Will social security really run out of money? how will people live who are below poverty level in the future?

Answer 1

If social security isn't fixed permanently and if the politicians don't stop their fraudulent actions of robbing the system, then yes, social security will dry up! I will be one PO'd American if that happens - WHY? Because I have been contributing to that fund since the day I started working. What do they call blatant robbery of the people?

Answer 2

Yes it will. The social security system is a pyramid scheme. This means that they must collect more money than is paid out to perpetuate the system. Next year, or the year after, the social security system stops taking in more money than it is paying out. In order to make up the short fall, the government must dip into the non-existent social security trust fund. The trust fund is an imaginary fund, essentially a book keeping gimmick that is illegal for all but the federal government. In order to redeem the IOUs in the trust fund, the government will have to raise general revenues since they've spent the money. That is why every Democratic candidate for President is proposing to raise taxes. They realize that the incompetence of both parties in not addressing this issue over the last 15 years is unconscionable and about to bite them in the posterior region region. I blame this on both parties but more on the Democrats who have stymied ever effort to reform this program. Instead, they've taken the Ostrich approach of sticking their head in the ground and hoping it would go away. Unsound logic but politically appealing to the people who vote for them.

How will people below the poverty level live in the future? The same way they do today which is day-to-day. Wait until the 20,000,000 illegals become unemployed due to a recession, you'll see poverty on a scale not seen in this country since the Great Depression.

Answer 3

That's getting closer and closer to becoming a reality. Yes, we're on the path to it's running out of money and our coffers are so drained already and the occupation of Iraq isn't helping us financially as a nation. People that are below the poverty level are really going to be in dire straits when this happens and they have even less avenues to turn to. Many people today are already struggling when social security is all they are getting and it'll be worse when they don't even have that. We are going to have to try to "fix" the system or find some plausible alternative.

Answer 4

We need public representatives in Washington that speak more openly about issues facing our country rather then painting everything with a broad brush that limits a creative solution that benefits America. Social security can be solved by providing Americans with choice rather then a "1 size fits all" program. Creative tax breaks/rebates that go directly into retirement accounts of lower earners would be a good place to start. Regardless of earning potential, 5%+ return on your money vs. 2.4% means everyone is a winner.

Answer 5

That money has already been spent by our past and present congresses.
As long as they have the power to increase payroll taxes on the future generations, there should be some.

Bear in mind that there was no SSI during the Great Depression. People worked for whatever they could get.
Workers will be taxed for whatever it takes to help the poor.
Maybe!

Answer 6

Yes. It will.

There is no answer to the second part of your question. It may be a very very difficult time.

American won't be around forever... historically all megapowers have fallen eventually. That is the fact of the matter. When a country sucks the resources out of its citizens is the beginning of its decline.

Answer 7

If the amnesty bill had passed than the middle class would of dropped even lower to almost poor an the poor illegals would of taken over the poor as the social services would implode, SS would an is imploding.to the cost of entitlements they are paying non citizens.All this for more votes an more thanks to the Dem's try to pass the amnesty bill for the better of the USA & citizens.What's next???Keep calling your Sen & Gov it saved us once.

Answer 8

Because the growing number of free loaders thanks to Democrats, and Thanks to their GOD who used almost 25% of Social Security funds to balance the budget. We will not collect Social Security.

My question on this issue is when, State, Fedral and County Employees do not pay Social Security and are allowed to have private pension funds, why not abolish Social Security. Pay benefitsto only people who have contributed to it so far equally from the funds and shut down this scam.

Answer 9

Consider the answer to this very closely when youre next standing in the voting booth.

Remember, President Bush isn't going to rely on his SS check coming when he retires, and he's proven already he doesn't care about the rest of us.

Answer 10

There won't BE any poverty in the world once the Big Changes come, sweetie. Everyone will have plenty, except the criminals, who will be prosecuted.