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The Urban Institute estimated last year that a couple retiring in 2011, having both earned average wages, will accrue about $200,000 more in Medicare and Social Security benefits over their lifetimes than they paid in taxes to support those programs.
The question should be, why do baby boomers resent the younger generations? They had every opportunity to become rich over the past 30 years by making modest investments, and yet they still voted themselves the most generous retirement benefits of any American generation ever -- at their children's expense.
Your first comment is about true.
The second is not. My kids will pay in what they pay in, and receive benefits that they may be so lucky to receive in the future as have we. The two are not connected. And I resent no one.
Personally, I would convert it to a compulsory retirement/investment account for every individual.
The same "small government conservatives" who are complaining about ACA forcing people to buy private insurance are FOR forcing people to buy private retirement insurance. Brilliant.
That statement you quoted I quoted from another CD user Moth. I opposed that statement by stating that people should be responsible for how they save for retirement, without government coercion.
I think on the whole it's been a good thing even though it is a bit of a Ponzi scheme....last ones out will be left holding useless credits. Hopefully the "ss Ponzi Scheme" will last long enough for me to fully access it.
My grandmother lived on it for a long time and I'm thankful for that. I've paid into it for decades and hope and right now am optimistic that I will get it one day. But my retirement plans are based on SS being a mere minor supplement to my overall income structure.
oh look, another person who thinks social security is a investment, and not insurance.
Really? So when the government claims to be making interest yielding bonds what do you call that? Not to mention it still invests the money by spending it on random garbage (which doesn't yield interest). Add to that the same government which issues the bonds also buys up the bonds. It would be like Apple's HR department sending out bonds and the engineering dept. buying them up.
It isn't a Ponzi because it isn't a Ponzi. Simple. There's no resemblance either in intent (a very important distinction) or in effectiveness (Social Security has paid out everyone that paid into it).
As for my "retirement," that's got nothing to do with trusting the government. But just like you, I'm gonna head down to the SS office at age 67 and get my cut. Everyone on this thread is gonna do the same thing.
And I'm calling b.s. on any liar claiming otherwise.
Agree, this tread is another attempt to divide. SS works and will continue to work.
That statement you quoted I quoted from another CD user Moth. I opposed that statement by stating that people should be responsible for how they save for retirement, without government coercion.
And Moth agrees with the spirit of your opposition.
The thing is, Social Security is already government coercion. Converting it to something more efficient and introducing a choice of investments would at least lower the level of coercion.
Also consider that once an entitlement exists, it never goes away. Better to attempt to switch it to something more efficient.
A good chunk of people have no clue how to save anything and have no understanding of investments- look on this site for numerous examples of ignorance. We will end up supporting them anyway. A compulsory retirement plan is at least a compromise.
The gigantic fraud that is the stock market is absolutely dependent of having ever more funds, like privatizing Social Security, to fuel their speculation. Without more money to play with, as they did with bogus mortgage backed securities, their derivative scam will collapse and cost, this time the entire world, trillions. this will be caused by the real market wringing out the speculation by returning the values to their actual worth in terms of real, not speculative, value. the soone thios happens the better because that is the only way to limit the losses.
The gigantic fraud that is the stock market is absolutely dependent of having ever more funds, like privatizing Social Security, to fuel their speculation. Without more money to play with, as they did with bogus mortgage backed securities, their derivative scam will collapse and cost, this time the entire world, trillions. this will be caused by the real market wringing out the speculation by returning the values to their actual worth in terms of real, not speculative, value. the soone thios happens the better because that is the only way to limit the losses.
And we have our first example of what I just described.
The gigantic fraud that is the stock market is absolutely dependent of having ever more funds, like privatizing Social Security, to fuel their speculation. Without more money to play with, as they did with bogus mortgage backed securities, their derivative scam will collapse and cost, this time the entire world, trillions. this will be caused by the real market wringing out the speculation by returning the values to their actual worth in terms of real, not speculative, value. the soone thios happens the better because that is the only way to limit the losses.
What derivative scam is going on related to the stock market?
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