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Tuesday, August 18, 2009

The Next Big Bailout: Social Security?

Here is the link. Here is a more recent article that refers to the first one.

That socialist program was started back when the average lifespan in this nation was short enough that few people reached "retirement age" and few lived very long past it. That lead to one problem with the system which is that the age for benefits should have been indexed to the average lifespan in the nation. These days people expect to live 10+ years beyond the "retirement age" and many live 20+ years. That will become more important very soon.

Another big problem is that the money isn't sitting in a savings account somewhere. The money doesn't exist until it is printed out of thin air.

All this is really just a symptom of the real problem with social security. The real problem is that it is run by the federal government and is not voluntary.

Can anyone with a brain look at this mess and still want the government to try and "reform" health care?


The Other Mike S. said...

Since as far back as I can remember, when I've been doing our retirement planning, I've taken SSI out of the equation - I've assumed it will not be there when I am eligible.

I'm not that crazy about the author of the article, though. He is OK with the regressive nature of SSI, and he seems to be a Nanny appologist -

No, it's not a Ponzi scheme as some folks claim. A Ponzi uses money from today's investors to pay yesterday's investors and -- the key element -- lies about it.

So, he doesn't think we've been lied to?! What about that whole "trust fund" thing? That implies a big pile of cash somewhere - or at least assets that have some tangible value.

The only way SSI survives is with massive cuts in benefits, and massive increases in taxes.

I have 16 years until I've eligible for full benefits. I'd gladly give up my 34 years of "contributions" and rights to future payments if I was exempted from SSI taxes for the next 16 years.

They'd never do it, though. They'll just take my money, and cut my benefits.

I loves me some socialism...

Bitmap said...

I'd love to opt out of social security. I don't plan on ever getting anything out of the system. I think we'll have a massive tax increase to pay off the baby boomers. Many of them never planned for retirement at all.


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