SS: A Ponzi scheme

[Know It All]

Social security is the federal government telling the American people "we'll hold money out of your income and give it back to you later at 3% interest (wink, wink)" on the basis that you cannot be trusted to effectively manage your own savings. And how has Congress managed the government mandated "401k?" They've continuously abused it by taking money out and using it to maintain balanced budgets.

 

Lets be honest with ourselves: social security is just another tax on personal income. Nothing less, nothing more. Even the SCOTUS has ruled that money collected directly from social security does not have to be paid back.

 

It's time we wean the American people off this Ponzi scheme. It's a disgrace to this nation's founding principles that we have accepted the notion that we cannot be trusted as individuals with our earned income.

 

SS: another example of the government mismanaging funds and another bankrupt federal program.

 

Thoughts? Solutions?

[Michael Corleone]

Thoughts, yes it's a ponzi scheme by any definition. The minute Johnson busted the trust fund it became just that.

 

Solution, the easiest one is you raise the tax and increase the eligibility age.

[Know It All]

Thoughts, yes it's a ponzi scheme by any definition. The minute Johnson busted the trust fund it became just that.

 

Solution, the easiest one is you raise the tax and increase the eligibility age.

 

I'm not for raising taxes on workers, but I'd set a year requirement and anyone born after that would not be forced to pay into SS.

 

If we continue this policy the only thing we're ensuring is immorally passing the debt from one generation to the next.

[marvel]

Best example as to why a system based on socialism will never work

 

Privatize it or make it an opt in program.

 

Raise retirement age.

[Michael Corleone]

I'm not for raising taxes on workers, but I'd set a year requirement and anyone born after that would not be forced to pay into SS.

 

If we continue this policy the only thing we're ensuring is immorally passing the debt from one generation to the next.

 

I can live with that. I did say the easiest way.

[woodsrider]

Solution, do away with it and give me my money back.

[Michael Corleone]

Solution, do away with it and give me my money back.

 

So you want your fair share of the social security fund? How dare you!

[2 Humped Camel]

I wish you guys would get real. The privatization of SS would have went over real well in 07 & 08 with the largest generation of American's ever a year or two away from retirement when the market tanked.

[Know It All]

I wish you guys would get real. The privatization of SS would have went over real well in 07 & 08 with the largest generation of American's ever a year or two away from retirement when the market tanked.

 

What we know is real: SS is a tax, and it's a failed government program disguised as a false sense of financial security.

[marvel]

I wish you guys would get real. The privatization of SS would have went over real well in 07 & 08 with the largest generation of American's ever a year or two away from retirement when the market tanked.

 

I don't think anyone with a rational mind would do it right off the bat -- incrementally would be the ideal way.

[Henry521]

It is too late for me. Gave too much to SS. But for my children, please let them manage their own money. They don't need the government saving it for them. They're smarter than that.

 

For what we have paid for their education they should be. If not, this country has a huge problelm.

[Michael Corleone]

I wish you guys would get real. The privatization of SS would have went over real well in 07 & 08 with the largest generation of American's ever a year or two away from retirement when the market tanked.

 

What if it was privatived in 1980 or when it was orgionally started? Remember when it was started and the idea sold to the American public was the government would take YOUR money, hold onto YOUR money, and give YOUR money back to you at retirement. How is that working out?

[rockmom]

Well, with our without SSI, I'll probably die at my desk, so I'll keep paying my share. At the very least, I know my parents are receiving benefits, and I'm fine with that.

Edited October 13, 2012 by rockmom

[Dlbdonn]

Yeah raise the retirement age to 70 with seniority rules in place for anyone born after 1970 .

[2 Humped Camel]

I have an idea, actually collect SS taxes on wealthy people who get to structure their income so it gets taxed at the capital gains rate and avoid paying SS tax and raise the exemptable income level up to $250k. I bet that would solve the problem without raising retirement age. SS and medicare are very popular government programs that work to provide security for our elderly and are pretty successful at it.