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regarding SOCIAL SECURITY, why should the young be forced to pay for the older boomers greed?
The unfortunate reality is that the trust funds proved to be ineffective at saving the money meant for Social Security in any economically meaningful way. Having used those Social Security surpluses as a slush fund for the rest of government has indeed complicated things.
First, it allowed Congress to keep all other taxes lower than it otherwise would have been. By using Social Security money to fill the gap, current and soon-to-be retirees got an effective discount on their share of the cost of government. By contrast, the responsibility for repaying the trust funds that they used is going to fall fully on today's younger workers. Not the best deal imaginable -- at least for those on the other side of the deal.
13 Answers
- Nrp77Lv 51 decade agoFavorite Answer
I say get rid of the food stamps and subsidized housing...then we can take care of the old. Put that money towards Social Security and we'd have a surplus...hahahaa
- NeilisLv 41 decade ago
In a perfect world, it wouldn't be that bad of a system. The idea is that the current working class pays a bit extra to support the previous generation with the expectation that they will have the same done for them when the time comes.
Problem is, increased lifespans are starting to cause problems (used to be at 65 you were close to dead anyways - as lifespans go up though then the amount of time people spend not working is increasing).
Also, the baby boom population hitting retirement age is throwing the whole ratio of retirees to working class out of whack.
The sad truth is that most of the younger people currently paying social security will never collect it when the come of age. It'll be bankrupt and gone by then. If I KNEW that it'd be there when my time came then I wouldn't even care, but being under 30 now, I seriously doubt I'll ever see any of my money come back.
- ConcernedLv 61 decade ago
If the program wasn't used as a slush fund in the general fund it would have more money than needed. The money was taken and IOU's were put in it.
Look up which party raided it the most. Does Clintions so called surplus ring a bell? There are to many people who will refuse to admit it. There was also NO real money in that so called surplus. It was nothing more than speculation.
- ?Lv 45 years ago
properly, you're able to start up making contributions to your 401K so which you dont could count on Social secure practices once you may no longer artwork any further. This 401K became in effortless terms created interior the Nineteen Eighties and a outstanding style of seniors have no longer the rest different than Social secure practices to stay to tell the tale. This nonsense called Soc. Sec. is an coverage meant to conceal you interior the form of disability, divorce, and loss of existence. it is not for investment. It is going to pay for infants survivor reward, spousal reward, and a outstanding style of different circumstances. In cas you dont understand, your organization fits your SS contribution and that i'm specific the employers might choose for to no longer pay in direction of your reward.
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- 1 decade ago
First of all, you aren't paying for Obama's mistakes. These are problems he inherited from the Republicans. It amazes me how no matter what that man does he gets the blame. Let us all not forget "Curious George" and the weapons of mass destruction that we never found. They spent the money to pay for his war which had nothing to do with 911 or the terrorists we should have been going after. Clinton left a surplus, Bush spent it. Yes there is a lot of welfare and insurance fraud that could be addressed to help save money. The bottom line is that you can't ignore these issues, there has to be care for the seniors and the burden of the price tag always falls on the little people because the rich are protected by Congress.
- Anonymous1 decade ago
FDR made a big mistake starting the system the way he did............
so now that we are stuck with the system, there are a number of choices to consider.
A. Raise the retirement age
B. Raise taxes to fund it
C. Abolish it immediately
(screwing the baby boomers and elderly who already paid into it.)
D. Nothing
(screwing the young people who are currently paying into it but won't live to collect it.)
- Anonymous1 decade ago
The answer is because FDR and the libs started the plan but,as democrats tend to do, underestimated the cost. Gee. it sounds like Obama's health care fiasco.
- Anonymous1 decade ago
Social Security is a joke.
The worst joke ever told.
- Anonymous1 decade ago
Guess you're not quite clear on the concept. ALL of us have paid for those who retired before us - now it's time for you guys to pony up. Three and a half years and I get mine! Ha ha ha!!
- 1 decade ago
IF you were an American youngster, be prepared to pay for Obama Debt on a MASSIVE SCALE!
The more Democrats spend today, the MORE you will pay tomorrow.