Posted by JD Seller on September 07, 2013 at 06:45:49 from (208.126.196.144):
In Reply to: Grand Theft posted by LAA on September 07, 2013 at 06:01:45:
I am sorry about your friend.
As far as the Social Security side. Most people receive much more in benefits than they ever pay in. It is not uncommon for people to live 20 years drawing SS. So they can easily draw out $400,000-500,000. The average blue collar working guy never paid that much in. Even if you figure interest they still draw more out. Then add on Medicare it is going to be the biggest cost in the Federal Government in just a few years.
The whole Social Security fund was NEVER fully funded. Roosevelt Depended on the fact that when he started the fund people did not live much past the retirement date. Also the population did not have that many retirees. Then LBJ moved the SS into the general budget. There is ZERO money in the fund. It is all IOUs from the Federal Government. As more and more of the baby boomer generation retires the negative cash flow becomes a major problem in just a few years from now.
No one seems to be seriously concerned about that FACT!!! Old people scream "We paid into it. It is OUR money!!!!" Even though most draw out "THEIR" money in under ten years and then they are getting everyones else's money after that. Young kids never think about "retirement" until they are older. So there is zero political will to change anything.
The Social Security system is a big mandatory PONZI scheme. It only worked when the retirees where not a big percentage of the working population. Now there are going to be more people drawing than paying in. Trouble is ahead!!!!
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