Just Read An Article Pertaining To Social Security

[DEEKAYPEE8569]

Basically, it said at the rate thing are deteriorating, with regards to S.S., it won't be around when I; and prob'ly many of us; are old enough to receive it.
If there was only a way to take out what I/we have already paid into it. At least we would have that much before the ship sinks.

 

[Tilted]

Basically, it said at the rate thing are deteriorating, with regards to S.S., it won't be around when I; and prob'ly many of us; are old enough to receive it.
If there was only a way to take out what I/we have already paid into it. At least we would have that much before the ship sinks.

I understand the sentiment, but it can't happen because that's not how Social Security is set up to operate - it never was set up that way. It's always been a present day wealth transfer with a tacit (though always revocable) promise that one day those from whom the wealth was being distributed would be on the other side of the equation and be those to whom the wealth was being distributed. It was never a retirement savings account of sorts for those 'paying into' it. In other words, you haven't been paying into it - you've been paying to support others.

And for most of its history what it took in was, ballpark, what it paid out. It was only because of changes made during Reagan's presidency - anticipating future problems caused by, e.g., demographic shifts - that it, for a relatively brief period of time, collected a significant amount above what it paid out and was able to save a modest amount as a solvency cushion for when those future problems were realized.

 

[Larry Gude]

What makes you think it won't be around? Any 'normal' rules of what our government can and can't do have disappeared the last 12 years or so, if they existed prior.

If we can bail out industries, civil servants, big banks and the stock market in general, we can probably just keep bailing out anything.


Think of it this way; we're all playing Monopoly and the government owns all the high rent properties. As we run out of money, they just keep giving us enough to keep playing. All they have to do is find some sort of balance where they stay in control and we don't quit.

That's an oversimplification in that we would like to think it can't be that simple but, then, isn't it that simple?

 

[frogman123]

This has been said for years. My generation will likely not receive anything from SS. And no, it won't be bailed out like big corporations because what does it provide back to the gov't? Nothing. There is no vested interest from politicians to bail out SS. And they problem is the government has borrowed against SS for years, speeding up the process of its ultimate demise.

 

[DEEKAYPEE8569]

This has been said for years. My generation will likely not receive anything from SS. And no, it won't be bailed out like big corporations because what does it provide back to the gov't? Nothing. There is no vested interest from politicians to bail out SS. And they problem is the government has borrowed against SS for years, speeding up the process of its ultimate demise.

So, you see where my initial statement came from.....

 

[tommyjo]

Basically, it said at the rate thing are deteriorating, with regards to S.S., it won't be around when I; and prob'ly many of us; are old enough to receive it.
If there was only a way to take out what I/we have already paid into it. At least we would have that much before the ship sinks.

Like most folks on this site, you need a better source,

On Tuesday the SS Board released its annual report. Here is the site: http://www.ssa.gov/news/#!/post/7-2014-2

SSA said what they always said: In the early 2030s (the current year is 2033), the trust fund will run out of reserves. SS will not be broke, it will not be bankrupt. People who say that just don't understand the BASICS of the system., At that time the projected revenue from the payroll tax will only be enough to cover about 75% of promised benefits.

The projected year, 2033, of the reserve depletion did not change--other than it got one year closer, and slightly more expensive to fix. SS is still a rather easy fix. But the idiots who fill the halls of Congress and reside at 1600 PA Ave won't do a damn thing to fix the problem.

So, we are one year closer to reserve depletion and slightly more expensive. Next year will be the same story. Until we get some actual intelligent leadership in this country who are willing to do what needs done, each year we will continue to get closer to reserve depletion and the fix will get more expensive.

It's not a difficult equation. Keep driving towards the edge of the cliff and eventually you will drive over the edge.