He said future retirees should receive smaller Social Security benefits than they have been promised.
Do you think this is fair? I know Americas is in bad shape but, if we get less when we put our taxes in for years just get a pat on the back. How am I, whom is going to get less make my bill payments?
2007-10-10 04:20:01 · 5 answers · asked by Don't Know 5 in Business & Finance ➔ Taxes ➔ United States
http://www.cnbc.com/id/21210184/for/cnbc/
2007-10-10 04:20:32 · update #1
Since that is the case what is going to happen to them? Are they going to be euthanized are what?
2007-10-10 04:35:35 · update #2
What he's saying is true, but probably won't gain him a lot of votes since it isn't what many people want to hear.
People today get a lot more out of the system than they put in - that's a lot of why it's in such trouble.
2007-10-10 07:19:00 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
If everybody just got back what they paid in SSN taxes we would not be in SSN mess we are in now. Unfortunately that is not the way the system works.
Should our children and grandchildren pay huge amounts of SSN taxes so that baby boomers can get the payments they were promised. The people who are going to have to pay for your SSN payment were not even born when the politicians came up with this crazy system that transfers all the burden to our children.
2007-10-10 11:31:00 · answer #2 · answered by Dash 7 · 1⤊ 0⤋
Social security is a ponzi scheme. The money you are paying right now is being given to someone else. Social security operates at a deficit every year. More is given out than is taken in.
Social security is broken... And politicians that tell you otherwise are liars, and are just trying to get your vote. I think Thompson is being honest... He understands that the broken system can not continue.
Don't rely upon social security, especially if you are under about 35... Because chances are it won't be there for you.
Try to put as much away in IRA's and 401k's as possible.... No one can ever take that away from you. Also, take a look at politicians pushing private SS accounts... Because that also can never be taken away from you. Your current SS payments are not yours and you have no legal rights to ever get them back.
2007-10-10 14:11:57 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Alan Greenspan said the same thing back in the early 80's.
The only way to fix social security is to increase taxes on the front end or decrease benefits on the back end or a combination of both.
2007-10-10 11:38:20 · answer #4 · answered by Wayne Z 7 · 4⤊ 0⤋
Fred is stupid. I have paid for everyone up to now and I want mine back.
2007-10-10 13:33:10 · answer #5 · answered by waggy_33 6 · 1⤊ 3⤋