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Indeed. We're getting away with it, for now, because the Chinese continue to purchase massive amounts of our debt. Which means that in effect that they loan us the money to finance that massive trade deficit. Which in turn props up their economy.JPG wrote:Unfortunately printing more $ to cover payments is a house of cards.
Dennis, my father retired at 65, in about 1990. His birthday was the day after Christmas, and he died in early January. He had direct deposit for his SS fund. The second check WAS deposited, but later pulled back, because Dad had dirt in his face. (Or, he was deceased.)BuckeyeDennis wrote:My dad once told me a Social Security story that was both humorous and educational. It seems that Social Security was launched some three months before my grandfather retired. Well, Granddaddy reportedly bitched and moaned for three whole months about Uncle Sam confiscating those Social Security taxes from his paycheck. And then he retired. And then he started getting regular Social Security checks. And then those checks started getting cost off living adjustments. And before very long, my grandfather felt that he not only deserved this largesse, but that he had earned it. This situation continued for almost 20 years. Nice "investment" there, Granddaddy!
My Dad found the whole situation pretty amusing. At least his generation would more or less break even.
But my grandfather's case illustrates that Social Security was never designed as a retirement "investment". It is a social wealth-transfer program, from younger people to retired people, and attempts to ensure that older Americans do not have to live in poverty. But the fiscal structure has always resembled a pyramid scheme, and it is vulnerable to changing demographics and life expectancies. The raiding of the Trust Fund by the congress to fund general deficit spending has made it even less secure. But as long as the government can print money, I expect that my generation will receive quite a few pennies on our dollars.
Agree 100 percent, and one last shot, the Chrony capitalists in the "bail out" programs of recent memory ... kind of wonder why SS wasn't bailed out by replacing the money that has been stolen (principal and interest)? GM bail out, banks bail out, but not SS ..... seriously?Ed in Tampa wrote:Well, it is official no Social Security COLA raise this year do to low gas prices.
This is the third time in 40 years and started in 2010.
Why can they get away with this? I'm convinced they, the Government, have convinced all non SS recipients that SS is an gift "entitlement" given to old people. No one mentions that we were forced to pay into it, no one mentions that employers were forced to pay into it, no one mentions had the funds been invested instead of used by the government the fund would be totally solvent, and able to pay each SS recipentants much more than they are being paid today. No one mentions that if each SS recipentants had been able to take what he paid and his employer paid and invested in a medium risk investments and they worked 30-40 years they could have retired millionaires. No one talks about those things.
Apparently, FICA is not 'too big to fail'!rjent wrote:Agree 100 percent, and one last shot, the Chrony capitalists in the "bail out" programs of recent memory ... kind of wonder why SS wasn't bailed out by replacing the money that has been stolen (principal and interest)? GM bail out, banks bail out, but not SS ..... seriously?Ed in Tampa wrote:Well, it is official no Social Security COLA raise this year do to low gas prices.
This is the third time in 40 years and started in 2010.
Why can they get away with this? I'm convinced they, the Government, have convinced all non SS recipients that SS is an gift "entitlement" given to old people. No one mentions that we were forced to pay into it, no one mentions that employers were forced to pay into it, no one mentions had the funds been invested instead of used by the government the fund would be totally solvent, and able to pay each SS recipentants much more than they are being paid today. No one mentions that if each SS recipentants had been able to take what he paid and his employer paid and invested in a medium risk investments and they worked 30-40 years they could have retired millionaires. No one talks about those things.