicians (who don't have to be in the system, as they are too good to do what they make us do).

The politicians get the stupid, lazy, or greedy (you pick) older folks to vote for them, by promising more and more of the labor of the younger folks (who don't vote, so who cares about them?).

If you look at the math, it is impossible to make this system work. Never was possible, and it never will be.

The government just robs more and more people, through direct taxation and through inflation. (When the government can't tax enough, it raises the money supply, and takes a bigger cut of that, too. Meantime, it destroys the value of savings.)

The AARP crowd loves it -- they'll be dead before the younger folks catch on (and, educated in the socialist public schools, the youth have neither the outlook or the reasoning ability to resist socialism). Besides, as a group, it is roughly ten times likelier that old people vote, compared to those under 25, so this won't stop any time soon.

Answer 3

none any more. no one can live on this alone. unless they already own their own home and have a pention prior. many people need other government aid like housing and food stamps to survive.

Answer 4

in 20 yrs. nothing