According to the Social Security Act, "the purpose of Social Security is to provide insured persons with payments by way of a retirement benefit, survivors benefit, sickness benefit, and to substitute for compensation under the Workmen's Compensation Ordinance, a system of insurance against injury or death caused by accident arising out of and in the course of employment." In order to finance social security, a Social Security Fund was established, financed by contributions made by the workers and their employers. All benefits, administrative expenses, and capital expenditures are paid out from the Fund.

But according to government figures, "while Social Security takes in more than it spends right now, the situation reverses when the baby boom generation (those born between 1946 and 1964) begins to retire in 2010. Unless the system is overhauled, Social Security by 2013 will be spending more than it collects in taxes and will be broke by 2032."

I will be 69 years old in 2032. I will have paid a very large percentage of my income into a government plan and will have nothing to show for it. Accordingly, Social Security payroll deductions should end for anyone born in 1965 or later and be shifted to a 401(K) plan so they will reap the rewards of their investment when they retire. Those born in 1964 and before should continue some Social Security payroll deduction along with some government subsidy to cover the difference.

With all this talk of tax refunds fueled by a government surplus coupled with the enormous corporate tax breaks given out by our government, I am sure we could find enough money to subsidize a transition plan to save our retirement money.

Down with Social Security, give the rich tax cuts, down too with medicare and give more money to the pharmaceutical corporations, I also say down with education lets leave every child behind and we could take all this money wasted on these programs and make the rich richer I say. Oh wait we already are.

Lets hear it for capitalism and the taking of advantage of it. Hip hip hooray.
Sieg Heil mein furor Bush

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JJ

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"The heart of the wise inclines to the right, but the heart of the fool to the left."
Ecclesiastes 10:2 (NIV)

Sieg Heil!!!

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JJ

The Social Security system is the ultimate pyramid scheme. The ones who got in early got paid, the ones who got in late (me for instance) are paying for a benefit that we will probably never get to enjoy.

Social Security can be saved, but with so many government officials grabbing as much pork as they can, it probably won't be.

JustJoe your reply baffles me. Social security is one example why the government controlling people's money is a dismal failure, and even worse, a scam. Social security is an example of socialism, not capitalism.

Right now the government takes all of the social security income and spends it. They don't save anything at all. No bonds, no notes, no assets, nothing. Then they add all these complex rules where you may not even get the benefits if you don't qualify. For example, If you are above 18 and your dad dies for example, and he was drawing social security, there is a big chance you will get zero from that. So your dad paid into the system for 40+ years and nobody gets to benefit from it. Another rule is that only the 35 most productive years count. So you work 40 years and pay 40 years work of taxes but they only count 35 years of that money. Huh? That's not just or fair, that's a scam.

This is just one example of how huge of a scam it is. The current payout of benefits is 70 cents for every 1 dollar you paid in. For example, if you work 50 years, and contributed $100,000, then you will be alotted to get only 70 cents or so back for every dollar you put in. So not only do you not get your money back, but you lose money, and if you simply put that money in guaranteed FDIC insured municipal tax free bonds at a measly rate of 2.00%, you would have at least $200,000 at retirement instead of an account paid out slowly worth $70,000. And don't forget, that for every penny you contribute, your employer contributes a penny also. So corporations are wasting tons of cash that they could use to hire more people and increase wages.

And to top it all off, to add insult to injury, they send you a check and then they TAX it as income. Ridiculous. Oh and of course, they made the rules so they can and will change them at any time, like soon when they will lower the benefits and raise the age to 70 or so. Imagine if your broker came to you and said, "sorry, you can't have your money yet, we have to keep it for another 10 years even though the contract you signed said today. Oh and we told you it was tax free but we're gonna have to tax it too."

I'm sure you think I'm part of some propaganda machine or something, but you are free to seek the truth for yourself. The SSA publishes everything on their website, including the rules and restrictions.

Capitalism exists because of government systems like this. If the government didn't try to screw its citizens over all the time then corporations and individuals wouldn't be trying to get their fair share from the government that was stolen from them in the first place.

That was my point exactly Ozek, you just gotta understand my sarcastic humor.
Its a shame we make great strides in social areas just to allow a Bush to steal from the elderly, Bush senior and junoir alike.
So are you saying just because it may be a flawed system, albeit a good idea, that it is ok for people like the Bushes to take the money and run so to speak?

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JJ

Sorry I'm confused again. What money is he taking?

The government takes the money, and spends it. If they didn't, they would have to cut half of the programs out there, and of course no one would ever get elected if they did that.

What about the 3 trillion that Clinton, Nader, and Kerry piled into their bank accounts by stealing the identities of disabled, elderly citizens, and forcing small children to work in sweat shops to fund their secret Nazi regime that is going to take over the world.

I mean if you're going to make something up, at least make it sound good.

I'm not sure of all the details, but I was told recently that immigrant workers who are not here legally can apply and receive SS even though they have never paid a cent off of their paychecks toward it. I get gouged on my checks for SS but I also know that I may be getting it when I'm old anyway so THAT doesn't bother me. The immigrant workers who are using it for themselves does. If anyone knows about this, post on it.

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Vast Right Wing Conspiracy: Lifetime Member