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When Social Security was first introduced, life expectancy was a lot lower than it is today. It only had to cover people for an average of five years. Now, with people living well into their 80s and sometimes 90s, yes, this program is in trouble. Something needs to be done, but considering what Republicans have done to repeal ACA, I wouldn't trust them to revamp Social Security. As it is, we're going to see a lot of older homeless people in the next twenty years if safety nets aren't put into place.
This is nonsense. Men who reach 65 are only living less than 3 years longer and 5 for women. You are using life expectancy years that reflect infant mortality of the 40's.
The issue is not as much life expectancy as it is a very poor business model. SS has been ran by bureaucrats and public opinion and not by sound financial leadership. And, it can't be ran or fixed by the same. The reality is that it is a failed ponzi scheme ran by Madoffs(congress) with guns.
Most businesses were smart enough to drop the ponzi model and institute private accounts.
We SHOULD spend more on SS than defense. That's a good thing.
And until you can show me where SS has failed to pay out to recipients, please miss me with the Ponzi nonsense.
Put SS in the real world and it was bankrupt decades ago. It has been running hundreds of billions in the red for many years. Congress, like Madoff, has squandered its reserves and is piling debt on future Americans. Give Madoff an army/taxing power and he would still be in business.
Not only is that NOT the answer, but the American people will never go for privatization. And I don't blame them.
They probaly won't. The American people largely do not have a grasp of basic economics and finance.
The fact is you can now work 40 years and drop dead at 60 and your SS don't do ya much good, and your spouse might get a bit. Under privatization your spouse does much better.
Some of you have the clarity of thought to understand that the Republicans are the enemy of SS and Medicare. Why do so many old people vote against their own interests?
Can I get some of you to email your reps in an effort to save SS?
I've been reading posts like yours for 20 years about how SS is failing. Usually it's tied to some sort of political attack in order to scare old people.
It is a scheme where you get new investors to pay the old investors.
That is exactly how SS is run.
SS isn't an investment, it's social insurance.
The Society of Actuaries has several good papers explaining the pros\cons of pay-go social insurance platforms as well as an explanation of the components of OASDI.
The Society of Actuaries has several good papers explaining the pros\cons of pay-go social insurance platforms as well as an explanation of the components of OASDI.
I know, I didn't say SS was an investment.
I said that SS is run exactly like a Ponzi scheme, in that the people paying in now, are paying the old SS payers.
The Society of Actuaries has several good papers explaining the pros\cons of pay-go social insurance platforms as well as an explanation of the components of OASDI.
The reality is that SS is managed like madoffs ponzi. It is a fact that rates keep going up and it keeps running deficits. It is not reasonable to expect less people, generation to generation, to provide for more people. And, it it criminal to pass massive debts on future Americans. SS is nothing but a cake walk waiting for the music to stop. You just don't want to be the one left standing.
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