The money I put into SS is forever gone. No amount of Rube Goldbergh machination will allow it to come back. Our current deficit is: (How much we are collecting in taxes)-(How much we are spending through the government). A moron could understand that concept.
SS/medicare is a Ponzi scheme enforced at the point of a gun. All benefits are paid for with current tax burden. There was never an investment in value producing assets.
People rely on SS now, and it can never be substantially diminished. It is vital that folks recognize that it is a simple tax and spend program, even the truly stupid.
I would as the simple question: What was the excess social security collections invested in?
Look it up.
As to "who to blame", Clint Eastwood has a great line: "Deserve aint got nothing to do with it". In a reasonable world, people can't make a contract with themself to have their children pay for their retirement. That is what happened, and the bulk of the beneficiaries are getting out way more than they put in, with their children paying the price in the future. Again, there isn't anything anyone can do about that con job, because it happened in the past, and the young folks continue to pay in the future.
I realize that you may not have the ability to understand such simple things. C'est La Vie
Who was the "lock box" guy? That was truly funny, but I don't feel like looking it up.
Originally Posted by kehaar
Social Security is NOT a ponzi scheme. What Bernie Maidoff did was ponzi scheme. What you get out is proportional to what you put in. Waco Kid is going to get $800,000 over 20 years and so am I.(That is if we both work till age 70 and are still living at age 90). The max you can get is 3,900 per month. I am projected to get 3,400 a month based on current income. If i keep making the same amount that i am making now.
WTF is correct Social Security is in the black. It's true that it is predicted to run out of money (or won't be able to make payments) in 26 years if changes are not made. The birthrate has declined and there are less workers. But if you have had a chance to put in, you can get back a good amount. Of course you should have something to go with it like 401K ,Roth IRA or a mutual fund like the Vanguard Total Index 500 ranked number 1 by USA today.