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social security
wingman:
--- Quote ---I have a question for you, wingman. Do you think the current Social Security system can work indefinitely even with the top heavy population we're developing?
No, however if the money had been held in account rather then "borrowed" from, etc. perhaps it would work. However
again when government tells you they will do something good
for you be aware.
We have large numbers of people who have no clue about stock market
in my opinion this will be a mess however only time will tell.
trapperjohn:
Wingman, Look up the phrase " ponzi scheme" and compare that to the ss sytem. It was always set up so that the younger workers subsidized the retired people. It is unsustaniable with an aging population.
That being said, I have Major problems with the current proposals I have heard to "privatize" part of it. The current proposals that i am aware of have individulas "keeping" a portion of it and puttign it into 3 or 4 government approved mutual funds. I really dont want the government dictating my investements. Allowing us to put them in our own 403b's or 40lk's would be much better. The best scenario would be let let whoever wanted to to opt out of the system altogether.
wingman:
--- Quote ---a portion of it and puttign it into 3 or 4 government approved mutual funds
I think this part is my biggest concern.
Ready on the Right:
When asked what he thought was man's greatest achievement, Albert Einstein answered "Compound Interest".
The social security system we are currently burdened with DOES NOT TAKE ADVANTAGE OF COMPOUND INTEREST.
The only way to make the current scheme work as people live longer and Baby Boomers retire is to raise the FICA tax and make young workers wait longer and longer for benefits.
Investing a portion of the Social Security money ripped out of our paychecks will free up more cash for investment so corporations can buy equipment, create jobs and (HORRORS!) make profits. It will also add the mathematical miracle of compunding interest to the mix.
I'm 40 and I've been paying FICA tax since I was 15 years old. Without some change in the system, I don't expect to ever see a return on the hundreds of thousands taken from me and squandered on the poorly designed Social Security system.
Ready on the Right:
--- Quote ---30 years from now it will be less
money for the retired working poor.
As it stands now, the system will be insolvent in 30 years. Without a change, the "working poor" will have more $$ ripped out of their paychecks while they are working, work longer before they receive benefits and depend on a system that everyone on both sides of the issue agrees will be insolvent by the time they retire.
Other than Bush-hating*, I just don't see why anyone would not want to improve the system.
*Edited to say -- I'm not accusing anyone of anything, this is just the only reason I can see that people disagree with even discussing changes to Social Security. Any President who fixes it will create a legacy. If Clinton had tried to fix it, I'm sure many on the Right would have fought him on it.
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