T Nation

Fixing Social Security


#1

It is estimated that by 2040, the fund will only be able to pay out 74% of planned benefits. These projections are also based somewhat on current conditions continuing, something very unlikely (IMO). My generation will get back about what we paid in. You younger gents will get a lot less.

President Bush learned the hard way that, when a society is attempting to bankrupt itself, you have to just let it go.

http://money.cnn.com


#2

It's probably too late at this point, but I've said before in other threads that I think they should build a slight de-indexing into programs, so that over multiple generations they slowly become less significant.

That way future programs could always be introduced to replace old ones without having an immediate large negative impact on peoples expectations and planning... assuming of course a replacement was still needed.

I don't think anyone simply wants to throw old people to the wolves, but I don't know if anyone has any viable solutions either.


#3

An aging right winger wants illegal aliens paying into SS...go figure.


#4

Given the current political situation I doubt anything will be done to fix the situation as any fix that has been proposed, regardless of the stucuture of that solution or the political affiliation of the proponent, requires an increase in the level of income tax. It is rather unfortunate that no change looks likely in the near future due to the fact that as more time passes it will cost more money to modify the current system or to transition to another structure.


#5

LOL! You got me, MD!

Hey, as long as they're going to be here, and we know they're not going anywhere, may as well stick it to them too! :slightly_smiling:

I think a big reason why the system is so screwed up is that young people don't vote. Politicians follow the votes and its us 'aging' old pharts that vote more. So, they pile on the benefits and screw the younger generation.

I always urge my senior students to vote. First, a hell of a lot of good men DIED to give us that right. Secondly, if you don't vote, your voice can't be heard.


#6

As an aside: I've been working since 1973 (yeah, I know...). Imagine if I'd have been allowed to put that cash in an index fund! Holy shit!!

A lot of the work in the beginning was lower paid, of course, but think of the compounding over that time frame.


#7

It is hopeless. Getting people 18-24 to vote is impossible in my eyes...they just don't give a shit.


#8

Strange, though - younger folks tend to be much more liberal, anxious for change (at least in rhetoric), and fed up with the status quo, even when the status quo is pretty dang good for them.

Irish - why do you suppose this happens, that the younger crowd won't engage?


#9

I know it is bumper sticker mentality, but if we abolished the program the Congress has and make them settle for Social Security .I bet they would fix it before the next member of congress retires


#10

You bet your ass they would.


#11

If nation service was mandatory more young people would vote.


#12

I know how to fix it...END IT.


#13

Amen.


#14

I have to agree. The young people in this country will get shafted. Did you guys know that black people get screwed too? Since lifespan is somewhat less for black people, they collect less than we do. (Of course, part of that is our lousy healthcare system.)

I'm a capitalist advocate but I think profit should be taken out of the healthcare equation. Everyone should have access to quality healthcare.


#15

I don?t think you will have to be too young to get shafted by Social Security. I am 48 and I doubt I will see any of my SS. I am also a Capitalist and I agree I see no option other than Socialized Medicine.