Social Security in the red by 2016 and completely broke by 2037....!

Since the inception of Social Security Insurance, there have always been more people at the bottom paying in than there are people at the top taking money out. Right after WWII the baby boom began and an enormous bubble generation began to dominate both those that came before them and those that were born after them. Businesses catered to them, the entertainment industry studied them, and they education system nearly broke itself trying to educate them. As they begin to retire, there begins to be less and less people behind them supporting the SSI system they themselves have paid into their entire lives. In other words, the few now support the many. We are an aging country because so many people in the largest generation are now reaching their 60’s. SSI is no different than any other type of insurance. It is social safety net that some will collect from and some won’t. That’s how insurance works. I might pay in all my life and die at 65 and never get to collect but my wife would get a percentage of my SSI.
One of the problems is that fully one third of SSI is paid out to disabled people that do not work. Another problem is that politicians from both sides have used the fund to cover their spending. SSI is a good program that only needs a few adjustments to last another 70 years. If the Right wingers were honest, they’d tell all seniors that they are trying to kill SSI but then again, they’d never see another senior vote for their party again. I don’t pay into SSI and I’ll never collect from it but it is still a necessary program that isn’t going anywhere no matter how much Republicans want to dream. If this actually is Socialism, then all of our allies are Socialist too.

 

Forgive me if my anti-socialist rhetoric has offended you. I was raised a free-market capitalist and socialism is anathema to me (as is it's brother communism).

But, as I've previously said, you can't just pull the plug. It's grown into a monster over the last 80 years, people have become accustomed to it (mistake!) and depend on it. Rather than depending on themselves, they put faith in a socialist (yes, I said it) ideal that is failing and will soon let them down. I've never said that it should it be up to a Republican to fix it. Republicans have been remiss in not dismantling it, too. Politics are involved whether we like it or not; re-elections have to be considered after all. Many people still take money out of Social Security and would you want to be the politician who recommends taking away the mother's milk?

But, at some point soon, we're going to have to stop bailing out this debacle. Abuses aside, the system doesn't work.

 

Actually a major miscalculation was made by the actuaries in the very beginning. The impact of millions of abortions (lost wage earners) and people taking out of the system way before retirement age has really impacted the SSA cofers.

 

Yeah the last time we tried that, they threatened everybody with economic collapse, and the CEO bonuses kept rolling right on out. The CEO's have to have their milk.

 

Is that a "problem" or is something that's inherent in the system?

Assuming that's true, then what? What "adjustments" would you make? If you're talking about putting disabled people to work, I seriously doubt that will happen.

I don't believe this is a partisan issue. Republicans and Democrats both need to work together to change it. Both parties agree that it's failing, but I don't see any work being done to change it.

Lucky you. I've been forced to pay into it all my working life.

Of that, I have no doubt.

 

So it seems that by the time I retire, all the money I will have contributed to SS will be long gone. That is just great, nice to work hard and not get rewarded for it.

 

Well....you could always "invest" that money in Wall Street and help out a fat cat. Which gambling option do you feel more comfortable with? SSI which hasn't missed a payment in 80 years, or Wall Street and the "evaporated pensions" plan?

 

Unfortunately we do not have the right to invest it ourselves, we are compelled to join this gov't program.
I would opt to handle my own retirement in a minute if we had that freedom. When I compare my financial house with that of BO's, I'll "gamble" on myself anyday of the week....and I promise not to whine or ask for anyone else's money if the decisions I make turn out to be the wrong ones!

 

As usual...IMO

 

Social Security was meant to make sure Grandma could contribute a few dollars to the family when she spent those last years of her life living as a semi-invalid with her kids. It was not designed to allow Grandma to have a house in Pennsylvania and a condo in Florida, all the while spoiling the grandkids silly. Too many people have understood Social Security as a nationalized pension system. It's nothing of the sort, but politicians never discouraged the idea, particularly for the Baby Boomers. And now the chickens are coming home to roost.

BTW, did you know the self-employed contribute their full share to Social Security? That's about 15% of their paycheck, and that's before Federal, State, and local taxes are taken out. Those employed by others generally have half of their share paid by their employers.

 

Yeah, but the libs feel everyone is entitled.

 

Considering I'm not a Socialist why would your comments offend me?

Your response says it all. NOBODY has fixed it because NOBODY has had the nads to do it because of POLITICS.
Name your party but this problem falls on EVERY ruling party that has NOT fixed it.

In short they have ALL sucked.

 

Indeed... but, where is the CHANGE that we were promised..?

 

Not in total agreement here KLJ but you've pretty much nailed it.

As for the self employed comment? I did it for 5 years. Probably spent twice the money I'll never see.

No they don't David. You just like to say things like that with no real definition as to what a lib is on any given day unless it fits into your "ilk" paramaters for that day.

 

The change was good for me. Got rid of the republican party's very best representative they had at the time, including their suggested replacement. Works for me.

 

Are you claiming entitlements are not a a huge part of what liberals believe in, advocate & work to advance? And you like using that "ilk" word, don't you?

 

....but you are the one who is always complaining about the condition of things....I guess change doesn't have to be for the better, huh?